Ziff Davis (NASDAQ:ZD) Stock Price Target Cut by Citigroup

Key Points

• Citigroup cut Ziff Davis’s price target to $56 from $59 and maintained a neutral rating, implying about 9.1% upside from the prior close.
• Analyst views remain mixed, but the overall consensus is Hold, with an average price target of $60.33.
• Ziff Davis beat quarterly EPS expectations ($1.39 versus $1.20), but revenue fell 20.5% year over year and came in below estimates.

Ziff Davis (NASDAQ:ZD - Get Free Report) had its price target cut by equities research analysts at Citigroup from $59.00 to $56.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a "neutral" rating on the technology company's stock. Citigroup's target price indicates a potential upside of 9.07% from the stock's previous close.

Other analysts also recently issued reports about the stock. Evercore reissued an "outperform" rating and set a $64.00 price target on shares of Ziff Davis in a report on Monday, August 10th. Weiss Ratings cut shares of Ziff Davis from a "hold (c+)" rating to a "hold (c-)" rating in a report on Monday. JPMorgan Chase & Co. started coverage on shares of Ziff Davis in a report on Friday, September 11th. They issued a "neutral" rating and a $60.00 price objective for the company. Susquehanna upped their price objective on shares of Ziff Davis from $60.00 to $75.00 and gave the stock a "positive" rating in a research report on Monday, August 10th. Finally, Zacks Research raised shares of Ziff Davis to a "hold" rating in a research note on Tuesday, September 15th. Four analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $60.33.

Ziff Davis Stock Performance

Ziff Davis stock traded up $0.20 during midday trading on Wednesday, hitting $51.34. 127,127 shares of the company were exchanged, compared to its average volume of 730,560. The business has a fifty day simple moving average of $56.10 and a two-hundred day simple moving average of $47.81. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.16 and a current ratio of 2.35. The firm has a market capitalization of $1.70 billion, a PE ratio of 3.04 and a beta of 1.10. Ziff Davis has a fifty-two week low of $22.45 and a fifty-two week high of $60.48.

Ziff Davis (NASDAQ:ZD - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The technology company reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.19. The company had revenue of $289.33 million during the quarter, compared to the consensus estimate of $295.31 million. Ziff Davis had a return on equity of 9.10% and a net margin of 49.46%. Ziff Davis's revenue for the quarter was down 20.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.76 earnings per share. On average, sell-side analysts forecast that Ziff Davis will post 4.41 earnings per share for the current year.

Insider Buying and Selling at Ziff Davis

In other news, Director W. Brian Kretzmer sold 2,513 shares of the company's stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $55.31, for a total transaction of $138,994.03. Following the completion of the transaction, the director directly owned 20,000 shares of the company's stock, valued at $1,106,200. This represents a 11.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 3.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ziff Davis

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE acquired a new stake in shares of Ziff Davis in the second quarter valued at about $10,740,000. Corsair Capital Management L.P. purchased a new stake in shares of Ziff Davis during the first quarter worth about $1,888,000. Beach Point Capital Management LP acquired a new position in shares of Ziff Davis during the 3rd quarter worth about $13,403,000. Varde Management L.P. raised its position in shares of Ziff Davis by 16.9% during the 2nd quarter. Varde Management L.P. now owns 624,028 shares of the technology company's stock worth $32,680,000 after purchasing an additional 90,000 shares during the last quarter. Finally, Aldebaran Capital LLC acquired a new position in shares of Ziff Davis during the 1st quarter worth about $1,728,000. Institutional investors and hedge funds own 99.76% of the company's stock.

Ziff Davis Company Profile

Ziff Davis, Inc. is a digital media and internet company that operates a portfolio of websites, apps and online services. Its brands cover technology and shopping, gaming and entertainment, health and wellness, connectivity, and cybersecurity and marketing technology. They include PCMag, IGN, Mashable, Everyday Health and Ookla, whose services include Speedtest and Downdetector. The company serves consumers and businesses in the United States and international markets. Its activities include publishing editorial content, providing internet and software services, and offering digital advertising and marketing solutions.

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