Formula Growth Ltd. Has $7.23 Million Stake in Instructure, Inc. (INST)
Formula Growth Ltd. lessened its position in shares of Instructure, Inc. (NYSE:INST) by 9.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 218,000 shares of the technology company’s stock after selling 22,000 shares during the period. Formula Growth Ltd. owned 0.73% of Instructure worth $7,227,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Legal & General Group Plc raised its stake in Instructure by 54.6% during the second quarter. Legal & General Group Plc now owns 4,076 shares of the technology company’s stock worth $121,000 after buying an additional 1,440 shares during the last quarter. American International Group Inc. raised its stake in Instructure by 7.1% during the first quarter. American International Group Inc. now owns 6,466 shares of the technology company’s stock worth $151,000 after buying an additional 426 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in Instructure during the second quarter worth $184,000. Metropolitan Life Insurance Co. NY bought a new position in Instructure during the first quarter worth $192,000. Finally, Essex Investment Management Co. LLC bought a new position in Instructure during the second quarter worth $238,000. 78.90% of the stock is owned by institutional investors and hedge funds.
INST has been the subject of several research analyst reports. Morgan Stanley raised shares of Instructure from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $35.00 to $39.00 in a research note on Monday, September 18th. William Blair initiated coverage on shares of Instructure in a research note on Thursday, October 26th. They issued a “market perform” rating for the company. BidaskClub downgraded shares of Instructure from a “buy” rating to a “hold” rating in a research note on Thursday, November 9th. Jefferies Group lifted their price target on shares of Instructure to $43.00 and gave the company a “buy” rating in a research note on Tuesday, October 31st. Finally, Oppenheimer reaffirmed a “buy” rating and issued a $38.00 price target on shares of Instructure in a research note on Thursday, October 12th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Instructure presently has an average rating of “Buy” and an average target price of $37.44.
In other news, CFO Steven B. Kaminsky sold 12,500 shares of Instructure stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $35.00, for a total transaction of $437,500.00. Following the completion of the transaction, the chief financial officer now directly owns 143,345 shares in the company, valued at $5,017,075. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William M. Conroy sold 8,000 shares of Instructure stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $33.94, for a total transaction of $271,520.00. The disclosure for this sale can be found here. Insiders have sold 61,517 shares of company stock valued at $2,086,223 over the last quarter. Corporate insiders own 12.80% of the company’s stock.
Instructure, Inc. (NYSE:INST) traded down $0.85 on Friday, reaching $33.90. 159,672 shares of the company’s stock traded hands, compared to its average volume of 251,708. Instructure, Inc. has a 12-month low of $18.80 and a 12-month high of $36.60.
Instructure (NYSE:INST) last posted its quarterly earnings results on Monday, October 30th. The technology company reported ($0.27) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.04. The firm had revenue of $42.95 million during the quarter, compared to the consensus estimate of $40.57 million. Instructure had a negative net margin of 34.82% and a negative return on equity of 827.22%. The business’s revenue was up 42.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.34) earnings per share. equities research analysts predict that Instructure, Inc. will post -1.75 EPS for the current year.
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Instructure Company Profile
Instructure, Inc provides cloud-based learning management platform for academic institutions and companies across the world. The Company operates in the cloud-based learning management systems segment. The Company builds its learning management applications, Canvas for the education market and Bridge for the corporate market, to enable its customers to develop, deliver and manage face-to-face and online learning experiences.
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