Bank of America Corp DE Sells 26,857 Shares of Ziff Davis, Inc. $ZD

Key Points

• Bank of America reduced its Ziff Davis stake by 13.5%, selling 26,857 shares and retaining 171,644 shares worth approximately $7.2 million. Other institutional investors increased their holdings, and institutions collectively own 99.76% of the stock.
• Ziff Davis reported quarterly earnings of $1.03 per share, beating estimates of $0.81, while revenue of $286.74 million was slightly above forecasts. However, revenue declined 18.7% year over year.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $56.62; shares opened at $55.41, near the target.

Bank of America Corp DE lessened its stake in shares of Ziff Davis, Inc. (NASDAQ:ZD - Free Report) by 13.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 171,644 shares of the technology company's stock after selling 26,857 shares during the quarter. Bank of America Corp DE owned about 0.47% of Ziff Davis worth $7,202,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC increased its holdings in Ziff Davis by 2.7% during the 1st quarter. Janus Henderson Group PLC now owns 3,526,329 shares of the technology company's stock worth $147,963,000 after acquiring an additional 92,496 shares during the period. Pale Fire Capital SE boosted 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 valued at $116,790,000 after purchasing an additional 1,573,414 shares during the period. First Trust Advisors LP grew its position in shares of Ziff Davis by 689.6% during the 1st quarter. First Trust Advisors LP now owns 974,591 shares of the technology company's stock valued at $40,894,000 after purchasing an additional 851,163 shares in the last quarter. LSV Asset Management increased its holdings in shares of Ziff Davis by 17.5% in the fourth quarter. LSV Asset Management now owns 907,721 shares of the technology company's stock worth $31,906,000 after purchasing an additional 135,021 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its holdings in shares of Ziff Davis by 10.6% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 860,582 shares of the technology company's stock worth $30,249,000 after purchasing an additional 82,761 shares during the period. 99.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Ziff Davis

In other Ziff Davis news, CAO Lori A. Tansley sold 1,400 shares of Ziff Davis stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $54.76, for a total transaction of $76,664.00. Following the transaction, the chief accounting officer directly owned 767 shares of the company's stock, valued at approximately $42,000.92. This trade represents a 64.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Jeremy Rossen sold 8,000 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $47.00, for a total transaction of $376,000.00. Following the completion of the sale, the executive vice president owned 14,462 shares of the company's stock, valued at approximately $679,714. The trade was a 35.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 39,154 shares of company stock worth $1,894,300 in the last quarter. 3.40% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ZD shares. Evercore reissued an "outperform" rating and set a $64.00 price objective on shares of Ziff Davis in a research note on Monday, August 10th. Piper Sandler set a $48.00 target price on Ziff Davis in a research note on Monday, May 11th. Citigroup raised their price target on Ziff Davis from $48.00 to $59.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Barclays lifted their price target on Ziff Davis from $45.00 to $48.00 and gave the company an "equal weight" rating in a research report on Monday, May 11th. Finally, Zacks Research lowered Ziff Davis from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 6th. Three investment 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $56.62.

Ziff Davis Stock Down 0.6%

Shares of NASDAQ:ZD opened at $55.41 on Wednesday. The firm has a market capitalization of $1.90 billion, a PE ratio of 3.14 and a beta of 1.08. 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 firm has a fifty day moving average of $52.41 and a 200 day moving average of $45.14.

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

Ziff Davis 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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