Wedge Capital Management L L P NC Increases Stock Position in Ziff Davis, Inc. $ZD

Key Points

• Wedge Capital Management L L P NC increased its stake in Ziff Davis, Inc. by 29.5%, owning a total of 48,470 shares valued at approximately $1.47 million as of its latest filing.
• Several other institutional investors, including Nuveen LLC and Victory Capital Management Inc., have also significantly increased their positions in Ziff Davis during the first quarter.
• Ziff Davis reported earnings of $1.24 per share for the last quarter, which exceeded analysts’ expectations, leading to analysts raising their ratings and target prices for the stock.

Wedge Capital Management L L P NC boosted its position in shares of Ziff Davis, Inc. (NASDAQ:ZD - Free Report) by 29.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 48,470 shares of the technology company's stock after acquiring an additional 11,035 shares during the period. Wedge Capital Management L L P NC owned 0.12% of Ziff Davis worth $1,467,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ZD. Nuveen LLC purchased a new position in shares of Ziff Davis in the first quarter worth $25,381,000. Pale Fire Capital SE purchased a new position in shares of Ziff Davis during the first quarter worth $9,370,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Ziff Davis by 50.8% during the first 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 during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Ziff Davis by 236.8% during the first quarter. Victory Capital Management Inc. now owns 171,833 shares of the technology company's stock worth $6,457,000 after purchasing an additional 120,817 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in shares of Ziff Davis by 34.2% during the fourth quarter. Wellington Management Group LLP now owns 443,707 shares of the technology company's stock worth $24,111,000 after purchasing an additional 113,157 shares during the last quarter. Hedge funds and other institutional investors own 99.76% of the company's stock.

Insider Buying and Selling

In other news, Director Sarah Ann Fay purchased 1,354 shares of the stock in a transaction on Monday, September 15th. The stock was bought at an average price of $36.89 per share, for a total transaction of $49,949.06. Following the acquisition, the director directly owned 23,619 shares of the company's stock, valued at approximately $871,304.91. The trade was a 6.08% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.16% of the stock is owned by company insiders.

Ziff Davis Trading Down 1.7%

Shares of ZD stock opened at $37.64 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.59 and a current ratio of 1.59. The stock has a market capitalization of $1.54 billion, a P/E ratio of 25.09 and a beta of 1.58. The company has a 50 day moving average price of $35.24 and a 200 day moving average price of $34.20. Ziff Davis, Inc. has a fifty-two week low of $28.55 and a fifty-two week high of $60.62.

Ziff Davis (NASDAQ:ZD - Get Free Report) last announced its quarterly earnings data 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 net margin of 4.57% and a return on equity of 13.91%. The firm had revenue of $352.21 million during the quarter, compared to analysts' expectations of $337.47 million. During the same quarter in the previous year, the business posted $1.18 earnings per share. The business's quarterly revenue was up 10.0% compared to the same quarter last year. Equities research analysts predict that Ziff Davis, Inc. will post 5.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Wall Street Zen raised shares of Ziff Davis from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Barclays reissued a "positive" rating on shares of Ziff Davis in a research note on Friday, August 8th. Finally, Piper Sandler set a $40.00 target price on shares of Ziff Davis in a research note on Friday, August 8th. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus 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.

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