195,131 Shares in QuinStreet, Inc. $QNST Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 195,131 QuinStreet shares in the second quarter, valued at approximately $2.86 million, giving it a 0.34% stake. Institutional investors collectively own 97.83% of the company.
• QuinStreet exceeded quarterly expectations, reporting $0.50 EPS versus the $0.44 consensus and revenue of $373.88 million versus $359.95 million expected.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and a $23.50 price target, although CEO and CFO sales totaling about $15.94 million over the last 90 days were disclosed as tax-related transactions under Rule 10b5-1 plans.

Bank of America Corp DE acquired a new position in shares of QuinStreet, Inc. (NASDAQ:QNST - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 195,131 shares of the technology company's stock, valued at approximately $2,859,000. Bank of America Corp DE owned 0.34% of QuinStreet at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in QuinStreet during the second quarter valued at about $160,805,000. Lazard Asset Management LLC increased its position in QuinStreet by 619.0% in the 1st quarter. Lazard Asset Management LLC now owns 1,441,113 shares of the technology company's stock worth $17,308,000 after buying an additional 1,240,667 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of QuinStreet by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 1,200,335 shares of the technology company's stock worth $14,417,000 after buying an additional 23,886 shares during the last quarter. Jacobs Asset Management LLC boosted its position in shares of QuinStreet by 21.6% in the first quarter. Jacobs Asset Management LLC now owns 1,134,300 shares of the technology company's stock valued at $13,623,000 after acquiring an additional 201,800 shares during the period. Finally, NewEdge Wealth LLC bought a new position in QuinStreet during the second quarter worth $12,157,000. Institutional investors own 97.83% of the company's stock.

Insider Buying and Selling at QuinStreet

In other news, CEO Douglas Valenti sold 751,631 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $20.50, for a total transaction of $15,408,435.50. Following the sale, the chief executive officer owned 996,278 shares of the company's stock, valued at $20,423,699. This trade represents a 43.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gregory Wong sold 26,296 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $20.09, for a total transaction of $528,286.64. Following the completion of the sale, the chief financial officer directly owned 521,883 shares in the company, valued at $10,484,629.47. This represents a 4.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 829,631 shares of company stock valued at $16,999,952. Company insiders own 3.50% of the company's stock.

QuinStreet Price Performance

Shares of QNST stock opened at $14.44 on Wednesday. QuinStreet, Inc. has a 52 week low of $10.28 and a 52 week high of $22.29. The stock has a market capitalization of $826.30 million, a PE ratio of 10.24 and a beta of 0.70. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.22 and a current ratio of 1.22. The stock's fifty day moving average is $17.89 and its 200-day moving average is $14.81.

QuinStreet (NASDAQ:QNST - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The technology company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.06. The firm had revenue of $373.88 million during the quarter, compared to analysts' expectations of $359.95 million. QuinStreet had a net margin of 6.28% and a return on equity of 12.73%. Equities research analysts expect that QuinStreet, Inc. will post 1.06 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on QNST. Northland Securities set a $23.00 price target on shares of QuinStreet in a research report on Thursday, September 17th. Zacks Research upgraded QuinStreet from a "hold" rating to a "strong-buy" rating in a research note on Friday, August 28th. Lake Street Capital upgraded QuinStreet from a "hold" rating to a "buy" rating and set a $21.00 price objective for the company in a research report on Friday, August 7th. Wall Street Zen upgraded QuinStreet from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 29th. Finally, B. Riley Financial reaffirmed a "buy" rating on shares of QuinStreet in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $23.50.

About QuinStreet

QuinStreet, Inc is a performance marketing and online marketplace company that connects consumers with brands and service providers. The company uses digital media, data, and technology to help businesses acquire customers through channels such as search, content, comparison websites, and its network of publishing partners.

QuinStreet operates in several high-value categories, including insurance, home services, financial services, and business-to-business services. Its products and platforms are designed to help consumers research and compare products or services while enabling advertisers to receive qualified leads, calls, and customer opportunities.

Founded in 1999, QuinStreet is headquartered in Foster City, California, and primarily serves the United States market.

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