Varde Management L.P. Has $32.68 Million Holdings in Ziff Davis, Inc. $ZD

Key Points

• Varde Management increased its Ziff Davis stake by 16.9% in the second quarter to 624,028 shares valued at $32.68 million, making Ziff Davis its largest portfolio holding. Institutional investors collectively own 99.76% of the company.
• Ziff Davis reported quarterly EPS of $1.03, beating estimates of $0.81, while revenue of $286.74 million was broadly in line with expectations but declined 18.7% year over year. The stock traded near $55.73, close to its 52-week high of $58.06.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $56.62, despite several firms raising targets. Company insiders sold 25,732 shares worth approximately $1.27 million during the quarter.

Varde Management L.P. raised its holdings in shares of Ziff Davis, Inc. (NASDAQ:ZD - Free Report) by 16.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 624,028 shares of the technology company's stock after purchasing an additional 90,000 shares during the period. Ziff Davis accounts for about 47.8% of Varde Management L.P.'s portfolio, making the stock its largest position. Varde Management L.P. owned 1.82% of Ziff Davis worth $32,680,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of ZD. Jupiter Topco LLC bought a new position in shares of Ziff Davis during the second quarter valued at approximately $187,893,000. Janus Henderson Group PLC increased its holdings in shares of Ziff Davis by 2.7% in the 1st quarter. Janus Henderson Group PLC now owns 3,526,329 shares of the technology company's stock valued at $147,963,000 after acquiring an additional 92,496 shares during the period. Pale Fire Capital SE raised its position in shares of Ziff Davis by 130.0% in the 1st quarter. Pale Fire Capital SE now owns 2,783,366 shares of the technology company's stock worth $116,790,000 after acquiring an additional 1,573,414 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Ziff Davis by 4,990.1% during the 2nd quarter. California State Teachers Retirement System now owns 2,360,159 shares of the technology company's stock worth $123,602,000 after purchasing an additional 2,313,791 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in Ziff Davis during the second quarter valued at about $94,314,000. Institutional investors own 99.76% of the company's stock.

Insider Buying and Selling at Ziff Davis

In other news, EVP Jeremy Rossen sold 3,819 shares of the stock in a transaction on Monday, August 10th. The shares were sold at an average price of $54.93, for a total value of $209,777.67. Following the sale, the executive vice president owned 10,643 shares in the company, valued at $584,619.99. This represents a 26.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Bret Richter sold 18,000 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $1,370,958.72. This trade represents a 38.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 25,732 shares of company stock valued at $1,269,276. 3.40% of the stock is owned by corporate insiders.

Ziff Davis Stock Performance

NASDAQ:ZD traded up $0.03 during trading hours on Tuesday, hitting $55.73. 550,998 shares of the company were exchanged, compared to its average volume of 770,332. The stock has a market capitalization of $1.91 billion, a price-to-earnings ratio of 3.15 and a beta of 1.09. Ziff Davis, Inc. has a 52-week low of $22.45 and a 52-week high of $58.06. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.16 and a quick ratio of 2.16. The company's 50 day moving average price is $53.90 and its 200-day moving average price is $46.68.

Ziff Davis (NASDAQ:ZD - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The technology company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.81 by $0.22. The business had revenue of $286.74 million during the quarter, compared to the consensus estimate of $286.10 million. Ziff Davis had a net margin of 48.57% and a return on equity of 10.73%. The business's revenue for the quarter was down 18.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.24 earnings per share.

Analyst Upgrades and Downgrades

ZD has been the subject of a number of recent research reports. Evercore reiterated an "outperform" rating and issued a $64.00 target price on shares of Ziff Davis in a report on Monday, August 10th. Royal Bank Of Canada lifted their price objective on shares of Ziff Davis from $48.00 to $65.00 and gave the stock an "outperform" rating in a research report on Monday, August 10th. Susquehanna boosted their price objective on shares of Ziff Davis from $60.00 to $75.00 and gave the stock a "positive" rating in a research note on Monday, August 10th. Barclays lifted their price target on shares of Ziff Davis from $45.00 to $48.00 and gave the stock an "equal weight" rating in a report on Monday, May 11th. Finally, Citigroup increased their price objective on Ziff Davis from $48.00 to $59.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Three research 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. According to MarketBeat, Ziff Davis presently has a consensus rating of "Hold" and an average price target of $56.62.

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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