Corbyn Investment Management Inc. MD reduced its stake in shares of j2 Global, Inc. (NASDAQ:JCOM) by 4.0% during the second quarter, Holdings Channel reports. The firm owned 51,643 shares of the technology company’s stock after selling 2,170 shares during the period. j2 Global makes up approximately 1.4% of Corbyn Investment Management Inc. MD’s investment portfolio, making the stock its 27th largest position. Corbyn Investment Management Inc. MD’s holdings in j2 Global were worth $4,394,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the stock. Northwestern Mutual Investment Management Company LLC boosted its position in shares of j2 Global by 0.3% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 8,301 shares of the technology company’s stock valued at $697,000 after buying an additional 27 shares during the period. Renaissance Group LLC boosted its position in shares of j2 Global by 0.9% in the first quarter. Renaissance Group LLC now owns 3,961 shares of the technology company’s stock valued at $332,000 after buying an additional 37 shares during the period. World Asset Management Inc boosted its position in shares of j2 Global by 1.8% in the first quarter. World Asset Management Inc now owns 2,966 shares of the technology company’s stock valued at $249,000 after buying an additional 52 shares during the period. Meadow Creek Investment Management LLC boosted its position in shares of j2 Global by 7.0% in the first quarter. Meadow Creek Investment Management LLC now owns 1,216 shares of the technology company’s stock valued at $102,000 after buying an additional 80 shares during the period. Finally, Cardinal Capital Management boosted its position in shares of j2 Global by 1.1% in the first quarter. Cardinal Capital Management now owns 8,072 shares of the technology company’s stock valued at $677,000 after buying an additional 90 shares during the period.
Shares of j2 Global, Inc. (NASDAQ:JCOM) opened at 83.26 on Thursday. The stock’s 50 day moving average is $85.70 and its 200 day moving average is $84.96. j2 Global, Inc. has a 52-week low of $62.55 and a 52-week high of $91.48. The firm has a market capitalization of $4.01 billion, a PE ratio of 27.42 and a beta of 0.94.
j2 Global (NASDAQ:JCOM) last issued its quarterly earnings data on Monday, May 8th. The technology company reported $1.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.21 by $0.07. The company had revenue of $254.70 million for the quarter, compared to analysts’ expectations of $258.15 million. j2 Global had a net margin of 15.98% and a return on equity of 26.41%. The firm’s revenue for the quarter was up 27.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.05 earnings per share. On average, equities research analysts forecast that j2 Global, Inc. will post $5.84 EPS for the current year.
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Several equities analysts have issued reports on the stock. BidaskClub upgraded shares of j2 Global from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Susquehanna Bancshares Inc restated a “positive” rating and issued a $120.00 price target (up from $95.00) on shares of j2 Global in a research report on Tuesday, May 9th. Finally, Zacks Investment Research cut shares of j2 Global from a “buy” rating to a “hold” rating in a research report on Wednesday, April 12th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $97.00.
In related news, Director Robert J. Cresci sold 9,000 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $88.67, for a total value of $798,030.00. Following the transaction, the director now owns 84,569 shares in the company, valued at approximately $7,498,733.23. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Douglas Y. Bech sold 15,000 shares of the company’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $85.86, for a total transaction of $1,287,900.00. Following the completion of the transaction, the director now owns 123,966 shares in the company, valued at approximately $10,643,720.76. The disclosure for this sale can be found here. Insiders sold a total of 29,758 shares of company stock worth $2,583,053 over the last ninety days. Insiders own 5.15% of the company’s stock.
About j2 Global
j2 Global, Inc is a provider of services delivered through the Internet. The Company provides cloud services to businesses of all sizes, from individuals to enterprises. The Company operates in two segments: Business Cloud Services and Digital Media. The Company’s Digital Media business segment consists of the Web properties and business operations of Ziff Davis, Inc (Ziff Davis).
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