Bank of New York Mellon Corp Takes $4.71 Million Position in QuinStreet, Inc. $QNST

Key Points

• Bank of New York Mellon initiated a QuinStreet position worth approximately $4.71 million, purchasing 321,398 shares. Institutional investors now own 97.83% of the company.
• Analyst sentiment improved, with QuinStreet receiving an average rating of “Buy” and an average price target of $22.00; several firms upgraded the stock to “Strong Buy.”
• QuinStreet exceeded quarterly expectations, reporting $0.50 in EPS and $373.88 million in revenue, while insiders sold 862,026 shares worth about $17.42 million over the past 90 days.

Bank of New York Mellon Corp bought a new stake in shares of QuinStreet, Inc. (NASDAQ:QNST - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 321,398 shares of the technology company's stock, valued at approximately $4,708,000. Bank of New York Mellon Corp owned about 0.56% of QuinStreet at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of QuinStreet by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 31,983 shares of the technology company's stock worth $571,000 after acquiring an additional 1,381 shares during the last quarter. Millennium Management LLC raised its holdings in QuinStreet by 213.3% during the 1st quarter. Millennium Management LLC now owns 714,482 shares of the technology company's stock worth $12,746,000 after buying an additional 486,406 shares during the period. Goldman Sachs Group Inc. lifted its stake in QuinStreet by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 540,286 shares of the technology company's stock valued at $9,639,000 after buying an additional 88,431 shares in the last quarter. Caxton Associates LLP acquired a new position in shares of QuinStreet in the first quarter worth about $299,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of QuinStreet by 1.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 113,366 shares of the technology company's stock worth $2,022,000 after buying an additional 2,135 shares during the period. 97.83% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings upgraded QuinStreet from a "hold (c-)" rating to a "hold (c+)" rating in a report on Thursday, August 27th. B. Riley Financial reissued a "buy" rating on shares of QuinStreet in a research report on Friday, August 7th. Zacks Research upgraded shares of QuinStreet from a "hold" rating to a "strong-buy" rating in a report on Friday, August 28th. Wall Street Zen upgraded shares of QuinStreet from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 29th. Finally, Lake Street Capital raised QuinStreet from a "hold" rating to a "buy" rating and set a $21.00 price objective on the stock in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $22.00.

QuinStreet Price Performance

QuinStreet stock opened at $18.73 on Friday. QuinStreet, Inc. has a 52 week low of $10.28 and a 52 week high of $22.29. The business's fifty day moving average is $17.76 and its two-hundred day moving average is $14.17. The firm has a market cap of $1.07 billion, a P/E ratio of 13.28 and a beta of 0.70. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.22 and a current ratio of 1.22.

QuinStreet (NASDAQ:QNST - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The technology company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.06. QuinStreet had a return on equity of 12.73% and a net margin of 6.28%.The business had revenue of $373.88 million for the quarter, compared to analysts' expectations of $359.95 million. Equities research analysts forecast that QuinStreet, Inc. will post 1.06 earnings per share for the current fiscal year.

Insider Transactions at QuinStreet

In other news, CEO Douglas Valenti sold 751,631 shares of the business's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $20.50, for a total transaction of $15,408,435.50. Following the completion of the transaction, the chief executive officer directly owned 996,278 shares in the company, valued at approximately $20,423,699. The trade was a 43.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Asmau Ahmed sold 15,000 shares of QuinStreet stock in a transaction on Friday, August 14th. The stock was sold at an average price of $20.85, for a total transaction of $312,750.00. Following the transaction, the director directly owned 34,979 shares in the company, valued at approximately $729,312.15. This represents a 30.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 862,026 shares of company stock worth $17,423,897. 5.00% of the stock is currently owned by company insiders.

QuinStreet Company Profile

QuinStreet, Inc operates a technology-based performance marketing platform that connects companies with prospective customers across multiple verticals. The company specializes in data-driven lead generation for financial services, education, insurance, healthcare, and home services firms. By leveraging proprietary targeting algorithms and real-time analytics, QuinStreet manages customized digital marketing campaigns to optimize customer acquisition and retention for its clients.

Through a portfolio of consumer-facing websites and comparison platforms, QuinStreet delivers targeted visitors who are actively researching products and services.

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