312,409 Shares in Ziff Davis, Inc. $ZD Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 312,409 Ziff Davis shares worth approximately $16.4 million, representing about 0.85% of the company. Institutional investors collectively own 99.76% of Ziff Davis.
• Company insiders sold 34,807 shares worth roughly $1.7 million over the past 90 days, including significant position reductions by executives Jeremy Rossen and Lori Tansley.
• Ziff Davis beat quarterly earnings estimates with EPS of $1.03 versus $0.81 expected, although revenue fell 18.7% year over year. Analysts maintain a consensus “Hold” rating with an average price target of $56.62.

Bank of New York Mellon Corp purchased a new stake in Ziff Davis, Inc. (NASDAQ:ZD - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 312,409 shares of the technology company's stock, valued at approximately $16,361,000. Bank of New York Mellon Corp owned about 0.85% of Ziff Davis at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new stake in Ziff Davis in the 4th quarter valued at $25,000. Hantz Financial Services Inc. raised its position in Ziff Davis by 212.2% during the fourth quarter. Hantz Financial Services Inc. now owns 868 shares of the technology company's stock valued at $31,000 after purchasing an additional 590 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Ziff Davis by 226.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 990 shares of the technology company's stock valued at $35,000 after purchasing an additional 687 shares in the last quarter. TD Private Client Wealth LLC bought a new stake in Ziff Davis during the 4th quarter worth $52,000. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of Ziff Davis by 17.1% during 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 purchasing an additional 319 shares in the last quarter. 99.76% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Jeremy Rossen sold 3,819 shares of the company's stock in a transaction on Monday, August 10th. The shares were sold at an average price of $54.93, for a total value of $209,777.67. Following the completion of the sale, the executive vice president owned 10,643 shares of the company's stock, valued at approximately $584,619.99. This represents a 26.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Lori A. Tansley sold 1,400 shares of the firm's stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $54.76, for a total value of $76,664.00. Following the transaction, the chief accounting officer directly owned 767 shares in the company, valued at $42,000.92. This trade represents a 64.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 34,807 shares of company stock valued at $1,695,424. 3.40% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts have commented on ZD shares. Weiss Ratings raised Ziff Davis from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 25th. Barclays upped their price objective on shares of Ziff Davis from $45.00 to $48.00 and gave the company an "equal weight" rating in a report on Monday, May 11th. UBS Group upped their target price on Ziff Davis from $30.00 to $59.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 12th. Zacks Research lowered Ziff Davis from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 6th. Finally, Susquehanna boosted their price target on shares of Ziff Davis from $60.00 to $75.00 and gave the stock a "positive" rating in a report on Monday, August 10th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $56.62.

Ziff Davis Stock Performance

Shares of ZD opened at $55.15 on Tuesday. The stock's 50-day simple moving average is $53.22 and its 200 day simple moving average is $45.78. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.16 and a current ratio of 2.16. Ziff Davis, Inc. has a 52-week low of $22.45 and a 52-week high of $58.06. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 3.12 and a beta of 1.08.

Ziff Davis (NASDAQ:ZD - Get Free Report) last posted its earnings results on Thursday, August 6th. The technology company reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.81 by $0.22. Ziff Davis had a net margin of 48.57% and a return on equity of 10.73%. The business had revenue of $286.74 million for the quarter, compared to analyst estimates of $286.10 million. During the same quarter in the prior year, the firm posted $1.24 EPS. Ziff Davis's revenue was down 18.7% on a year-over-year basis.

Ziff Davis Company Profile

Ziff Davis, Inc is a digital media and internet company that operates a diverse portfolio of online brands, subscription-based services and performance marketing platforms. The company specializes in technology publishing and digital marketing solutions, offering content, reviews and insights tailored to consumer and enterprise audiences. Ziff Davis's flagship media properties include PCMag, which provides expert reviews and comparisons of consumer electronics and software, as well as IGN, a leading destination for gaming news, reviews and entertainment coverage.

Founded in 1927 by William B.

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