IAC/InterActiveCorp (IAC) Cut to Hold at Zacks Investment Research
Zacks Investment Research downgraded shares of IAC/InterActiveCorp (NASDAQ:IAC) from a buy rating to a hold rating in a research report released on Wednesday.
According to Zacks, “IAC is a leading media and Internet company. It is organized into four segments: The Match Group, which consists of dating, education and fitness businesses with brands such as Match.com, OkCupid, Tinder, The Princeton Review and DailyBurn; Search & Applications, which includes brands such as About.com, Ask.com, Dictionary.com and Investopedia; Media, which consists of businesses such as Vimeo, Electus, The Daily Beast and CollegeHumor; and eCommerce, which includes HomeAdvisor and ShoeBuy. IAC’s brands and products are among the most recognized in the world reaching users in over 200 countries. The Company is headquartered in New York City and has offices worldwide. “
IAC has been the subject of several other reports. Barclays lifted their target price on shares of IAC/InterActiveCorp from $130.00 to $150.00 and gave the company an overweight rating in a research report on Monday, October 23rd. Bank of America lifted their target price on shares of IAC/InterActiveCorp from $150.00 to $166.00 and gave the company a buy rating in a research report on Friday, November 10th. Credit Suisse Group reiterated a buy rating and set a $151.00 target price on shares of IAC/InterActiveCorp in a research report on Tuesday, January 9th. Wells Fargo & Co reiterated a buy rating and set a $150.00 target price (up from $125.00) on shares of IAC/InterActiveCorp in a research report on Thursday, October 19th. Finally, Guggenheim reiterated a buy rating and set a $150.00 target price on shares of IAC/InterActiveCorp in a research report on Friday, December 22nd. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $153.18.
In other IAC/InterActiveCorp news, EVP Gregg Winiarski sold 62,253 shares of IAC/InterActiveCorp stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $127.19, for a total transaction of $7,917,959.07. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joseph Levin sold 78,500 shares of IAC/InterActiveCorp stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $128.83, for a total transaction of $10,113,155.00. The disclosure for this sale can be found here. Insiders have sold 175,929 shares of company stock worth $22,516,569 over the last three months. Insiders own 10.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IAC. FMR LLC purchased a new position in shares of IAC/InterActiveCorp in the second quarter worth $9,139,000. Macquarie Group Ltd. purchased a new position in shares of IAC/InterActiveCorp in the second quarter worth $2,364,000. The Manufacturers Life Insurance Company increased its stake in shares of IAC/InterActiveCorp by 16.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,626 shares of the company’s stock worth $271,000 after buying an additional 370 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of IAC/InterActiveCorp by 0.4% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 6,676 shares of the company’s stock worth $689,000 after buying an additional 25 shares during the period. Finally, Piedmont Investment Advisors LLC purchased a new position in shares of IAC/InterActiveCorp in the second quarter worth $205,000. 85.60% of the stock is currently owned by institutional investors.
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IAC/InterActiveCorp (IAC) is a media and Internet company. The Company’s brands include HomeAdvisor, Vimeo, Dictionary.com and Match Group’s online dating portfolio, which includes Tinder, PlentyOfFish and OkCupid. Its segments include Match Group, HomeAdvisor, Video, Applications and Publishing. Match Group includes the dating and non-dating businesses of Match Group, Inc HomeAdvisor is a home services digital marketplace that helps connect consumers with home professionals in North America, as well as in France, the Netherlands and Italy under various brands.
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