Zagg (ZAGG) Upgraded to “Buy” by BidaskClub
BidaskClub upgraded shares of Zagg (NASDAQ:ZAGG) from a hold rating to a buy rating in a report released on Saturday morning.
ZAGG has been the subject of several other reports. B. Riley lifted their price target on Zagg from $16.00 to $17.00 and gave the company a hold rating in a report on Wednesday, August 1st. ValuEngine lowered Zagg from a buy rating to a hold rating in a report on Wednesday, July 25th. LADENBURG THALM/SH SH reiterated a buy rating and set a $24.00 price target on shares of Zagg in a report on Wednesday, May 9th. Finally, Zacks Investment Research upgraded Zagg from a hold rating to a buy rating and set a $16.00 price target for the company in a report on Friday, May 11th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Zagg currently has a consensus rating of Buy and an average target price of $19.43.
Shares of Zagg stock opened at $15.80 on Friday. The stock has a market cap of $466.03 million, a PE ratio of 16.29, a PEG ratio of 1.58 and a beta of 1.44. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.66 and a quick ratio of 1.02. Zagg has a 52-week low of $10.90 and a 52-week high of $23.70.
In related news, President Brian Stech sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The stock was sold at an average price of $17.09, for a total value of $170,900.00. Following the transaction, the president now directly owns 208,864 shares of the company’s stock, valued at approximately $3,569,485.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.80% of the stock is currently owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its stake in shares of Zagg by 26.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 294,874 shares of the specialty retailer’s stock valued at $5,102,000 after acquiring an additional 62,518 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Zagg by 52.9% in the 2nd quarter. Bank of America Corp DE now owns 48,308 shares of the specialty retailer’s stock valued at $835,000 after acquiring an additional 16,711 shares in the last quarter. Capital Fund Management S.A. bought a new position in shares of Zagg in the 2nd quarter valued at approximately $386,000. Baird Financial Group Inc. raised its stake in shares of Zagg by 26.1% in the 2nd quarter. Baird Financial Group Inc. now owns 603,571 shares of the specialty retailer’s stock valued at $10,442,000 after acquiring an additional 125,035 shares in the last quarter. Finally, Globeflex Capital L P raised its stake in shares of Zagg by 123.2% in the 2nd quarter. Globeflex Capital L P now owns 79,000 shares of the specialty retailer’s stock valued at $1,367,000 after acquiring an additional 43,600 shares in the last quarter. 85.65% of the stock is currently owned by institutional investors and hedge funds.
ZAGG Inc, together with its subsidiaries, designs, manufactures, and distributes mobile tech accessories for smartphones and tablets in the United States, Europe, and internationally. It operates in ZAGG and mophie segments. The company offers screen protection products; battery cases and power management products for tablets, smartphones, MP3 players, cameras, and other electronic mobile devices; device specific keyboards and device agnostic keyboards; and earbuds, headphones, wireless charging products, Bluetooth speakers, and cables under the ZAGG, InvisibleShield, IFROGZ, and mophie brands.
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