Allspring Global Investments Holdings LLC Makes New Investment in IAC Inc. (NASDAQ:IAC)

Allspring Global Investments Holdings LLC acquired a new stake in shares of IAC Inc. (NASDAQ:IAC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in IAC. Asset Value Investors Ltd purchased a new stake in IAC during the 4th quarter valued at about $39,872,000. Corvex Management LP increased its position in shares of IAC by 61.8% during the fourth quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock valued at $103,983,000 after acquiring an additional 920,875 shares in the last quarter. Norges Bank purchased a new position in IAC in the 4th quarter worth approximately $38,817,000. Southeastern Asset Management Inc. TN lifted its position in IAC by 21.3% in the 4th quarter. Southeastern Asset Management Inc. TN now owns 2,751,940 shares of the company's stock valued at $118,719,000 after acquiring an additional 483,613 shares in the last quarter. Finally, Brown Advisory Inc. boosted its stake in IAC by 87.9% during the 4th quarter. Brown Advisory Inc. now owns 764,187 shares of the company's stock valued at $32,967,000 after purchasing an additional 357,442 shares during the last quarter. 88.90% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IAC. Cowen restated a "buy" rating on shares of IAC in a research note on Monday, May 5th. Citigroup dropped their price target on shares of IAC from $47.55 to $45.00 and set a "buy" rating on the stock in a report on Friday, April 25th. The Goldman Sachs Group decreased their price objective on shares of IAC from $60.00 to $46.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. JMP Securities dropped their target price on shares of IAC from $64.00 to $47.00 and set a "market outperform" rating on the stock in a report on Tuesday, June 10th. Finally, JPMorgan Chase & Co. decreased their target price on shares of IAC from $60.00 to $45.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, IAC has a consensus rating of "Moderate Buy" and a consensus target price of $54.08.

IAC Price Performance

IAC traded down $0.66 during trading on Monday, hitting $38.15. 798,728 shares of the company traded hands, compared to its average volume of 833,433. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30. The company has a market cap of $2.83 billion, a PE ratio of -3.95 and a beta of 1.23. The stock's 50-day simple moving average is $36.85 and its two-hundred day simple moving average is $40.25. IAC Inc. has a 1 year low of $32.05 and a 1 year high of $55.40.

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

About IAC

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.