Zacks Investment Research cut shares of Zagg Inc (NASDAQ:ZAGG) from a buy rating to a hold rating in a report issued on Wednesday, May 10th.
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 analysts have also recently issued reports on the stock. TheStreet raised shares of Zagg from a d+ rating to a c- rating in a research report on Friday, May 5th. Wunderlich reduced their target price on shares of Zagg from $10.00 to $8.00 and set a buy rating on the stock in a report on Wednesday, May 3rd. Finally, Roth Capital set a $8.00 target price on shares of Zagg and gave the company a hold rating in a report on Wednesday, May 3rd.
Zagg (NASDAQ:ZAGG) opened at 8.50 on Wednesday. The company’s 50 day moving average is $7.87 and its 200 day moving average is $7.08. The stock’s market cap is $237.67 million. Zagg has a 12 month low of $4.74 and a 12 month high of $9.15.
Zagg (NASDAQ:ZAGG) last issued its quarterly earnings results on Tuesday, May 2nd. The specialty retailer reported ($0.12) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.01. The business had revenue of $92.95 million for the quarter, compared to analysts’ expectations of $88.29 million. Zagg had a negative net margin of 1.77% and a positive return on equity of 12.02%. On average, analysts anticipate that Zagg will post $0.77 EPS for the current fiscal year.
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A number of hedge funds have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. boosted its stake in Zagg by 196.0% in the first quarter. Goldman Sachs Group Inc. now owns 70,159 shares of the specialty retailer’s stock worth $505,000 after buying an additional 46,458 shares during the last quarter. Tudor Investment Corp ET AL bought a new stake in Zagg during the first quarter worth $195,000. Highbridge Capital Management LLC bought a new stake in Zagg during the first quarter worth $205,000. Morgan Stanley boosted its stake in Zagg by 17.6% in the first quarter. Morgan Stanley now owns 126,294 shares of the specialty retailer’s stock worth $910,000 after buying an additional 18,893 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Zagg by 3.5% in the first quarter. Geode Capital Management LLC now owns 207,906 shares of the specialty retailer’s stock worth $1,496,000 after buying an additional 7,094 shares during the last quarter. 82.83% of the stock is currently owned by institutional investors.
Zagg Company Profile
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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