FY2018 Earnings Forecast for Zagg Inc Issued By DA Davidson (ZAGG)
Zagg Inc (NASDAQ:ZAGG) – DA Davidson upped their FY2018 EPS estimates for Zagg in a report released on Wednesday, November 7th. DA Davidson analyst T. Forte now forecasts that the specialty retailer will earn $1.38 per share for the year, up from their prior forecast of $1.37. DA Davidson also issued estimates for Zagg’s Q4 2018 earnings at $0.52 EPS, Q3 2019 earnings at $0.52 EPS, Q4 2019 earnings at $0.65 EPS, FY2019 earnings at $1.51 EPS and FY2022 earnings at $1.73 EPS.
ZAGG has been the subject of several other reports. BidaskClub downgraded shares of Zagg from a “sell” rating to a “strong sell” rating in a report on Saturday. B. Riley decreased their price objective on Zagg from $17.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, November 7th. Finally, ValuEngine downgraded Zagg from a “sell” rating to a “strong sell” rating in a report on Friday, October 19th. Two research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. Zagg currently has a consensus rating of “Hold” and an average target price of $19.50.
Zagg (NASDAQ:ZAGG) last announced its quarterly earnings results on Tuesday, November 6th. The specialty retailer reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.09. The company had revenue of $141.10 million during the quarter, compared to the consensus estimate of $149.13 million. Zagg had a net margin of 6.00% and a return on equity of 32.36%. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 earnings per share.
In related news, President Brian Stech sold 10,000 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $14.67, for a total value of $146,700.00. Following the completion of the sale, the president now directly owns 198,864 shares in the company, valued at $2,917,334.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.80% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of ZAGG. BlackRock Inc. increased its holdings in Zagg by 25.2% in the second quarter. BlackRock Inc. now owns 2,285,277 shares of the specialty retailer’s stock valued at $39,535,000 after purchasing an additional 459,802 shares during the period. American Century Companies Inc. acquired a new stake in Zagg in the third quarter valued at $4,514,000. Assenagon Asset Management S.A. acquired a new stake in Zagg during the 2nd quarter worth about $4,582,000. Dalton Greiner Hartman Maher & Co. acquired a new stake in Zagg during the 3rd quarter worth about $2,800,000. Finally, Chicago Equity Partners LLC grew its holdings in Zagg by 308.5% during the 2nd quarter. Chicago Equity Partners LLC now owns 240,510 shares of the specialty retailer’s stock worth $4,161,000 after acquiring an additional 181,635 shares during the period. Institutional investors and hedge funds own 86.09% of the company’s stock.
Zagg Company Profile
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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