Allspring Global Investments Holdings LLC Takes $2.59 Million Position in IAC Inc. (NASDAQ:IAC)

Allspring Global Investments Holdings LLC acquired a new stake in IAC Inc. (NASDAQ:IAC - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 56,370 shares of the company's stock, valued at approximately $2,590,000. Allspring Global Investments Holdings LLC owned about 0.07% of IAC as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Asset Management One Co. Ltd. acquired a new position in IAC during the first quarter worth $163,000. FNY Investment Advisers LLC acquired a new position in IAC during the first quarter worth $813,000. QRG Capital Management Inc. boosted its position in IAC by 94.7% during the first quarter. QRG Capital Management Inc. now owns 54,721 shares of the company's stock worth $2,514,000 after purchasing an additional 26,616 shares during the period. Wealth Enhancement Advisory Services LLC bought a new position in IAC during the first quarter worth $1,107,000. Finally, Asset Value Investors Ltd boosted its position in IAC by 9.4% during the first quarter. Asset Value Investors Ltd now owns 1,011,350 shares of the company's stock worth $46,461,000 after purchasing an additional 87,100 shares during the period. 88.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IAC has been the subject of a number of recent research reports. Barclays reduced their target price on shares of IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Citigroup reduced their target price on shares of IAC from $47.55 to $45.00 and set a "buy" rating for the company in a research report on Friday, April 25th. UBS Group reduced their target price on shares of IAC from $54.00 to $38.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. KeyCorp reduced their target price on shares of IAC from $64.00 to $49.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Finally, JMP Securities reduced their target price on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating for the company in a research report on Tuesday, June 10th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $54.08.

IAC Price Performance

Shares of IAC stock traded up $0.43 during trading on Tuesday, hitting $38.58. The company had a trading volume of 30,694 shares, compared to its average volume of 830,344. The company has a quick ratio of 2.70, a current ratio of 2.70 and a debt-to-equity ratio of 0.30. The stock's 50-day moving average is $36.91 and its two-hundred day moving average is $40.22. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -3.98 and a beta of 1.23. IAC Inc. has a 52 week low of $32.05 and a 52 week high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported ($2.80) earnings per share for the quarter, topping the consensus estimate of ($3.94) by $1.14. The company had revenue of $570.49 million for the quarter, compared to analysts' expectations of $809.18 million. IAC had a negative net margin of 23.25% and a negative return on equity of 11.11%. IAC's revenue for the quarter was down 8.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.51 earnings per share. As a group, analysts predict that IAC Inc. will post 0.43 EPS for the current fiscal year.

IAC Profile

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.