205,070 Shares in Ziff Davis, Inc. $ZD Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 205,070 Ziff Davis shares worth approximately $10.74 million, representing about 0.60% of the company. Institutional investors collectively own 99.76% of Ziff Davis.
• Ziff Davis exceeded quarterly earnings expectations, reporting $1.03 in EPS versus an $0.81 estimate, while revenue of $286.74 million was roughly in line with forecasts but declined 18.7% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $59.75. Meanwhile, insiders sold 7,732 shares worth $425,436 over the past 90 days.

Bank of America Corp DE acquired a new position in Ziff Davis, Inc. (NASDAQ:ZD - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 205,070 shares of the technology company's stock, valued at approximately $10,740,000. Bank of America Corp DE owned about 0.60% of Ziff Davis as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in ZD. Public Employees Retirement System of Ohio grew its stake in shares of Ziff Davis by 17.1% in the first quarter. Public Employees Retirement System of Ohio now owns 2,189 shares of the technology company's stock valued at $92,000 after buying an additional 319 shares in the last quarter. Hantz Financial Services Inc. increased its stake in Ziff Davis by 212.2% during the fourth quarter. Hantz Financial Services Inc. now owns 868 shares of the technology company's stock worth $31,000 after purchasing an additional 590 shares during the period. Rockefeller Capital Management L.P. increased its stake in Ziff Davis by 226.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 990 shares of the technology company's stock worth $35,000 after purchasing an additional 687 shares during the period. Allworth Financial LP acquired a new stake in shares of Ziff Davis during the second quarter worth about $44,000. Finally, PNC Financial Services Group Inc. lifted its position in shares of Ziff Davis by 25.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,532 shares of the technology company's stock worth $159,000 after purchasing an additional 918 shares in the last quarter. Hedge funds and other institutional investors own 99.76% of the company's stock.

Insider Activity at Ziff Davis

In other news, Director W. Brian Kretzmer sold 2,513 shares of the stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $55.31, for a total transaction of $138,994.03. Following the completion of the sale, the director owned 20,000 shares in the company, valued at approximately $1,106,200. This represents a 11.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeremy Rossen sold 3,819 shares of the firm's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $54.93, for a total value of $209,777.67. Following the transaction, the executive vice president directly owned 10,643 shares in the company, valued at approximately $584,619.99. This represents a 26.41% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 7,732 shares of company stock worth $425,436 in the last 90 days. 3.40% of the stock is owned by insiders.

Ziff Davis Stock Up 0.1%

ZD stock opened at $56.51 on Friday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.32. Ziff Davis, Inc. has a twelve month low of $22.45 and a twelve month high of $60.48. The company's 50 day moving average is $55.16 and its two-hundred day moving average is $48.95. The stock has a market cap of $1.94 billion, a P/E ratio of 3.20 and a beta of 1.09.

Ziff Davis (NASDAQ:ZD - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The technology company reported $1.03 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.22. The business had revenue of $286.74 million during the quarter, compared to the consensus estimate of $286.10 million. Ziff Davis had a net margin of 48.57% and a return on equity of 10.73%. The company's revenue was down 18.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.24 EPS. Research analysts expect that Ziff Davis, Inc. will post 4.26 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on ZD. Susquehanna upped their target price on shares of Ziff Davis from $60.00 to $75.00 and gave the stock a "positive" rating in a research note on Monday, August 10th. Royal Bank Of Canada raised their price target on shares of Ziff Davis from $48.00 to $65.00 and gave the company an "outperform" rating in a research report on Monday, August 10th. JPMorgan Chase & Co. began coverage on shares of Ziff Davis in a research note on Friday, September 11th. They issued a "neutral" rating and a $60.00 price target for the company. Zacks Research raised Ziff Davis to a "hold" rating in a research report on Tuesday, September 15th. Finally, Citigroup increased their price objective on Ziff Davis from $48.00 to $59.00 and gave the company a "neutral" rating in a research note on Monday, August 10th. Three analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $59.75.

Ziff Davis Profile

Ziff Davis, Inc is a digital media and technology company that operates a portfolio of internet-based brands serving consumers and businesses. Its properties provide technology news and reviews, gaming and entertainment content, health and wellness information, shopping resources, and specialized business media.

The company's brands include PCMag, IGN, Mashable, Lifehacker, RetailMeNot, Humble Bundle, Spiceworks, Ookla and Speedtest, among others. Ziff Davis also offers cybersecurity, marketing technology and consumer subscription services, including products and platforms designed to support privacy, online security, connectivity testing and digital engagement.

Ziff Davis traces its roots to the publishing company founded by William B.

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