Goldman Sachs Group Inc. Sells 28,393 Shares of Ziff Davis, Inc. $ZD

Key Points

• Goldman Sachs Group Inc. reduced its holdings in Ziff Davis, Inc. by 11.8%, now owning approximately 211,741 shares valued at $7.96 million.
• Institutional investors dominate Ziff Davis' ownership, holding 99.76% of the company's stock following significant investment activity during the first quarter.
• Ziff Davis recently reported quarterly earnings of $1.24 EPS, surpassing analyst expectations, with revenue rising by 10% year-over-year.

Goldman Sachs Group Inc. reduced its position in shares of Ziff Davis, Inc. (NASDAQ:ZD - Free Report) by 11.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 211,741 shares of the technology company's stock after selling 28,393 shares during the quarter. Goldman Sachs Group Inc. owned about 0.50% of Ziff Davis worth $7,957,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ZD. GAMMA Investing LLC boosted its stake in Ziff Davis by 148.4% during the 1st quarter. GAMMA Investing LLC now owns 713 shares of the technology company's stock valued at $27,000 after purchasing an additional 426 shares in the last quarter. State of Wyoming bought a new position in Ziff Davis during the 1st quarter valued at $39,000. Caitong International Asset Management Co. Ltd bought a new stake in shares of Ziff Davis during the 1st quarter worth $57,000. Western Wealth Management LLC bought a new stake in shares of Ziff Davis during the 4th quarter worth $217,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Ziff Davis by 75.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,139 shares of the technology company's stock worth $231,000 after acquiring an additional 2,645 shares in the last quarter. 99.76% of the stock is owned by institutional investors.

Insider Activity at Ziff Davis

In related news, Director Sarah Ann Fay acquired 1,354 shares of the firm's stock in a transaction that occurred on Monday, September 15th. The stock was acquired at an average cost of $36.89 per share, with a total value of $49,949.06. Following the completion of the purchase, the director directly owned 23,619 shares in the company, valued at approximately $871,304.91. This trade represents a 6.08% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.16% of the stock is currently owned by company insiders.

Ziff Davis Stock Performance

ZD traded down $0.34 during midday trading on Friday, reaching $38.86. The company's stock had a trading volume of 133,109 shares, compared to its average volume of 540,726. Ziff Davis, Inc. has a twelve month low of $28.55 and a twelve month high of $60.62. The stock has a market cap of $1.59 billion, a P/E ratio of 25.84 and a beta of 1.58. The company has a fifty day simple moving average of $35.03 and a 200 day simple moving average of $34.29. The company has a current ratio of 1.59, a quick ratio of 1.59 and a debt-to-equity ratio of 0.47.

Ziff Davis (NASDAQ:ZD - Get Free Report) last issued its earnings results on Wednesday, August 6th. The technology company reported $1.24 EPS for the quarter, beating analysts' consensus estimates of $1.22 by $0.02. The business had revenue of $352.21 million during the quarter, compared to analyst estimates of $337.47 million. Ziff Davis had a return on equity of 13.91% and a net margin of 4.57%.Ziff Davis's revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.18 earnings per share. Research analysts expect that Ziff Davis, Inc. will post 5.93 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on ZD. Piper Sandler set a $40.00 price objective on Ziff Davis in a research note on Friday, August 8th. Wall Street Zen raised Ziff Davis from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Barclays reissued a "positive" rating on shares of Ziff Davis in a research note on Friday, August 8th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $38.83.

About Ziff Davis

Ziff Davis, Inc, together with its subsidiaries, operates as a digital media and internet company in the United States and internationally. The company offers PCMag, an online resource for laboratory-based product reviews, technology news, buying guides, and research papers; Mashable for publishing technology and culture content; Spiceworks Ziff Davis provides digital content of IT products and services; retailMeNot, a savings destination platform; Offers.com, a coupon and deals website; and event-based properties, including BlackFriday.com, TheBlackFriday.com, BestBlackFriday.com, and DealsofAmerica.com.