Pale Fire Capital SE Has $116.79 Million Position in Ziff Davis, Inc. $ZD

Key Points

• Pale Fire Capital SE boosted its Ziff Davis stake by 130% in the first quarter, ending with 2.78 million shares worth about $116.8 million. The position represents roughly 7.56% of Ziff Davis and is the fund’s fourth-largest holding.
• Ziff Davis reported quarterly earnings of $0.73 per share, slightly ahead of estimates, on revenue of $267.64 million. However, revenue still declined 1.9% year over year.
• Analyst sentiment is mixed but leans cautious: the stock’s consensus rating is Hold with an average price target of $47.25. Recent insider selling also included transactions by a director and the CFO.

Pale Fire Capital SE lifted its stake in shares of Ziff Davis, Inc. (NASDAQ:ZD - Free Report) by 130.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,783,366 shares of the technology company's stock after purchasing an additional 1,573,414 shares during the period. Ziff Davis makes up about 10.0% of Pale Fire Capital SE's investment portfolio, making the stock its 4th biggest position. Pale Fire Capital SE owned approximately 7.56% of Ziff Davis worth $116,790,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. First Trust Advisors LP raised its position in Ziff Davis by 689.6% in the 1st quarter. First Trust Advisors LP now owns 974,591 shares of the technology company's stock worth $40,894,000 after purchasing an additional 851,163 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings 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 buying an additional 431,828 shares in the last quarter. AQR Capital Management LLC boosted its position in Ziff Davis by 88.5% in the 4th quarter. AQR Capital Management LLC now owns 399,259 shares of the technology company's stock valued at $14,034,000 after buying an additional 187,431 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Ziff Davis by 46.1% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 552,385 shares of the technology company's stock valued at $21,046,000 after buying an additional 174,287 shares during the last quarter. Finally, Invenomic Capital Management LP increased its stake in shares of Ziff Davis by 36.5% in the 4th quarter. Invenomic Capital Management LP now owns 557,613 shares of the technology company's stock valued at $19,600,000 after buying an additional 149,164 shares during the period. 99.76% of the stock is owned by institutional investors.

Ziff Davis Stock Performance

ZD stock opened at $51.60 on Friday. The business's fifty day moving average is $48.29 and its 200-day moving average is $42.45. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.42. The company has a market cap of $1.90 billion, a P/E ratio of 45.66 and a beta of 1.08. Ziff Davis, Inc. has a twelve month low of $22.45 and a twelve month high of $54.97.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ZD shares. Piper Sandler set a $48.00 price target on Ziff Davis in a research note on Monday, May 11th. Zacks Research lowered Ziff Davis from a "hold" rating to a "strong sell" rating in a research report on Wednesday, May 6th. Evercore reissued an "outperform" rating and set a $61.00 price objective on shares of Ziff Davis in a report on Tuesday, May 12th. Royal Bank Of Canada upped their target price on shares of Ziff Davis from $40.00 to $48.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Finally, Weiss Ratings raised shares of Ziff Davis from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, June 1st. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $47.25.

Insider Transactions at Ziff Davis

In related news, Director Kirk P. Mcdonald sold 1,075 shares of the stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $46.65, for a total value of $50,148.75. Following the sale, the director directly owned 13,468 shares in the company, valued at $628,282.20. This trade represents a 7.39% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Bret Richter sold 18,000 shares of Ziff Davis stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.88, for a total transaction of $843,840.00. Following the transaction, the chief financial officer directly owned 29,244 shares in the company, valued at $1,370,958.72. The trade was a 38.10% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 31,422 shares of company stock worth $1,468,864. 3.40% of the stock is currently owned by company insiders.

Ziff Davis Company Profile

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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