iRobot (IRBT) Upgraded by Zacks Investment Research to “Buy”

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Zacks Investment Research upgraded shares of iRobot (NASDAQ:IRBT) from a hold rating to a buy rating in a research report sent to investors on Monday morning. Zacks Investment Research currently has $93.00 price objective on the industrial products company’s stock.

According to Zacks, “Over the past six months, iRobit's shares have outperformed the industry. The company reported better-than-expected third-quarter 2018 results. iRobot believes stronger demand for innovative home-robotic products (like  Roomba e5 and  of i7/i7+ Roomba) and strategic marketing programs will continue to drive its revenues in the upcoming quarters. On the other hand, stronger revenues, reduced corporate tax rates and greater operational efficacy will likely boost up near-term profitability. Over the past 90 days, Zacks Consensus Estimate for the company’s earnings in 2018 (results not yet released) has been revised upward.”

Other equities research analysts also recently issued reports about the company. Needham & Company LLC upgraded iRobot from a hold rating to a buy rating and set a $95.00 price objective on the stock in a report on Wednesday, October 24th. Sidoti upgraded iRobot from a neutral rating to a buy rating in a report on Tuesday, October 16th. BidaskClub downgraded iRobot from a strong-buy rating to a buy rating in a report on Thursday, October 11th. Canaccord Genuity started coverage on iRobot in a report on Monday, November 5th. They set a buy rating and a $115.00 price objective on the stock. Finally, Dougherty & Co downgraded iRobot to a hold rating in a report on Thursday, December 20th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $89.40.

Shares of NASDAQ:IRBT traded down $1.62 during mid-day trading on Monday, hitting $86.33. 518 shares of the company traded hands, compared to its average volume of 544,608. The company has a market cap of $2.31 billion, a P/E ratio of 48.77, a PEG ratio of 1.41 and a beta of 1.73. iRobot has a 52-week low of $55.77 and a 52-week high of $118.75.

iRobot (NASDAQ:IRBT) last announced its earnings results on Tuesday, October 23rd. The industrial products company reported $1.12 EPS for the quarter, beating the consensus estimate of $0.48 by $0.64. The business had revenue of $264.50 million for the quarter, compared to the consensus estimate of $245.12 million. iRobot had a return on equity of 15.95% and a net margin of 6.52%. The company’s revenue was up 28.8% on a year-over-year basis. During the same period last year, the business posted $0.76 EPS. Equities research analysts expect that iRobot will post 2.69 EPS for the current year.

In other news, CEO Colin M. Angle sold 63,070 shares of the business’s stock in a transaction that occurred on Wednesday, November 28th. The stock was sold at an average price of $90.10, for a total value of $5,682,607.00. Following the completion of the sale, the chief executive officer now directly owns 516,781 shares in the company, valued at approximately $46,561,968.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Colin M. Angle sold 11,117 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $89.96, for a total value of $1,000,085.32. Following the completion of the sale, the chief executive officer now owns 475,956 shares of the company’s stock, valued at $42,817,001.76. The disclosure for this sale can be found here. Insiders have sold a total of 123,574 shares of company stock worth $10,780,359 over the last 90 days. 3.51% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. North Star Investment Management Corp. bought a new stake in shares of iRobot in the 4th quarter valued at approximately $25,000. NEXT Financial Group Inc bought a new stake in shares of iRobot in the 3rd quarter valued at approximately $121,000. Stratos Wealth Partners LTD. bought a new stake in shares of iRobot in the 3rd quarter valued at approximately $127,000. PNC Financial Services Group Inc. increased its holdings in shares of iRobot by 74.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,556 shares of the industrial products company’s stock valued at $118,000 after acquiring an additional 663 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of iRobot in the 3rd quarter valued at approximately $175,000. Institutional investors and hedge funds own 97.20% of the company’s stock.

About iRobot

iRobot Corporation designs, builds, and sells robots for the consumer market worldwide. It offers Roomba floor vacuuming robots; Braava family of automatic floor mopping robots; and Mirra Pool Cleaning Robot to clean residential pools and removes debris as small as two microns from pool floors, walls, and stair.

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