Palisade Capital Management LP Trims Stock Position in IAC Inc. (NASDAQ:IAC)

Palisade Capital Management LP lessened its holdings in shares of IAC Inc. (NASDAQ:IAC - Free Report) by 34.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 31,877 shares of the company's stock after selling 16,425 shares during the period. Palisade Capital Management LP's holdings in IAC were worth $1,464,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Applied Fundamental Research LLC boosted its stake in IAC by 12.1% in the 4th quarter. Applied Fundamental Research LLC now owns 416,194 shares of the company's stock worth $17,955,000 after purchasing an additional 44,835 shares in the last quarter. Bryce Point Capital LLC bought a new position in IAC in the 4th quarter worth about $595,000. Wealth Enhancement Advisory Services LLC purchased a new position in IAC in the 1st quarter worth about $1,107,000. Charles Schwab Investment Management Inc. raised its position in IAC by 2.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 967,260 shares of the company's stock worth $41,728,000 after buying an additional 19,148 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in IAC by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 7,906,737 shares of the company's stock worth $341,097,000 after buying an additional 43,772 shares during the last quarter. 88.90% of the stock is owned by hedge funds and other institutional investors.

IAC Trading Down 0.6%

IAC stock opened at $39.13 on Friday. The firm has a 50 day moving average of $36.78 and a 200 day moving average of $40.31. The firm has a market capitalization of $2.90 billion, a price-to-earnings ratio of -4.05 and a beta of 1.23. IAC Inc. has a 12-month low of $32.05 and a 12-month high of $55.40. The company has a current ratio of 2.70, a quick ratio of 2.70 and a debt-to-equity ratio of 0.30.

IAC (NASDAQ:IAC - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($2.80) earnings per share (EPS) for the quarter, topping the consensus estimate of ($3.94) by $1.14. The company had revenue of $570.49 million during the quarter, compared to analyst estimates of $809.18 million. IAC had a negative net margin of 23.25% and a negative return on equity of 11.11%. The firm's quarterly revenue was down 8.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.51 EPS. As a group, research analysts predict that IAC Inc. will post 0.43 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IAC. Citigroup decreased their target price on IAC from $47.55 to $45.00 and set a "buy" rating for the company in a research report on Friday, April 25th. KeyCorp reduced their price target on shares of IAC from $64.00 to $49.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. Piper Sandler reduced their price target on shares of IAC from $54.00 to $44.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. UBS Group reduced their price target on shares of IAC from $54.00 to $38.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Finally, Barclays reduced their price target on shares of IAC from $61.00 to $52.00 and set an "overweight" rating for the company in a research report on Tuesday, May 6th. Two investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, IAC presently has a consensus rating of "Moderate Buy" and an average price target of $54.08.

IAC Profile

IAC Inc, together with its subsidiaries, operates as a media and internet company worldwide. The company publishes original and engaging digital content in the form of articles, illustrations, and videos and images across entertainment, food, home, beauty, travel, health, family, luxury, and fashion areas; and magazines related to women and lifestyle.

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