Assenagon Asset Management S.A. Makes New Investment in Ziff Davis, Inc. $ZD

Key Points

• Assenagon Asset Management acquired 20,240 Ziff Davis shares worth approximately $1.15 million, joining other institutions that have recently increased their positions. Institutional investors and hedge funds collectively own 99.76% of the company.
• Analyst sentiment is mixed: four analysts rate Ziff Davis a Buy and six rate it Hold, producing an overall “Hold” rating and an average price target of $60.67. Recent target increases included RBC’s move to $65 and Evercore’s $64 target.
• Ziff Davis reported quarterly EPS of $1.03, beating estimates of $0.81, while revenue reached $286.74 million but declined 18.7% year over year. The stock opened at $57.95, near its 12-month high of $60.48, as insiders sold 7,732 shares worth about $425,000 over the prior 90 days.

Assenagon Asset Management S.A. bought a new position in Ziff Davis, Inc. (NASDAQ:ZD - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 20,240 shares of the technology company's stock, valued at approximately $1,147,000. Assenagon Asset Management S.A. owned about 0.06% of Ziff Davis at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ZD. Jupiter Topco LLC acquired a new stake in shares of Ziff Davis during the second quarter worth about $187,893,000. Janus Henderson Group PLC boosted its position in Ziff Davis by 2.7% in the first quarter. Janus Henderson Group PLC now owns 3,526,329 shares of the technology company's stock valued at $147,963,000 after buying an additional 92,496 shares during the last quarter. Pale Fire Capital SE increased its holdings in Ziff Davis by 130.0% in the 1st quarter. Pale Fire Capital SE now owns 2,783,366 shares of the technology company's stock worth $116,790,000 after buying an additional 1,573,414 shares during the period. Legal & General Group Plc acquired a new position in Ziff Davis in the 2nd quarter worth approximately $94,314,000. Finally, Rice Hall James & Associates LLC acquired a new position in Ziff Davis in the 2nd quarter worth approximately $43,022,000. Institutional investors and hedge funds own 99.76% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on ZD. JPMorgan Chase & Co. assumed coverage on shares of Ziff Davis in a report on Friday, September 11th. They issued a "neutral" rating and a $60.00 price objective on the stock. Weiss Ratings raised shares of Ziff Davis from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, August 25th. 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 report on Monday, August 10th. Evercore restated an "outperform" rating and set a $64.00 target price on shares of Ziff Davis in a research report on Monday, August 10th. Finally, Citigroup upped their price target on shares of Ziff Davis from $48.00 to $59.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Four investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $60.67.

Insider Buying and Selling

In related news, EVP Jeremy Rossen sold 3,819 shares of the firm's stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $54.93, for a total value of $209,777.67. Following the transaction, the executive vice president directly owned 10,643 shares of the company's stock, valued at approximately $584,619.99. This trade represents a 26.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director W. Brian Kretzmer sold 2,513 shares of the firm's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $55.31, for a total transaction of $138,994.03. Following the completion of the transaction, the director directly owned 20,000 shares in the company, valued at $1,106,200. This represents a 11.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 7,732 shares of company stock worth $425,436 in the last 90 days. Insiders own 3.40% of the company's stock.

Ziff Davis Stock Up 1.6%

Ziff Davis stock opened at $57.95 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.16 and a quick ratio of 2.16. The stock has a market capitalization of $1.99 billion, a PE ratio of 3.28 and a beta of 1.11. The business has a 50 day simple moving average of $56.36 and a 200-day simple moving average of $50.94. Ziff Davis, Inc. has a 12 month low of $22.45 and a 12 month high of $60.48.

Ziff Davis (NASDAQ:ZD - Get Free Report) last announced its earnings results on Thursday, August 6th. The technology company reported $1.03 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.22. The firm had revenue of $286.74 million for the quarter, compared to analyst estimates of $286.10 million. Ziff Davis had a return on equity of 10.73% and a net margin of 48.57%. The business's revenue was down 18.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.24 EPS. On average, analysts anticipate that Ziff Davis, Inc. will post 4.26 EPS 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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