Victory Capital Management Inc. Invests $1.47 Million in Ibotta, Inc. (NYSE:IBTA)

Victory Capital Management Inc. bought a new position in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 34,718 shares of the company's stock, valued at approximately $1,465,000. Victory Capital Management Inc. owned 0.11% of Ibotta as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. grew its stake in Ibotta by 67.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,043,758 shares of the company's stock valued at $44,047,000 after purchasing an additional 419,516 shares during the period. AMI Asset Management Corp bought a new position in shares of Ibotta during the 1st quarter worth $488,000. GAMMA Investing LLC grew its stake in shares of Ibotta by 2,859.7% during the 1st quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after acquiring an additional 1,916 shares during the period. Rhumbline Advisers grew its stake in shares of Ibotta by 6.6% during the 1st quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after acquiring an additional 1,252 shares during the period. Finally, New York State Common Retirement Fund grew its stake in shares of Ibotta by 58.1% during the 1st quarter. New York State Common Retirement Fund now owns 4,900 shares of the company's stock worth $207,000 after acquiring an additional 1,800 shares during the period.

Analyst Ratings Changes

Several research analysts have commented on the company. JMP Securities restated a "market outperform" rating and issued a $58.00 target price on shares of Ibotta in a research note on Thursday, May 15th. UBS Group raised their target price on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research note on Thursday, May 15th. Needham & Company LLC raised their target price on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Wells Fargo & Company raised their target price on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. Finally, The Goldman Sachs Group raised their target price on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.60.

Insider Activity at Ibotta

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of Ibotta stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $35.00, for a total transaction of $55,247,570.00. Following the sale, the insider directly owned 3,841,308 shares in the company, valued at $134,445,780. The trade was a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Richard I. Donahue sold 85,289 shares of Ibotta stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the sale, the chief marketing officer owned 199,773 shares in the company, valued at $8,608,218.57. This represents a 29.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,192,224 shares of company stock worth $78,652,577 over the last 90 days. 16.08% of the stock is currently owned by corporate insiders.

Ibotta Stock Down 4.5%

Shares of NYSE IBTA traded down $1.64 during trading hours on Friday, reaching $34.71. 449,502 shares of the stock traded hands, compared to its average volume of 306,230. The company's 50-day simple moving average is $40.71 and its two-hundred day simple moving average is $51.33. The company has a market capitalization of $878.51 million, a P/E ratio of 23.45, a price-to-earnings-growth ratio of 3.03 and a beta of -1.28. Ibotta, Inc. has a 52-week low of $31.40 and a 52-week high of $79.80.

Ibotta (NYSE:IBTA - Get Free Report) last announced its quarterly earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $84.57 million for the quarter, compared to analysts' expectations of $81.70 million. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The business's quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.33 EPS.

Ibotta declared that its Board of Directors has initiated a share buyback plan on Monday, June 9th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 8.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its shares are undervalued.

About Ibotta

Ibotta's mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client's promotion results in a sale, not when a consumer merely views or clicks on the promotion.