Ziff Davis (NASDAQ:ZD) Releases Quarterly Earnings Results, Beats Estimates By $0.22 EPS

Key Points

• Ziff Davis beat quarterly earnings expectations: EPS was $1.03, exceeding the $0.81 consensus by $0.22, while revenue of $286.74 million was broadly in line with estimates.
• Despite the earnings beat, quarterly revenue declined 18.7% year over year, and EPS fell from $1.24 in the same period last year.
• Shares rose to $53.87 following the results, but analysts maintained a consensus “Hold” rating with an average price target of $47.25; insiders also sold $1.47 million of stock during the past quarter.

Ziff Davis (NASDAQ:ZD - Get Free Report) posted its quarterly earnings results on Thursday. The technology company reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.22, Briefing.com reports. The firm had revenue of $286.74 million during the quarter, compared to analyst estimates of $286.10 million. Ziff Davis had a return on equity of 11.46% and a net margin of 48.57%.Ziff Davis's quarterly revenue was down 18.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.24 EPS.

Ziff Davis Stock Performance

Shares of NASDAQ ZD traded up $2.92 during trading on Friday, reaching $53.87. 1,472,437 shares of the company traded hands, compared to its average volume of 538,090. The firm has a 50 day simple moving average of $50.23 and a 200-day simple moving average of $43.66. Ziff Davis has a 52-week low of $22.45 and a 52-week high of $58.06. The stock has a market capitalization of $1.98 billion, a PE ratio of 3.05 and a beta of 1.08. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.42.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ZD. Barclays raised their price objective on shares of Ziff Davis from $45.00 to $48.00 and gave the company an "equal weight" rating in a research note on Monday, May 11th. Evercore reiterated an "outperform" rating and issued a $61.00 target price on shares of Ziff Davis in a research note on Tuesday, May 12th. Zacks Research downgraded shares of Ziff Davis from a "hold" rating to a "strong sell" rating in a research report on Wednesday, May 6th. Weiss Ratings upgraded shares of Ziff Davis from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, June 1st. Finally, Piper Sandler set a $48.00 price objective on Ziff Davis in a research report on Monday, May 11th. 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 stock. According to MarketBeat, Ziff Davis has a consensus rating of "Hold" and an average price target of $47.25.

Insider Activity at Ziff Davis

In other news, 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 value 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. This trade represents a 38.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kirk P. Mcdonald sold 1,075 shares of Ziff Davis stock in a transaction on Monday, June 8th. The stock was sold at an average price of $46.65, for a total value of $50,148.75. Following the completion of the sale, the director directly owned 13,468 shares of the company's stock, valued at $628,282.20. The trade was a 7.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 31,422 shares of company stock worth $1,468,864 over the last quarter. Company insiders own 3.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. purchased a new stake in Ziff Davis during the fourth quarter valued at approximately $25,000. Tower Research Capital LLC TRC increased its stake in shares of Ziff Davis by 568.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,568 shares of the technology company's stock worth $138,000 after purchasing an additional 3,885 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Ziff Davis in the 2nd quarter worth $145,000. Larson Financial Group LLC raised its holdings in Ziff Davis by 1,308.9% in the 3rd quarter. Larson Financial Group LLC now owns 5,241 shares of the technology company's stock worth $200,000 after purchasing an additional 4,869 shares during the period. Finally, Gallagher Fiduciary Advisors LLC lifted its position in Ziff Davis by 26.0% during the second quarter. Gallagher Fiduciary Advisors LLC now owns 7,276 shares of the technology company's stock valued at $220,000 after purchasing an additional 1,503 shares in the last quarter. 99.76% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source