Envestnet Asset Management Inc. Buys 6,459 Shares of IAC Inc. (NASDAQ:IAC)

Envestnet Asset Management Inc. raised its stake in IAC Inc. (NASDAQ:IAC - Free Report) by 9.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,451 shares of the company's stock after buying an additional 6,459 shares during the period. Envestnet Asset Management Inc. owned about 0.10% of IAC worth $3,512,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in IAC. Vanguard Group Inc. grew its holdings in shares of IAC by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 7,906,737 shares of the company's stock valued at $341,097,000 after purchasing an additional 43,772 shares during the last quarter. Southeastern Asset Management Inc. TN boosted its position in IAC by 21.3% during 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 buying an additional 483,613 shares during the period. Corvex Management LP boosted its position in IAC by 61.8% during the 4th quarter. Corvex Management LP now owns 2,410,370 shares of the company's stock valued at $103,983,000 after buying an additional 920,875 shares during the period. ArrowMark Colorado Holdings LLC boosted its position in IAC by 5.3% during the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,669,665 shares of the company's stock valued at $72,029,000 after buying an additional 84,121 shares during the period. Finally, Asset Value Investors Ltd boosted its position in IAC by 9.4% during the 1st quarter. Asset Value Investors Ltd now owns 1,011,350 shares of the company's stock valued at $46,461,000 after buying an additional 87,100 shares during the period. Institutional investors own 88.90% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on IAC. Barclays dropped their target price on shares of IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Piper Sandler lowered their price target on shares of IAC from $54.00 to $44.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Citigroup lowered their price target on shares of IAC from $47.55 to $45.00 and set a "buy" rating for the company in a research report on Friday, April 25th. KeyCorp reduced their price objective on shares of IAC from $64.00 to $49.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Finally, The Goldman Sachs Group reduced their price objective on shares of IAC from $60.00 to $46.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, IAC has an average rating of "Moderate Buy" and a consensus target price of $54.08.

IAC Trading Up 0.2%

NASDAQ IAC opened at $40.65 on Friday. The company's 50-day moving average price is $38.02 and its 200-day moving average price is $40.02. 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 stock has a market cap of $3.01 billion, a PE ratio of -4.20 and a beta of 1.23. IAC Inc. has a 12 month low of $32.04 and a 12 month high of $55.40.

IAC (NASDAQ:IAC - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported ($2.80) EPS for the quarter, topping analysts' consensus estimates of ($3.94) by $1.14. The firm had revenue of $570.49 million for the quarter, compared to analysts' expectations of $809.18 million. IAC had a negative net margin of 23.25% and a negative return on equity of 11.11%. The business's revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.51 earnings per share. Equities research analysts forecast that IAC Inc. will post 0.43 earnings per share for the current 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.