Zacks Investment Research Upgrades Zagg (ZAGG) to “Buy”

Zagg (NASDAQ:ZAGG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Sunday. The brokerage currently has a $19.00 price target on the specialty retailer’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.83% from the company’s current price.

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 recently weighed in on ZAGG. B. Riley set a $20.00 target price on Zagg and gave the stock a “buy” rating in a research note on Wednesday. BidaskClub cut Zagg from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. ValuEngine upgraded Zagg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 16th. Craig Hallum set a $24.00 target price on Zagg and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. Finally, Northland Securities restated a “buy” rating and set a $23.00 target price on shares of Zagg in a research note on Friday, December 1st. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $18.83.

Zagg (NASDAQ ZAGG) opened at $17.30 on Friday. Zagg has a 52-week low of $5.90 and a 52-week high of $23.70. The company has a market capitalization of $483.97, a PE ratio of 192.22, a PEG ratio of 2.62 and a beta of 0.93. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.68 and a current ratio of 1.12.

Zagg (NASDAQ:ZAGG) last announced its quarterly earnings data on Wednesday, November 1st. The specialty retailer reported $0.34 EPS for the quarter, topping the Zacks’ consensus estimate of $0.32 by $0.02. Zagg had a return on equity of 6.59% and a net margin of 0.63%. The business had revenue of $134.40 million during the quarter, compared to the consensus estimate of $128.23 million. During the same period in the previous year, the company posted $0.29 earnings per share. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. research analysts predict that Zagg will post 0.98 EPS for the current year.

In related news, CEO Randall L. Hales sold 50,001 shares of the business’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $19.16, for a total transaction of $958,019.16. Following the completion of the sale, the chief executive officer now owns 713,380 shares in the company, valued at $13,668,360.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Randall L. Hales sold 19,829 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $19.85, for a total value of $393,605.65. Following the sale, the chief executive officer now owns 713,380 shares of the company’s stock, valued at approximately $14,160,593. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 99,830 shares of company stock valued at $1,903,425. 4.20% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Gotham Asset Management LLC purchased a new stake in Zagg in the second quarter valued at approximately $100,000. Voya Investment Management LLC lifted its stake in Zagg by 18.2% in the second quarter. Voya Investment Management LLC now owns 17,709 shares of the specialty retailer’s stock valued at $153,000 after buying an additional 2,730 shares during the last quarter. Alliancebernstein L.P. purchased a new stake in Zagg in the second quarter valued at approximately $169,000. Martingale Asset Management L P purchased a new stake in Zagg in the second quarter valued at approximately $213,000. Finally, Thompson Davis & CO. Inc. purchased a new stake in Zagg in the third quarter valued at approximately $231,000. Institutional investors own 82.75% of the company’s stock.

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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.

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