Zagg (ZAGG) Lowered to “Hold” at BidaskClub

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Zagg (NASDAQ:ZAGG) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Thursday.

ZAGG has been the subject of a number of other reports. B. Riley raised their price target on Zagg from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Wednesday, August 1st. ValuEngine lowered Zagg from a “buy” rating to a “hold” rating in a research note on Wednesday, July 25th. LADENBURG THALM/SH SH reaffirmed a “buy” rating and set a $24.00 target price on shares of Zagg in a research report on Wednesday, May 9th. Finally, Zacks Investment Research raised Zagg from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Friday, May 11th. Four equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $19.43.

Shares of ZAGG stock opened at $15.10 on Thursday. Zagg has a 52-week low of $10.90 and a 52-week high of $23.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.66 and a quick ratio of 1.02. The company has a market cap of $440.69 million, a P/E ratio of 15.75, a price-to-earnings-growth ratio of 1.50 and a beta of 1.45.

Zagg (NASDAQ:ZAGG) last issued its quarterly earnings results on Tuesday, July 31st. The specialty retailer reported $0.11 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.06). Zagg had a return on equity of 30.17% and a net margin of 5.18%. The business had revenue of $118.57 million for the quarter, compared to the consensus estimate of $116.44 million. research analysts expect that Zagg will post 1.39 EPS for the current year.

In other Zagg news, President Brian Stech sold 10,000 shares of Zagg stock in a transaction on Monday, July 2nd. The stock was sold at an average price of $17.09, for a total transaction of $170,900.00. Following the completion of the sale, the president now directly owns 208,864 shares of the company’s stock, valued at approximately $3,569,485.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 5.80% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp raised its position in Zagg by 26.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 294,874 shares of the specialty retailer’s stock valued at $5,102,000 after purchasing an additional 62,518 shares in the last quarter. Bank of America Corp DE raised its position in shares of Zagg by 52.9% in the 2nd quarter. Bank of America Corp DE now owns 48,308 shares of the specialty retailer’s stock worth $835,000 after acquiring an additional 16,711 shares in the last quarter. Capital Fund Management S.A. bought a new position in shares of Zagg in the 2nd quarter worth $386,000. Baird Financial Group Inc. raised its position in shares of Zagg by 26.1% in the 2nd quarter. Baird Financial Group Inc. now owns 603,571 shares of the specialty retailer’s stock worth $10,442,000 after acquiring an additional 125,035 shares in the last quarter. Finally, Globeflex Capital L P raised its position in shares of Zagg by 123.2% in the 2nd quarter. Globeflex Capital L P now owns 79,000 shares of the specialty retailer’s stock worth $1,367,000 after acquiring an additional 43,600 shares in the last quarter. 85.65% of the stock is owned by institutional investors and hedge funds.

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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