236,427 Shares of Ziff Davis, Inc. $ZD Acquired by Beach Point Capital Management LP

Key Points

• Beach Point Capital Management acquired 236,427 Ziff Davis shares worth approximately $13.4 million, making ZD its fourth-largest holding and representing 0.69% of the company.
• Institutional investors and hedge funds own 99.76% of Ziff Davis, while insiders have recently sold 7,732 shares valued at about $425,000.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $60.67. Ziff Davis recently beat quarterly earnings expectations, reporting $1.03 in EPS, though revenue declined 18.7% year over year.

Beach Point Capital Management LP purchased a new stake in Ziff Davis, Inc. (NASDAQ:ZD - Free Report) in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 236,427 shares of the technology company's stock, valued at approximately $13,403,000. Ziff Davis comprises approximately 5.9% of Beach Point Capital Management LP's portfolio, making the stock its 4th biggest position. Beach Point Capital Management LP owned 0.69% of Ziff Davis as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Bank of America Corp DE acquired a new stake in shares of Ziff Davis during the second quarter valued at approximately $10,740,000. Corsair Capital Management L.P. purchased a new stake in shares of Ziff Davis in the 1st quarter valued at approximately $1,888,000. Aldebaran Capital LLC purchased a new stake in shares of Ziff Davis in the 1st quarter valued at approximately $1,728,000. Varde Management L.P. boosted its stake in Ziff Davis by 16.9% in 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 period. Finally, NewGen Asset Management Ltd purchased a new position in Ziff Davis during the 1st quarter worth approximately $2,203,000. 99.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ZD has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their target price on shares of Ziff Davis from $48.00 to $65.00 and gave the company an "outperform" rating in a research note on Monday, August 10th. Yorkville Ives assumed coverage on Ziff Davis in a research report on Wednesday, October 7th. They issued an "outperform" rating and a $68.00 target price for the company. Citigroup lifted their price target on Ziff Davis from $48.00 to $59.00 and gave the company a "neutral" rating in a report on Monday, August 10th. JPMorgan Chase & Co. began coverage on Ziff Davis in a research report on Friday, September 11th. They set a "neutral" rating and a $60.00 price objective for the company. Finally, Susquehanna upped their target price on Ziff Davis from $60.00 to $75.00 and gave the company a "positive" rating in a report on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $60.67.

Insider Activity at Ziff Davis

In other Ziff Davis news, Director W. Brian Kretzmer sold 2,513 shares of the business's stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $55.31, for a total value of $138,994.03. Following the completion of the sale, the director directly owned 20,000 shares of the company's stock, valued at $1,106,200. The trade was a 11.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Lori A. Tansley sold 1,400 shares of the stock in a transaction on Wednesday, August 12th. The stock was sold at an average price of $54.76, for a total transaction of $76,664.00. Following the transaction, the chief accounting officer owned 767 shares in the company, valued at approximately $42,000.92. This trade represents a 64.61% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 7,732 shares of company stock valued at $425,436. 3.40% of the stock is currently owned by corporate insiders.

Ziff Davis Price Performance

Shares of NASDAQ:ZD opened at $56.79 on Wednesday. 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 1 year low of $22.45 and a 1 year high of $60.48. The business has a fifty day simple moving average of $56.27 and a 200 day simple moving average of $50.74. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of 3.21 and a beta of 1.11.

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

Ziff Davis Profile

Ziff Davis, Inc is a digital media and technology company that operates a portfolio of online brands serving consumers, technology professionals, businesses and advertisers. Its properties cover technology, gaming and entertainment, shopping, health and wellness, and related digital services.

The company's brands include PCMag, Mashable, IGN, Humble Bundle, RetailMeNot, Spiceworks, Ookla and its Speedtest and Downdetector services, as well as health and wellness publications and platforms operated through its Everyday Health Group.

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