Sumitomo Mitsui Trust Group Inc. Has $44.05 Million Holdings in Ibotta, Inc. (NYSE:IBTA)

Sumitomo Mitsui Trust Group Inc. raised its position in Ibotta, Inc. (NYSE:IBTA - Free Report) by 67.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,043,758 shares of the company's stock after purchasing an additional 419,516 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 3.96% of Ibotta worth $44,047,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Rhumbline Advisers grew its stake in Ibotta by 6.6% in the first quarter. Rhumbline Advisers now owns 20,221 shares of the company's stock valued at $853,000 after purchasing an additional 1,252 shares in the last quarter. AMI Asset Management Corp purchased a new position in Ibotta in the first quarter valued at about $488,000. Finally, GAMMA Investing LLC grew its stake in Ibotta by 2,859.7% in the first quarter. GAMMA Investing LLC now owns 1,983 shares of the company's stock valued at $840,000 after purchasing an additional 1,916 shares in the last quarter.

Ibotta Price Performance

Shares of NYSE IBTA traded up $0.71 during trading hours on Friday, hitting $36.47. 147,496 shares of the company's stock were exchanged, compared to its average volume of 353,470. Ibotta, Inc. has a 1-year low of $31.40 and a 1-year high of $79.80. The stock has a market capitalization of $923.06 million, a price-to-earnings ratio of 24.64, a PEG ratio of 3.04 and a beta of -1.29. The company's 50-day moving average price is $46.12 and its 200-day moving average price is $56.11.

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

Ibotta declared that its board has approved a stock repurchase plan on Wednesday, March 12th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 5.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have commented on IBTA. UBS Group boosted their target price on Ibotta from $42.00 to $55.00 and gave the company a "neutral" rating in a research note on Thursday, May 15th. Evercore ISI reiterated an "outperform" rating on shares of Ibotta in a research note on Thursday, May 15th. Needham & Company LLC upped their price target on Ibotta from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. JMP Securities reiterated a "market outperform" rating and set a $58.00 price target on shares of Ibotta in a research note on Thursday, May 15th. Finally, Wells Fargo & Company upped their price target on Ibotta from $52.00 to $60.00 and gave the stock an "overweight" rating in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $61.60.

Insider Activity

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

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.