Invenomic Capital Management LP Has $6.35 Million Stake in Ziff Davis, Inc. $ZD

Key Points

• Invenomic Capital Management LP has increased its stake in Ziff Davis, Inc. by 32%, now owning approximately 169,062 shares valued at $6.35 million.
• Multiple institutional investors, including GAMMA Investing LLC and PNC Financial Services, have also significantly increased their holdings in Ziff Davis, leading to 99.76% of the company being owned by institutional investors.
• Ziff Davis recently reported a 10% increase in revenue year-over-year, with an earnings per share (EPS) of $1.24, surpassing analysts' expectations.

Invenomic Capital Management LP raised its position in shares of Ziff Davis, Inc. (NASDAQ:ZD - Free Report) by 32.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 169,062 shares of the technology company's stock after purchasing an additional 40,942 shares during the period. Invenomic Capital Management LP owned 0.40% of Ziff Davis worth $6,353,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nuveen LLC bought a new position in shares of Ziff Davis in the 1st quarter valued at approximately $25,381,000. Janus Henderson Group PLC grew its holdings in shares of Ziff Davis by 8.5% during the 4th quarter. Janus Henderson Group PLC now owns 3,487,495 shares of the technology company's stock worth $189,512,000 after purchasing an additional 272,895 shares in the last quarter. Pale Fire Capital SE acquired a new stake in shares of Ziff Davis during the 1st quarter worth approximately $9,370,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Ziff Davis by 50.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 538,123 shares of the technology company's stock worth $20,314,000 after purchasing an additional 181,234 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in shares of Ziff Davis by 236.8% during the 1st quarter. Victory Capital Management Inc. now owns 171,833 shares of the technology company's stock worth $6,457,000 after buying an additional 120,817 shares during the period. 99.76% of the stock is owned by hedge funds and other institutional investors.

Ziff Davis Price Performance

NASDAQ:ZD traded down $1.73 during trading hours on Wednesday, reaching $36.55. 252,628 shares of the company were exchanged, compared to its average volume of 539,691. The business has a 50 day moving average of $34.34 and a 200 day moving average of $34.51. The company has a market capitalization of $1.50 billion, a P/E ratio of 24.37 and a beta of 1.58. Ziff Davis, Inc. has a 1-year low of $28.55 and a 1-year high of $60.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.59 and a quick ratio of 1.59.

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on ZD shares. UBS Group set a $40.00 price objective on Ziff Davis and gave the company a "neutral" rating in a research report on Wednesday, May 14th. Barclays restated a "positive" rating on shares of Ziff Davis in a research report on Friday, August 8th. Piper Sandler set a $40.00 price objective on Ziff Davis in a research note on Friday, August 8th. Finally, Wall Street Zen raised Ziff Davis from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently 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.