Public Employees Retirement Association of Colorado Cuts Holdings in Stamps.com Inc. (STMP)
Public Employees Retirement Association of Colorado lowered its stake in Stamps.com Inc. (NASDAQ:STMP) by 12.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,114 shares of the software maker’s stock after selling 448 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Stamps.com were worth $631,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Stamps.com by 4.7% in the second quarter. Vanguard Group Inc. now owns 1,446,477 shares of the software maker’s stock valued at $224,023,000 after purchasing an additional 64,398 shares during the last quarter. Fred Alger Management Inc. raised its holdings in shares of Stamps.com by 7.1% in the second quarter. Fred Alger Management Inc. now owns 414,728 shares of the software maker’s stock valued at $64,231,000 after purchasing an additional 27,541 shares during the last quarter. State Street Corp raised its holdings in shares of Stamps.com by 4.4% in the second quarter. State Street Corp now owns 402,084 shares of the software maker’s stock valued at $62,274,000 after purchasing an additional 16,994 shares during the last quarter. Calixto Global Investors LP raised its holdings in shares of Stamps.com by 111.5% in the second quarter. Calixto Global Investors LP now owns 379,168 shares of the software maker’s stock valued at $58,724,000 after purchasing an additional 199,869 shares during the last quarter. Finally, Light Street Capital Management LLC raised its holdings in shares of Stamps.com by 55.3% in the second quarter. Light Street Capital Management LLC now owns 365,000 shares of the software maker’s stock valued at $56,529,000 after purchasing an additional 130,000 shares during the last quarter.
A number of analysts have recently issued reports on STMP shares. Northland Securities reiterated a “buy” rating and issued a $250.00 price objective on shares of Stamps.com in a report on Thursday, October 12th. Zacks Investment Research upgraded shares of Stamps.com from a “hold” rating to a “strong-buy” rating and set a $222.00 price objective on the stock in a report on Tuesday, August 29th. Craig Hallum reiterated a “buy” rating and issued a $210.00 price objective (up from $170.00) on shares of Stamps.com in a report on Thursday, August 3rd. ValuEngine downgraded shares of Stamps.com from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Finally, B. Riley set a $250.00 price objective on shares of Stamps.com and gave the company a “buy” rating in a report on Friday, August 25th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $217.71.
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Stamps.com Inc. (STMP) opened at $178.00 on Tuesday. The firm has a market cap of $3,058.78, a price-to-earnings ratio of 22.04, a P/E/G ratio of 1.58 and a beta of 0.08. Stamps.com Inc. has a fifty-two week low of $100.55 and a fifty-two week high of $233.13. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.27.
Stamps.com declared that its board has approved a stock buyback plan on Thursday, November 2nd that authorizes the company to repurchase $90.00 million in outstanding shares. This repurchase authorization authorizes the software maker to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In other Stamps.com news, insider Amine Khechfe sold 1,200 shares of the company’s stock in a transaction on Friday, September 1st. The shares were sold at an average price of $191.25, for a total value of $229,500.00. Following the transaction, the insider now directly owns 1,442 shares in the company, valued at $275,782.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lloyd I. Miller III sold 25,000 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were sold at an average price of $189.00, for a total transaction of $4,725,000.00. Following the completion of the transaction, the director now owns 110,269 shares in the company, valued at $20,840,841. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 461,754 shares of company stock worth $93,748,848. 11.08% of the stock is owned by corporate insiders.
Stamps.com Inc is a provider of Internet-based mailing and shipping solutions in the United States. The Company offers mailing and shipping products and services to its customers under the Stamps.com, Endicia, ShipStation, ShipWorks and ShippingEasy brands. It operates through the Internet Mailing and Shipping Services segment.
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