Instructure, Inc. (NYSE:INST) shares hit a new 52-week high during trading on Monday following a stronger than expected earnings report. The stock traded as high as $32.05 and last traded at $32.00, with a volume of 315,804 shares changing hands. The stock had previously closed at $31.70.
The technology company reported ($0.46) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.50) by $0.04. Instructure had a negative net margin of 38.12% and a negative return on equity of 532.40%. The company had revenue of $38 million during the quarter, compared to analysts’ expectations of $37.09 million. During the same quarter in the prior year, the company posted ($0.44) earnings per share. Instructure’s revenue for the quarter was up 46.7% compared to the same quarter last year.
A number of equities research analysts recently commented on the stock. UBS AG reissued an “outperform” rating and set a $38.00 target price (up previously from $33.00) on shares of Instructure in a research report on Tuesday. Jefferies Group LLC increased their target price on shares of Instructure from $30.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday. First Analysis increased their target price on shares of Instructure from $34.00 to $38.00 and gave the company an “overweight” rating in a research report on Thursday, July 27th. Needham & Company LLC reissued a “buy” rating and set a $39.00 target price (up previously from $33.00) on shares of Instructure in a research report on Thursday, July 27th. Finally, SunTrust Banks, Inc. assumed coverage on shares of Instructure in a research report on Monday, June 26th. They set a “buy” rating and a $33.00 target price for the company. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Instructure presently has an average rating of “Buy” and an average target price of $34.56.
In other Instructure news, Director William M. Conroy sold 8,000 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $29.59, for a total value of $236,720.00. Following the completion of the transaction, the director now owns 32,031 shares of the company’s stock, valued at $947,797.29. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Steven B. Kaminsky sold 10,000 shares of the firm’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the completion of the transaction, the chief financial officer now directly owns 150,459 shares of the company’s stock, valued at approximately $4,513,770. The disclosure for this sale can be found here. Insiders have sold 40,781 shares of company stock valued at $1,107,805 in the last three months. 12.80% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. American International Group Inc. boosted its position in Instructure by 7.1% in the first quarter. American International Group Inc. now owns 6,466 shares of the technology company’s stock worth $151,000 after buying an additional 426 shares in the last quarter. Metropolitan Life Insurance Co. NY bought a new position in Instructure during the first quarter worth about $192,000. Essex Investment Management Co. LLC bought a new position in Instructure during the second quarter worth about $238,000. Dynamic Technology Lab Private Ltd bought a new position in Instructure during the first quarter worth about $328,000. Finally, Trexquant Investment LP bought a new position in Instructure during the first quarter worth about $340,000. 65.19% of the stock is owned by institutional investors and hedge funds.
The company’s market capitalization is $932.57 million. The stock has a 50-day moving average price of $29.23 and a 200-day moving average price of $25.27.
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About Instructure
Instructure, Inc provides cloud-based learning management platform for academic institutions and companies across the world. The Company operates in the cloud-based learning management systems segment. The Company builds its learning management applications, Canvas for the education market and Bridge for the corporate market, to enable its customers to develop, deliver and manage face-to-face and online learning experiences.
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