Benchmark Cuts IAC (NASDAQ:IAC) Price Target to $60.00

Key Points

• Benchmark has reduced its price target for IAC from $63.00 to $60.00, maintaining a "buy" rating, which indicates a potential upside of 75.55% from the last close.
• Other analysts have also issued lower price targets for IAC, with Oppenheimer setting it at $55.00 and JMP Securities at $47.00, amidst a general decline in stock performance.
• IAC's stock has recently traded at $34.18, reflecting a 0.6% decrease, while it has shown a negative quarterly revenue drop of 7.5% compared to the previous year.

IAC (NASDAQ:IAC - Get Free Report) had its price objective reduced by analysts at Benchmark from $63.00 to $60.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Benchmark's price target points to a potential upside of 75.41% from the stock's current price.

A number of other equities analysts also recently commented on the stock. UBS Group dropped their target price on shares of IAC from $54.00 to $38.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Citigroup dropped their price objective on IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Truist Financial reduced their price objective on IAC from $61.00 to $57.00 and set a "buy" rating on the stock in a report on Wednesday. Barclays lowered their target price on IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a report on Tuesday, May 6th. Finally, The Goldman Sachs Group cut their price target on IAC from $60.00 to $46.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, IAC presently has a consensus rating of "Moderate Buy" and an average target price of $47.92.

IAC Trading Down 2.2%

Shares of NASDAQ:IAC traded down $0.79 during trading on Wednesday, reaching $34.21. The company's stock had a trading volume of 270,835 shares, compared to its average volume of 1,090,781. The stock has a market capitalization of $2.54 billion, a PE ratio of -6.35 and a beta of 1.23. IAC has a 12 month low of $32.04 and a 12 month high of $55.40. The company has a current ratio of 2.87, a quick ratio of 2.70 and a debt-to-equity ratio of 0.29. The firm's 50 day simple moving average is $38.23 and its two-hundred day simple moving average is $39.78.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $2.57 earnings per share for the quarter, topping analysts' consensus estimates of ($0.30) by $2.87. IAC had a negative net margin of 14.52% and a negative return on equity of 8.23%. The company had revenue of $586.93 million for the quarter, compared to analyst estimates of $601.38 million. During the same period in the prior year, the company posted ($1.71) EPS. The firm's revenue for the quarter was down 7.5% on a year-over-year basis. On average, research analysts predict that IAC will post 0.43 EPS for the current fiscal year.

Hedge Funds Weigh In On IAC

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its stake in shares of IAC by 11.4% in the first quarter. JPMorgan Chase & Co. now owns 5,451,614 shares of the company's stock worth $250,447,000 after purchasing an additional 557,134 shares during the last quarter. Southeastern Asset Management Inc. TN increased its holdings in IAC by 21.3% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock worth $118,719,000 after buying an additional 483,613 shares during the period. Davis Selected Advisers raised its position in IAC by 0.8% during the 1st quarter. Davis Selected Advisers now owns 2,657,782 shares of the company's stock worth $122,099,000 after buying an additional 22,158 shares during the last quarter. Corvex Management LP raised its position in IAC by 61.8% during the 4th quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock worth $103,983,000 after buying an additional 920,875 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC lifted its stake in IAC by 5.3% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,669,665 shares of the company's stock valued at $72,029,000 after acquiring an additional 84,121 shares during the period. Hedge funds and other institutional investors own 88.90% of the company's stock.

About IAC

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.