ZAGG Inc (ZAGG) Lowered to “Hold” at Zacks Investment Research
ZAGG Inc (NASDAQ:ZAGG) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “ZAGG Inc. designs, manufactures and distributes protective clear coverings and accessories for consumer electronic and hand-held devices, worldwide. ZAGG’s flagship brand, the invisibleSHIELD, is a protective, high-tech patented film covering, designed for iPods, laptops, cell phones, digital cameras, PDAs, watch faces, GPS systems, gaming devices and other items. The patent-pending invisibleSHIELD application is the first scratch protection solution of its kind on the market, and has sold over one million units. Currently, ZAGG offers over 2,500 precision pre-cut designs with a lifetime replacement warranty through online channels, resellers, college bookstores, Mac stores and mall kiosks. The company continues to increase its product lines to offer additional electronic accessories to its tech-savvy customer base, as well as an expanded array of invisibleSHIELD products for other industries. “
Several other equities research analysts have also weighed in on ZAGG. Roth Capital set a $9.00 price objective on ZAGG and gave the stock a “hold” rating in a research note on Saturday, June 17th. Northland Securities set a $10.00 price objective on ZAGG and gave the stock a “buy” rating in a research note on Tuesday, July 25th. Finally, BidaskClub raised ZAGG from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 5th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $11.25.
ZAGG (NASDAQ:ZAGG) last released its quarterly earnings data on Tuesday, August 1st. The specialty retailer reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.10 by $0.02. The business had revenue of $115.20 million during the quarter, compared to analyst estimates of $107.81 million. ZAGG had a positive return on equity of 5.34% and a negative net margin of 3.12%. The company’s revenue was up 15.4% compared to the same quarter last year. During the same period last year, the company posted $0.11 EPS.
Several institutional investors have recently modified their holdings of ZAGG. Wells Fargo & Company MN boosted its position in shares of ZAGG by 0.4% in the first quarter. Wells Fargo & Company MN now owns 28,525 shares of the specialty retailer’s stock worth $205,000 after buying an additional 100 shares during the period. Bank of New York Mellon Corp boosted its position in shares of ZAGG by 1.4% in the first quarter. Bank of New York Mellon Corp now owns 220,871 shares of the specialty retailer’s stock worth $1,591,000 after buying an additional 3,106 shares during the period. JPMorgan Chase & Co. boosted its position in shares of ZAGG by 0.4% in the first quarter. JPMorgan Chase & Co. now owns 24,142 shares of the specialty retailer’s stock worth $174,000 after buying an additional 91 shares during the period. American International Group Inc. boosted its position in shares of ZAGG by 7.0% in the first quarter. American International Group Inc. now owns 16,976 shares of the specialty retailer’s stock worth $122,000 after buying an additional 1,117 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in shares of ZAGG by 11.6% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 84,700 shares of the specialty retailer’s stock worth $609,000 after buying an additional 8,800 shares during the period. 81.77% of the stock is owned by institutional investors and hedge funds.
ZAGG Company Profile
ZAGG Inc (ZAGG) designs, produces and distributes professional product solutions for mobile devices, including screen protection (glass and film), keyboards for tablet computers and mobile devices, keyboard cases, earbuds, mobile power solutions, cables, and cases under the ZAGG and InvisibleShield brands.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for ZAGG Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ZAGG Inc and related companies with MarketBeat.com's FREE daily email newsletter.