Zacks Investment Research downgraded shares of Zagg (NASDAQ:ZAGG) from a buy rating to a hold rating in a research note released on Wednesday.
According to Zacks, “ZAGG Inc. designs, manufactures and distributes protective clear coverings and accessories for consumer electronic and hand-held devices, worldwide. ZAGG’s flagship brand, the invisibleSHIELD, is a protective, high-tech patented film covering, designed for iPods, laptops, cell phones, digital cameras, PDAs, watch faces, GPS systems, gaming devices and other items. The patent-pending invisibleSHIELD application is the first scratch protection solution of its kind on the market, and has sold over one million units. Currently, ZAGG offers over 2,500 precision pre-cut designs with a lifetime replacement warranty through online channels, resellers, college bookstores, Mac stores and mall kiosks. The company continues to increase its product lines to offer additional electronic accessories to its tech-savvy customer base, as well as an expanded array of invisibleSHIELD products for other industries. “
Several other equities research analysts have also issued reports on the stock. DA Davidson began coverage on shares of Zagg in a report on Thursday, March 15th. They set a buy rating and a $20.00 price target on the stock. Craig Hallum reaffirmed a buy rating and set a $19.00 price target (down from $24.00) on shares of Zagg in a report on Thursday, March 8th. B. Riley lowered shares of Zagg from a buy rating to a neutral rating and decreased their price target for the company from $20.00 to $16.00 in a report on Thursday, March 8th. ValuEngine upgraded shares of Zagg from a buy rating to a strong-buy rating in a research report on Monday, February 5th. Finally, BidaskClub downgraded shares of Zagg from a buy rating to a hold rating in a research report on Tuesday, January 16th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and an average price target of $17.57.
Zagg (NASDAQ:ZAGG) last announced its quarterly earnings results on Wednesday, March 7th. The specialty retailer reported $0.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.02). The company had revenue of $176.92 million for the quarter, compared to the consensus estimate of $167.15 million. Zagg had a net margin of 2.91% and a return on equity of 24.90%. The company’s revenue for the quarter was up 53.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. equities analysts predict that Zagg will post 1.33 EPS for the current year.
A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Zagg by 7.0% during the 2nd quarter. Vanguard Group Inc. now owns 1,183,161 shares of the specialty retailer’s stock worth $10,235,000 after buying an additional 76,913 shares during the period. Millennium Management LLC acquired a new stake in Zagg during the 4th quarter worth approximately $14,151,000. Bogle Investment Management L P DE boosted its position in Zagg by 41.7% during the 4th quarter. Bogle Investment Management L P DE now owns 591,683 shares of the specialty retailer’s stock worth $10,916,000 after buying an additional 174,230 shares during the period. Deutsche Bank AG boosted its position in Zagg by 272.5% during the 4th quarter. Deutsche Bank AG now owns 560,372 shares of the specialty retailer’s stock worth $10,337,000 after buying an additional 409,927 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Zagg by 345.6% during the 4th quarter. Renaissance Technologies LLC now owns 492,390 shares of the specialty retailer’s stock worth $9,085,000 after buying an additional 381,890 shares during the period. Institutional investors and hedge funds own 81.10% of the company’s stock.
ZAGG Inc (ZAGG) designs, produces and distributes professional product solutions for mobile devices, including screen protection (glass and film), keyboards for tablet computers and mobile devices, keyboard cases, earbuds, mobile power solutions, cables, and cases under the ZAGG and InvisibleShield brands.
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