Sumitomo Mitsui Trust Group Inc. Buys 419,516 Shares of Ibotta, Inc. (NYSE:IBTA)

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Ibotta, Inc. (NYSE:IBTA - Free Report) by 67.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,043,758 shares of the company's stock after acquiring an additional 419,516 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 3.96% of Ibotta worth $44,047,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Rhumbline Advisers lifted its position in shares of Ibotta by 6.6% during the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock worth $853,000 after acquiring an additional 1,252 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Ibotta by 2,859.7% during the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock worth $840,000 after acquiring an additional 1,916 shares in the last quarter. Finally, AMI Asset Management Corp purchased a new stake in shares of Ibotta during the first quarter worth $488,000.

Insiders Place Their Bets

In related news, major shareholder Jermoluk Founders Fund I. Clark sold 1,578,502 shares of the stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $35.00, for a total value of $55,247,570.00. Following the transaction, the insider owned 3,841,308 shares of the company's stock, valued at $134,445,780. This represents a 29.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Richard I. Donahue sold 85,289 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $43.09, for a total value of $3,675,103.01. Following the completion of the transaction, the chief marketing officer directly owned 199,773 shares in the company, valued at approximately $8,608,218.57. This represents a 29.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,192,224 shares of company stock worth $78,652,577. 16.08% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Needham & Company LLC increased their price objective on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. The Goldman Sachs Group increased their price objective on Ibotta from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. JMP Securities reiterated a "market outperform" rating and issued a $58.00 price objective on shares of Ibotta in a research report on Thursday, May 15th. UBS Group increased their price objective on Ibotta from $42.00 to $55.00 and gave the stock a "neutral" rating in a research report on Thursday, May 15th. Finally, Wells Fargo & Company increased their price objective on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research report on Thursday, May 15th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Ibotta presently has a consensus rating of "Moderate Buy" and an average target price of $61.60.

Ibotta Stock Performance

IBTA traded down $0.14 during trading on Wednesday, reaching $35.82. The stock had a trading volume of 751,616 shares, compared to its average volume of 423,951. The stock has a market cap of $906.60 million, a PE ratio of 24.20, a PEG ratio of 3.05 and a beta of -1.28. Ibotta, Inc. has a one year low of $31.40 and a one year high of $79.80. The business has a 50-day moving average of $46.81 and a 200-day moving average of $56.90.

Ibotta (NYSE:IBTA - Get Free Report) last released its earnings results on Wednesday, May 14th. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. The business had revenue of $84.57 million for the quarter, compared to analysts' expectations of $81.70 million. Ibotta had a return on equity of 15.04% and a net margin of 16.24%. The firm's revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.33 earnings per share.

Ibotta declared that its Board of Directors has initiated a share buyback plan on Wednesday, March 12th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 5.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's management believes its shares are undervalued.

About Ibotta

Ibotta's mission is to Make Every Purchase Rewarding. Our technology allows CPG brands to deliver digital promotions to over 200 million consumers through a single, convenient network called the Ibotta Performance Network (IPN). We are pioneers in success-based marketing: we only get paid when our client's promotion results in a sale, not when a consumer merely views or clicks on the promotion.