Westpac Banking Corp Boosts Stake in Zebra Technologies Corporation (NASDAQ:ZBRA)

Key Points

• Westpac Banking Corp significantly increased its stake in Zebra Technologies by 1,425.2% during Q1, acquiring an additional 13,824 shares, bringing its total holdings to 14,794 shares valued at $4.18 million.
• Institutional investors own over 91% of Zebra Technologies, with key contributors including Vanguard Group and JPMorgan Chase, who also boosted their stakes recently.
• Zebra Technologies reported earnings that surpassed analyst expectations, achieving $3.61 earnings per share for the quarter, and announced a stock buyback plan worth $250 million.

Westpac Banking Corp grew its stake in Zebra Technologies Corporation (NASDAQ:ZBRA - Free Report) by 1,425.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,794 shares of the industrial products company's stock after acquiring an additional 13,824 shares during the period. Westpac Banking Corp's holdings in Zebra Technologies were worth $4,180,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ZBRA. Investment Management Corp VA ADV bought a new position in shares of Zebra Technologies during the fourth quarter valued at approximately $27,000. Zions Bancorporation National Association UT purchased a new stake in Zebra Technologies during the first quarter valued at approximately $27,000. Cary Street Partners Investment Advisory LLC purchased a new stake in Zebra Technologies during the first quarter valued at approximately $29,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Zebra Technologies during the first quarter valued at approximately $30,000. Finally, Coppell Advisory Solutions LLC purchased a new stake in Zebra Technologies during the fourth quarter valued at approximately $36,000. 91.03% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ZBRA has been the subject of a number of analyst reports. Citigroup reissued a "neutral" rating and set a $342.00 target price (up previously from $280.00) on shares of Zebra Technologies in a research report on Monday, July 14th. Truist Financial boosted their price objective on shares of Zebra Technologies from $269.00 to $319.00 and gave the company a "hold" rating in a report on Wednesday, August 6th. UBS Group reduced their target price on Zebra Technologies from $425.00 to $410.00 and set a "buy" rating for the company in a research note on Wednesday, April 30th. BNP Paribas Exane raised Zebra Technologies from a "neutral" rating to an "outperform" rating and set a $408.00 price target for the company in a research report on Thursday, July 10th. Finally, Robert W. Baird increased their price objective on Zebra Technologies from $320.00 to $367.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Five analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $357.44.

Zebra Technologies Stock Performance

ZBRA stock traded down $10.09 during midday trading on Thursday, hitting $327.71. 604,799 shares of the stock traded hands, compared to its average volume of 597,886. The firm has a market cap of $16.67 billion, a P/E ratio of 30.95 and a beta of 1.75. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.46 and a quick ratio of 1.03. The stock's fifty day simple moving average is $316.01 and its 200-day simple moving average is $298.33. Zebra Technologies Corporation has a 1-year low of $205.73 and a 1-year high of $427.76.

Zebra Technologies (NASDAQ:ZBRA - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The industrial products company reported $3.61 EPS for the quarter, beating the consensus estimate of $3.31 by $0.30. Zebra Technologies had a net margin of 10.56% and a return on equity of 18.95%. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same quarter last year, the business earned $3.18 earnings per share. The firm's revenue was up 6.2% on a year-over-year basis. On average, analysts expect that Zebra Technologies Corporation will post 13.71 earnings per share for the current year.

Zebra Technologies announced that its Board of Directors has initiated a stock buyback plan on Tuesday, August 5th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the industrial products company to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

About Zebra Technologies

Zebra Technologies Corporation, together with its subsidiaries, provides enterprise asset intelligence solutions in the automatic identification and data capture solutions industry worldwide. It operates in two segments, Asset Intelligence & Tracking, and Enterprise Visibility & Mobility. The company designs, manufactures, and sells printers that produce labels, wristbands, tickets, receipts, and plastic cards; dye-sublimination thermal card printers that produce images, which are used for personal identification, access control, and financial transactions; radio frequency identification device (RFID) printers that encode data into passive RFID transponders; accessories and options for printers, including carrying cases, vehicle mounts, and battery chargers; stock and customized thermal labels, receipts, ribbons, plastic cards, and RFID tags for printers; and temperature-monitoring labels primarily used in vaccine distribution.