Jericho Capital Asset Management L.P. purchased a new stake in Agora, Inc. (NASDAQ:API) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 296,000 shares of the company’s stock, valued at approximately $14,880,000. Jericho Capital Asset Management L.P. owned 0.28% of Agora as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the business. Rockefeller Capital Management L.P. lifted its position in shares of Agora by 43.2% during the 1st quarter. Rockefeller Capital Management L.P. now owns 1,790 shares of the company’s stock worth $89,000 after purchasing an additional 540 shares during the last quarter. Infini Master Fund purchased a new stake in shares of Agora during the 1st quarter worth $237,000. Man Group plc purchased a new stake in shares of Agora during the 1st quarter worth $243,000. Oppenheimer & Co. Inc. acquired a new stake in Agora during the 1st quarter worth $310,000. Finally, Vontobel Holding Ltd. acquired a new stake in Agora during the 1st quarter worth $372,000. 45.56% of the stock is owned by institutional investors.
Several equities research analysts recently commented on API shares. Macquarie cut their price target on shares of Agora from $80.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, May 10th. They noted that the move was a valuation call. Nomura initiated coverage on shares of Agora in a report on Tuesday, April 13th. They issued a “buy” rating and a $70.00 price target on the stock. Finally, Zacks Investment Research lowered shares of Agora from a “hold” rating to a “sell” rating in a research report on Thursday, May 27th. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $59.60.
Agora (NASDAQ:API) last issued its quarterly earnings results on Sunday, May 23rd. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.13). Agora had a negative return on equity of 2.90% and a negative net margin of 15.04%. The company had revenue of $40.23 million for the quarter, compared to analyst estimates of $37.59 million. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, equities research analysts expect that Agora, Inc. will post -0.35 EPS for the current year.
Agora, Inc provides Real-Time Engagement Platform-as-a-Service (RTE-PaaS) in the People's Republic of China, the United States, and internationally. Its RTE-PaaS offers developers with software tools to embed real-time video, voice, and messaging functionalities into applications. The company's enterprise-grade products include Real-Time Video, Real-Time Voice, Live Interactive Video and Audio Streaming, Real-Time Messaging, Real-Time Recording, Real-Time Streaming Acceleration, Agora Analytics, and various use case products that serves as building blocks for developers to embed the respective functions in applications.
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