NewGen Asset Management Ltd Acquires Shares of 52,500 Ziff Davis, Inc. $ZD

Key Points

• NewGen Asset Management opened a new position in Ziff Davis, buying 52,500 shares valued at about $2.2 million. The stake represents roughly 0.14% of Ziff Davis and about 0.9% of NewGen’s portfolio.
• Insider selling continued, with CFO Bret Richter and Director Kirk P. Mcdonald both selling shares in June. Over the last three months, insiders have sold 31,422 shares worth about $1.47 million.
• Ziff Davis recently beat earnings estimates for the quarter, reporting EPS of $0.73 versus $0.72 expected and revenue of $267.64 million. However, revenue still declined 1.9% year over year, and analysts currently rate the stock a Hold on average.

NewGen Asset Management Ltd acquired a new position in shares of Ziff Davis, Inc. (NASDAQ:ZD - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 52,500 shares of the technology company's stock, valued at approximately $2,203,000. Ziff Davis comprises about 0.9% of NewGen Asset Management Ltd's holdings, making the stock its 16th biggest position. NewGen Asset Management Ltd owned 0.14% of Ziff Davis as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. LSV Asset Management increased its stake in shares of Ziff Davis by 17.5% during the fourth quarter. LSV Asset Management now owns 907,721 shares of the technology company's stock worth $31,906,000 after acquiring an additional 135,021 shares during the period. Fuller & Thaler Asset Management Inc. lifted its position in Ziff Davis by 10.6% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 860,582 shares of the technology company's stock valued at $30,249,000 after purchasing an additional 82,761 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Ziff Davis by 5.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 835,113 shares of the technology company's stock valued at $29,354,000 after purchasing an additional 44,923 shares during the period. Nuveen LLC boosted its holdings in Ziff Davis by 10.2% in the 4th quarter. Nuveen LLC now owns 808,325 shares of the technology company's stock valued at $28,413,000 after purchasing an additional 75,047 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Ziff Davis by 260.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 597,573 shares of the technology company's stock worth $21,005,000 after purchasing an additional 431,828 shares during the period. Institutional investors and hedge funds own 99.76% of the company's stock.

Insider Activity

In other Ziff Davis news, CFO Bret Richter sold 18,000 shares of the company's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.88, for a total value of $843,840.00. Following the transaction, the chief financial officer directly owned 29,244 shares in the company, valued at approximately $1,370,958.72. This represents a 38.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kirk P. Mcdonald sold 1,075 shares of the company's stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $46.65, for a total transaction of $50,148.75. Following the completion of the transaction, the director owned 13,468 shares in the company, valued at approximately $628,282.20. This trade represents a 7.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,422 shares of company stock worth $1,468,864 over the last three months. 3.40% of the stock is currently owned by corporate insiders.

Ziff Davis Trading Up 0.7%

NASDAQ:ZD opened at $54.38 on Tuesday. The company has a market capitalization of $2.00 billion, a PE ratio of 48.12 and a beta of 1.08. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.42. Ziff Davis, Inc. has a 52-week low of $22.45 and a 52-week high of $54.95. The stock has a fifty day simple moving average of $47.38 and a 200-day simple moving average of $42.02.

Ziff Davis (NASDAQ:ZD - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The technology company reported $0.73 EPS for the quarter, beating analysts' consensus estimates of $0.72 by $0.01. The firm had revenue of $267.64 million for the quarter, compared to analysts' expectations of $264.32 million. Ziff Davis had a net margin of 3.26% and a return on equity of 12.17%. The firm's revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.14 EPS.

Analyst Upgrades and Downgrades

Several analysts have recently commented on ZD shares. Weiss Ratings raised Ziff Davis from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, June 1st. Piper Sandler set a $48.00 price objective on Ziff Davis in a research report on Monday, May 11th. Evercore reissued an "outperform" rating and issued a $61.00 target price on shares of Ziff Davis in a report on Tuesday, May 12th. Susquehanna boosted their target price on shares of Ziff Davis from $45.00 to $60.00 and gave the stock a "positive" rating in a research report on Tuesday, May 5th. Finally, Zacks Research cut shares of Ziff Davis from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $47.25.

About Ziff Davis

Ziff Davis, Inc is a digital media and internet company that operates a diverse portfolio of online brands, subscription-based services and performance marketing platforms. The company specializes in technology publishing and digital marketing solutions, offering content, reviews and insights tailored to consumer and enterprise audiences. Ziff Davis's flagship media properties include PCMag, which provides expert reviews and comparisons of consumer electronics and software, as well as IGN, a leading destination for gaming news, reviews and entertainment coverage.

Founded in 1927 by William B.

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