Corient Private Wealth LP Takes Position in Ziff Davis, Inc. $ZD

Key Points

• Corient Private Wealth LP initiated a position in Ziff Davis during the second quarter, purchasing 56,872 shares valued at approximately $2.98 million. Institutional investors collectively own 99.76% of the company.
• Analysts maintain a generally cautious outlook, with three Buy ratings and six Holds; the consensus rating is Hold and the average price target is $59.75. Recent target increases included Susquehanna’s move to $75 and RBC’s move to $65.
• Ziff Davis beat quarterly earnings expectations with adjusted EPS of $1.03 versus the $0.81 consensus, though revenue fell 18.7% year over year. The stock opened at $57.47, near its 12-month high of $60.48, while insiders sold 7,732 shares worth approximately $425,436 over the prior three months.

Corient Private Wealth LP bought a new stake in Ziff Davis, Inc. (NASDAQ:ZD - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 56,872 shares of the technology company's stock, valued at approximately $2,978,000. Corient Private Wealth LP owned approximately 0.17% of Ziff Davis at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jupiter Topco LLC bought a new position in shares of Ziff Davis in the 2nd quarter valued at about $187,893,000. Legal & General Group Plc acquired a new stake in Ziff Davis in the 2nd quarter valued at about $94,314,000. Pale Fire Capital SE grew its holdings in Ziff Davis by 130.0% during the first quarter. Pale Fire Capital SE now owns 2,783,366 shares of the technology company's stock worth $116,790,000 after purchasing an additional 1,573,414 shares during the period. First Trust Advisors LP increased its position in Ziff Davis by 689.6% during the first quarter. First Trust Advisors LP now owns 974,591 shares of the technology company's stock worth $40,894,000 after buying an additional 851,163 shares during the last quarter. Finally, Rice Hall James & Associates LLC acquired a new position in Ziff Davis during the second quarter worth approximately $43,022,000. 99.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Citigroup lifted their target price on Ziff Davis from $48.00 to $59.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. Susquehanna upped their price target on shares of Ziff Davis from $60.00 to $75.00 and gave the company a "positive" rating in a research note on Monday, August 10th. Zacks Research raised shares of Ziff Davis to a "hold" rating in a report on Tuesday, September 15th. Weiss Ratings upgraded shares of Ziff Davis from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 25th. Finally, Royal Bank Of Canada boosted their price objective on Ziff Davis from $48.00 to $65.00 and gave the stock an "outperform" rating in a report on Monday, August 10th. Three research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ziff Davis has an average rating of "Hold" and a consensus target price of $59.75.

Ziff Davis Stock Performance

NASDAQ ZD opened at $57.47 on Tuesday. The firm has a 50-day moving average price of $54.84 and a two-hundred day moving average price of $48.59. Ziff Davis, Inc. has a 12-month low of $22.45 and a 12-month high of $60.48. The company has a market capitalization of $1.97 billion, a P/E ratio of 3.25 and a beta of 1.09. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.32.

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

Insider Buying and Selling at Ziff Davis

In other Ziff Davis news, EVP Jeremy Rossen sold 3,819 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $54.93, for a total transaction of $209,777.67. Following the completion of the sale, the executive vice president directly owned 10,643 shares in the company, valued at $584,619.99. This represents a 26.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director W. Brian Kretzmer sold 2,513 shares of Ziff Davis stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $55.31, for a total value of $138,994.03. Following the completion of the transaction, the director owned 20,000 shares in the company, valued at approximately $1,106,200. The trade was a 11.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,732 shares of company stock worth $425,436 over the last three months. Corporate insiders own 3.40% of the company's stock.

About Ziff Davis

Ziff Davis, Inc is a digital media and technology company that operates a portfolio of internet-based brands serving consumers and businesses. Its properties provide technology news and reviews, gaming and entertainment content, health and wellness information, shopping resources, and specialized business media.

The company's brands include PCMag, IGN, Mashable, Lifehacker, RetailMeNot, Humble Bundle, Spiceworks, Ookla and Speedtest, among others. Ziff Davis also offers cybersecurity, marketing technology and consumer subscription services, including products and platforms designed to support privacy, online security, connectivity testing and digital engagement.

Ziff Davis traces its roots to the publishing company founded by William B.

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