EastBay Asset Management LLC purchased a new stake in shares of Instructure Inc (NYSE:INST) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 342,221 shares of the technology company’s stock, valued at approximately $12,114,000. Instructure accounts for 1.9% of EastBay Asset Management LLC’s portfolio, making the stock its 14th biggest holding.
Other hedge funds have also recently added to or reduced their stakes in the company. NumerixS Investment Technologies Inc acquired a new stake in shares of Instructure during the second quarter valued at approximately $103,000. SG Americas Securities LLC acquired a new position in Instructure in the 1st quarter valued at approximately $101,000. Great West Life Assurance Co. Can increased its stake in Instructure by 121.5% in the 2nd quarter. Great West Life Assurance Co. Can now owns 3,101 shares of the technology company’s stock valued at $132,000 after buying an additional 1,701 shares during the period. Amalgamated Bank acquired a new position in Instructure in the 2nd quarter valued at approximately $203,000. Finally, Atria Investments LLC acquired a new position in Instructure in the 2nd quarter valued at approximately $216,000. Institutional investors and hedge funds own 85.44% of the company’s stock.
INST stock traded down $0.52 during trading hours on Thursday, hitting $32.24. The company’s stock had a trading volume of 25,600 shares, compared to its average volume of 367,386. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of -19.01 and a beta of 0.91. Instructure Inc has a 12 month low of $29.48 and a 12 month high of $49.17.
Instructure (NYSE:INST) last posted its earnings results on Monday, July 30th. The technology company reported ($0.24) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.43) by $0.19. The company had revenue of $50.10 million during the quarter, compared to the consensus estimate of $49.46 million. Instructure had a negative net margin of 26.24% and a negative return on equity of 78.26%. The company’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.32) earnings per share. As a group, sell-side analysts expect that Instructure Inc will post -1.57 earnings per share for the current fiscal year.
INST has been the topic of several research reports. DA Davidson initiated coverage on shares of Instructure in a research note on Wednesday, August 29th. They issued a “buy” rating and a $47.00 price objective on the stock. Raymond James dropped their price objective on shares of Instructure from $55.00 to $50.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, October 3rd. Barrington Research reiterated a “buy” rating and issued a $50.00 price objective on shares of Instructure in a research note on Tuesday. Zacks Investment Research lowered shares of Instructure from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. Finally, Needham & Company LLC upped their price objective on shares of Instructure from $50.00 to $58.00 and gave the company a “buy” rating in a research note on Thursday, July 26th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Instructure has a consensus rating of “Buy” and a consensus target price of $48.09.
Instructure, Inc, a software-as-a-service technology company, provides applications for learning, assessment, and performance management worldwide. The company offers its platform through a software-as-a-service business model. It develops Canvas, a learning management system for K?12 and higher education; Bridge, a learning and performance management suite for businesses; Arc, a next-generation online video learning platform for academic and corporate learning; and Gauge, an assessment management system for K?12 schools.
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