iRobot Corporation (IRBT) Rating Increased to Buy at Zacks Investment Research
iRobot Corporation (NASDAQ:IRBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $75.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 11.62% from the stock’s current price.
According to Zacks, “iRobot’s shares have underperformed and looks overvalued compared to the industry in the last three-month period. However, we note that the company’s third-quarter 2017 earnings of 60 cents per share surpassed the Zacks Consensus Estimate by 36.4%. This upside stemmed from a robust home robotics business in all end markets across the United States, Europe and the EMEA region. The company believes that a sturdy demand, meaningful innovation investments and the planned Robiolas buyout would boost its results in the quarters ahead.”
Other equities research analysts have also issued research reports about the company. Piper Jaffray Companies dropped their price target on iRobot Corporation to $69.00 and set a “neutral” rating for the company in a research note on Wednesday, October 25th. BidaskClub raised iRobot Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 1st. Canaccord Genuity lifted their price target on iRobot Corporation from $90.00 to $95.00 and gave the stock a “hold” rating in a research note on Thursday, July 27th. Sidoti raised iRobot Corporation from a “neutral” rating to a “buy” rating in a research note on Friday, October 27th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of iRobot Corporation in a research note on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $62.57.
iRobot Corporation (NASDAQ:IRBT) last issued its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.16. iRobot Corporation had a return on equity of 12.79% and a net margin of 7.80%. The firm had revenue of $205.40 million during the quarter, compared to analyst estimates of $204.52 million. During the same quarter in the previous year, the company posted $0.70 earnings per share. The company’s revenue was up 21.8% compared to the same quarter last year.
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In other news, Director Ronald Chwang sold 10,000 shares of iRobot Corporation stock in a transaction dated Tuesday, August 29th. The stock was sold at an average price of $92.71, for a total value of $927,100.00. Following the transaction, the director now owns 12,630 shares in the company, valued at $1,170,927.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Glen Daniel Weinstein sold 728 shares of iRobot Corporation stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $100.00, for a total value of $72,800.00. Following the completion of the transaction, the executive vice president now owns 68,355 shares in the company, valued at approximately $6,835,500. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,537 shares of company stock worth $4,380,800. Company insiders own 4.49% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Legal & General Group Plc increased its holdings in iRobot Corporation by 16.5% during the 2nd quarter. Legal & General Group Plc now owns 52,487 shares of the industrial products company’s stock valued at $4,419,000 after purchasing an additional 7,418 shares during the period. Baillie Gifford & Co. increased its holdings in iRobot Corporation by 12.9% during the 2nd quarter. Baillie Gifford & Co. now owns 746,771 shares of the industrial products company’s stock valued at $62,834,000 after purchasing an additional 85,124 shares during the period. Stifel Financial Corp purchased a new position in iRobot Corporation during the 2nd quarter valued at about $4,470,000. Parametric Portfolio Associates LLC increased its holdings in iRobot Corporation by 17.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 59,241 shares of the industrial products company’s stock valued at $4,985,000 after purchasing an additional 8,711 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings in iRobot Corporation by 79.9% during the 2nd quarter. State of Alaska Department of Revenue now owns 5,414 shares of the industrial products company’s stock valued at $455,000 after purchasing an additional 2,404 shares during the period. Institutional investors own 81.25% of the company’s stock.
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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