Granite Point Capital Management L.P. bought a new position in Zagg Inc (NASDAQ:ZAGG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 108,500 shares of the specialty retailer’s stock, valued at approximately $1,709,000. Granite Point Capital Management L.P. owned about 0.39% of Zagg as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. American International Group Inc. lifted its position in shares of Zagg by 7.0% during the 1st quarter. American International Group Inc. now owns 16,976 shares of the specialty retailer’s stock worth $122,000 after purchasing an additional 1,117 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in Zagg by 10.8% during the first quarter. TIAA CREF Investment Management LLC now owns 90,872 shares of the specialty retailer’s stock valued at $654,000 after acquiring an additional 8,852 shares during the period. Vanguard Group Inc. increased its stake in Zagg by 6.4% during the first quarter. Vanguard Group Inc. now owns 1,106,248 shares of the specialty retailer’s stock valued at $7,964,000 after acquiring an additional 66,284 shares during the period. Geode Capital Management LLC increased its stake in Zagg by 3.5% during the first quarter. Geode Capital Management LLC now owns 207,906 shares of the specialty retailer’s stock valued at $1,496,000 after acquiring an additional 7,094 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in Zagg by 196.0% during the first quarter. Goldman Sachs Group Inc. now owns 70,159 shares of the specialty retailer’s stock valued at $505,000 after acquiring an additional 46,458 shares during the period. Institutional investors and hedge funds own 82.75% of the company’s stock.
In other Zagg news, CFO Bradley J. Holiday sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 7th. The stock was sold at an average price of $19.02, for a total transaction of $190,200.00. Following the transaction, the chief financial officer now owns 89,587 shares of the company’s stock, valued at approximately $1,703,944.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brian Stech sold 20,000 shares of the company’s stock in a transaction on Monday, November 6th. The stock was sold at an average price of $18.08, for a total value of $361,600.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,830 shares of company stock worth $1,903,425. Company insiders own 4.20% of the company’s stock.
Zagg (NASDAQ:ZAGG) last released its quarterly earnings results on Wednesday, November 1st. The specialty retailer reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. The business had revenue of $134.40 million for the quarter, compared to analyst estimates of $128.23 million. Zagg had a return on equity of 6.59% and a net margin of 0.63%. Zagg’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.29 EPS. analysts anticipate that Zagg Inc will post 1 earnings per share for the current year.
Several equities analysts recently issued reports on ZAGG shares. TheStreet upgraded Zagg from a “c” rating to a “b-” rating in a research note on Wednesday, November 1st. Craig Hallum reiterated a “buy” rating and issued a $23.00 price objective (up from $16.00) on shares of Zagg in a research note on Thursday, October 19th. Northland Securities reiterated a “buy” rating and issued a $23.00 price objective on shares of Zagg in a research note on Friday, December 1st. B. Riley upgraded Zagg from a “neutral” rating to a “buy” rating and upped their price objective for the company from $17.00 to $20.00 in a research note on Thursday, November 2nd. Finally, Roth Capital set a $17.00 price objective on Zagg and gave the company a “hold” rating in a research note on Tuesday, October 17th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and two have issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $18.83.
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ZAGG Inc (ZAGG) designs, produces and distributes professional product solutions for mobile devices, including screen protection (glass and film), keyboards for tablet computers and mobile devices, keyboard cases, earbuds, mobile power solutions, cables, and cases under the ZAGG and InvisibleShield brands.
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