iRobot Corporation (IRBT) Upgraded at Zacks Investment Research
iRobot Corporation (NASDAQ:IRBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $85.00 price target on the industrial products company’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.59% from the company’s previous close.
According to Zacks, “Over the last twelve months, iRobot’s shares outperformed the industry. The company reported better-than-expected second-quarter 2017 results. Quarterly earnings and revenues surpassed the Zacks Consensus Estimates by 208% and 4%, respectively. The upside was stemmed by robust home robotics business in all end markets across the U.S., China, and the EMEA region. The company believes that sturdy demand, meaningful innovation investments and the planned Robiolas buyout would boost its results in the quarters ahead. Notably, the company raised its earnings and revenue guidance for full-year 2017.”
Other equities research analysts also recently issued reports about the company. BidaskClub downgraded iRobot Corporation from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 23rd. Canaccord Genuity increased their price target on iRobot Corporation from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Thursday, July 27th. Piper Jaffray Companies increased their price target on iRobot Corporation to $92.00 and gave the stock a “neutral” rating in a report on Wednesday, July 26th. They noted that the move was a valuation call. Dougherty & Co downgraded iRobot Corporation from a “buy” rating to a “neutral” rating in a report on Monday, July 3rd. Finally, SprucePoint Capital reiterated a “sell” rating on shares of iRobot Corporation in a report on Thursday, September 14th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. iRobot Corporation presently has a consensus rating of “Hold” and an average target price of $69.13.
Shares of iRobot Corporation (NASDAQ:IRBT) traded up 0.08% during midday trading on Tuesday, hitting $74.89. The stock had a trading volume of 684,088 shares. The company has a market cap of $2.07 billion, a PE ratio of 36.73 and a beta of 1.19. iRobot Corporation has a 52-week low of $43.85 and a 52-week high of $109.78. The company’s 50 day moving average is $81.21 and its 200 day moving average is $88.17.
iRobot Corporation (NASDAQ:IRBT) last issued its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $0.27 earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.55. iRobot Corporation had a return on equity of 14.05% and a net margin of 7.84%. The firm had revenue of $183.14 million for the quarter, compared to the consensus estimate of $174.65 million. During the same period in the prior year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. On average, analysts anticipate that iRobot Corporation will post $1.57 earnings per share for the current year.
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In related news, CEO Colin M. Angle sold 5,886 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $106.20, for a total value of $625,093.20. Following the transaction, the chief executive officer now owns 489,463 shares of the company’s stock, valued at $51,980,970.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Glen Daniel Weinstein sold 11,375 shares of the stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $105.02, for a total value of $1,194,602.50. Following the completion of the transaction, the executive vice president now directly owns 80,458 shares in the company, valued at approximately $8,449,699.16. The disclosure for this sale can be found here. In the last three months, insiders sold 72,123 shares of company stock worth $7,290,389. 4.49% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. Creative Planning grew its stake in iRobot Corporation by 14.0% in the second quarter. Creative Planning now owns 1,317 shares of the industrial products company’s stock worth $111,000 after purchasing an additional 162 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in iRobot Corporation by 16.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,988 shares of the industrial products company’s stock worth $132,000 after purchasing an additional 277 shares in the last quarter. Riverhead Capital Management LLC grew its stake in iRobot Corporation by 66.5% in the second quarter. Riverhead Capital Management LLC now owns 1,665 shares of the industrial products company’s stock worth $140,000 after purchasing an additional 665 shares in the last quarter. FNY Partners Fund LP bought a new position in iRobot Corporation in the second quarter worth approximately $143,000. Finally, NEXT Financial Group Inc grew its stake in iRobot Corporation by 6.2% in the second quarter. NEXT Financial Group Inc now owns 1,890 shares of the industrial products company’s stock worth $159,000 after purchasing an additional 110 shares in the last quarter. 81.76% of the stock is currently owned by institutional investors.
About iRobot Corporation
iRobot Corporation is a consumer robot company, which is engaged in designing and building robots. The Company’s portfolio of solutions features various technologies for the connected home and various concepts in mapping, navigation, mobility and artificial intelligence. The Company sells various products that are designed for use at home.
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