iRobot Corp. (IRBT) Downgraded by Zacks Investment Research to Hold
iRobot Corp. (NASDAQ:IRBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “iRobot is currently boosting its revenues and earnings on the back of sound marketing programs and increased demand for home robotic products. Going forward, the company’s product portfolio solidification initiatives are expected to generate benefits. Based on these bullish aspects, the company has raised its full-year 2016 revenue and earnings guidance range. However, sluggish economic performance of certain emerging markets and a stronger U.S. dollar might limit near-term growth. In the last 60 days, the Zacks Consensus Estimate for the stock has been revised upward for 2016 but has moved south for 2017.”
IRBT has been the topic of several other reports. Needham & Company LLC lifted their target price on iRobot Corp. from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, October 27th. Benchmark Co. lifted their target price on iRobot Corp. from $46.00 to $52.00 and gave the stock a “buy” rating in a report on Monday, October 17th. Canaccord Genuity reaffirmed a “buy” rating and set a $45.00 target price on shares of iRobot Corp. in a report on Wednesday, August 10th. Dougherty & Co assumed coverage on iRobot Corp. in a report on Thursday, November 17th. They set a “buy” rating and a $65.00 target price on the stock. Finally, Sidoti assumed coverage on iRobot Corp. in a report on Monday, November 14th. They set a “neutral” rating and a $56.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. iRobot Corp. currently has an average rating of “Hold” and a consensus price target of $49.20.
Shares of iRobot Corp. (NASDAQ:IRBT) traded up 2.44% during midday trading on Tuesday, hitting $57.15. The company’s stock had a trading volume of 305,789 shares. iRobot Corp. has a 1-year low of $28.02 and a 1-year high of $57.78. The company has a 50-day moving average price of $49.36 and a 200 day moving average price of $41.44. The company has a market cap of $1.55 billion, a P/E ratio of 34.51 and a beta of 1.16.
iRobot Corp. (NASDAQ:IRBT) last released its quarterly earnings data on Tuesday, October 25th. The company reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.27. iRobot Corp. had a return on equity of 12.40% and a net margin of 7.27%. The company had revenue of $168.61 million for the quarter, compared to the consensus estimate of $156.96 million. During the same quarter last year, the business posted $0.42 EPS. iRobot Corp.’s revenue for the quarter was up 17.4% on a year-over-year basis. On average, equities research analysts predict that iRobot Corp. will post $1.41 EPS for the current year.
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In related news, EVP Russell J. Campanello sold 800 shares of the business’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $40.00, for a total value of $32,000.00. Following the completion of the sale, the executive vice president now directly owns 68,420 shares of the company’s stock, valued at approximately $2,736,800. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Russell J. Campanello sold 9,200 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $40.04, for a total value of $368,368.00. Following the completion of the sale, the executive vice president now directly owns 78,420 shares of the company’s stock, valued at $3,139,936.80. The disclosure for this sale can be found here. 5.53% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of IRBT. Quantitative Investment Management LLC raised its stake in shares of iRobot Corp. by 165.9% in the second quarter. Quantitative Investment Management LLC now owns 21,800 shares of the company’s stock worth $764,000 after buying an additional 13,600 shares during the last quarter. TrimTabs Asset Management LLC bought a new stake in shares of iRobot Corp. during the second quarter worth approximately $1,414,000. Capital Fund Management S.A. bought a new stake in shares of iRobot Corp. during the second quarter worth approximately $333,000. Bank of Montreal Can bought a new stake in shares of iRobot Corp. during the second quarter worth approximately $268,000. Finally, Daiwa Securities Group Inc. raised its stake in shares of iRobot Corp. by 116.5% in the second quarter. Daiwa Securities Group Inc. now owns 19,700 shares of the company’s stock worth $691,000 after buying an additional 10,600 shares in the last quarter. 79.95% of the stock is owned by institutional investors and hedge funds.
About iRobot Corp.
iRobot Corporation is engaged in designing and building robots. The Company’s portfolio of solutions focus on technologies for the connected home and concepts in navigation, mobility, mapping and artificial intelligence. The Company operates through consumer robots segment. It designs robots for the consumer, telemedicine and mobile video collaboration markets.
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