B. Riley Weighs in on Zagg Inc’s FY2019 Earnings (ZAGG)
Zagg Inc (NASDAQ:ZAGG) – Equities researchers at B. Riley cut their FY2019 earnings estimates for Zagg in a report released on Wednesday, November 7th. B. Riley analyst J. Van. Sinderen now expects that the specialty retailer will post earnings per share of $1.35 for the year, down from their previous forecast of $1.49. B. Riley has a “Neutral” rating and a $15.00 price objective on the stock.
Several other analysts have also recently issued reports on ZAGG. ValuEngine cut shares of Zagg from a “buy” rating to a “hold” rating in a report on Wednesday, July 25th. BidaskClub cut shares of Zagg from a “buy” rating to a “hold” rating in a report on Thursday, July 26th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $19.50.
Zagg (NASDAQ:ZAGG) last posted its earnings results on Tuesday, November 6th. The specialty retailer reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.09. Zagg had a net margin of 6.00% and a return on equity of 33.12%. The business had revenue of $141.10 million for the quarter, compared to analysts’ expectations of $149.13 million. During the same period in the previous year, the company posted $0.34 earnings per share. The business’s revenue for the quarter was up 5.0% compared to the same quarter last year.
In related news, President Brian Stech sold 10,000 shares of the company’s stock in a transaction on Monday, October 1st. The shares were sold at an average price of $14.67, for a total value of $146,700.00. Following the sale, the president now directly owns 198,864 shares of the company’s stock, valued at $2,917,334.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 5.80% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in ZAGG. SG Americas Securities LLC bought a new stake in Zagg during the third quarter valued at $126,000. Prudential Financial Inc. bought a new stake in Zagg during the third quarter valued at $149,000. Guggenheim Capital LLC bought a new stake in Zagg during the first quarter valued at $180,000. Reliance Trust Co. of Delaware bought a new stake in Zagg during the second quarter valued at $180,000. Finally, Victory Capital Management Inc. bought a new stake in Zagg during the third quarter valued at $198,000. Hedge funds and other institutional investors own 84.53% of the company’s stock.
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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