Citigroup Begins Coverage on Versant (NASDAQ:VSNT)

Key Points

• Citigroup initiated coverage of Versant with a “buy” rating, though the broader analyst consensus remains “hold” with an average price target of $43.00.
• Versant shares traded at $32.80, below their 50-day and 200-day moving averages, despite the company exceeding quarterly EPS expectations with $1.49 versus the $1.39 consensus estimate.
• Institutional interest has grown, with State Street, Dimensional Fund Advisors, Principal Financial, Bank of America and Bank of New York Mellon among firms recently establishing positions in Versant.

Investment analysts at Citigroup initiated coverage on shares of Versant (NASDAQ:VSNT - Get Free Report) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage set a "buy" rating on the stock.

VSNT has been the topic of a number of other research reports. Weiss Ratings lowered shares of Versant from a "hold (c)" rating to a "hold (c-)" rating in a report on Wednesday, September 9th. TD Cowen lifted their price objective on shares of Versant from $35.00 to $39.00 and gave the stock a "hold" rating in a research report on Friday, August 7th. The Goldman Sachs Group restated a "neutral" rating and issued a $43.00 target price on shares of Versant in a report on Friday, September 18th. Zacks Research cut Versant from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 17th. Finally, Arete Research upgraded Versant from a "sell" rating to a "neutral" rating and set a $40.00 price target on the stock in a report on Friday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, Versant currently has an average rating of "Hold" and a consensus target price of $43.00.

Versant Price Performance

Shares of NASDAQ:VSNT traded down $0.70 during midday trading on Wednesday, reaching $32.80. The company had a trading volume of 1,322,248 shares, compared to its average volume of 1,649,418. The company has a fifty day simple moving average of $37.49 and a two-hundred day simple moving average of $38.43. Versant has a 1-year low of $27.17 and a 1-year high of $59.00. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 0.35.

Versant (NASDAQ:VSNT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.10. The company had revenue of $1.64 billion for the quarter. Research analysts forecast that Versant will post 4.04 earnings per share for the current year.

Institutional Trading of Versant

Several hedge funds and other institutional investors have recently modified their holdings of VSNT. State Street Corp purchased a new stake in shares of Versant during the 2nd quarter worth about $171,182,000. Dimensional Fund Advisors LP bought a new position in Versant during the first quarter valued at approximately $41,747,000. Principal Financial Group Inc. bought a new position in Versant during the first quarter valued at approximately $26,331,000. Bank of America Corp DE acquired a new stake in Versant in the first quarter valued at approximately $25,317,000. Finally, Bank of New York Mellon Corp acquired a new stake in Versant in the first quarter valued at approximately $24,475,000.

Versant Company Profile

Versant is a media and entertainment company formed through the separation of Comcast's cable-network and digital-media businesses. The company operates a portfolio of television networks and related platforms that provide news, sports, entertainment and lifestyle programming to audiences in the United States and internationally.

Its brands include USA Network, CNBC, MSNBC, E!, Syfy, Oxygen and Golf Channel. Versant also has digital and consumer-facing businesses associated with its media portfolio, including Fandango, Rotten Tomatoes and Xumo.