Zagg (NASDAQ:ZAGG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage presently has a $18.00 price target on the specialty retailer’s stock. Zacks Investment Research‘s target price suggests a potential upside of 14.65% from the company’s previous close.
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. “
Other equities analysts also recently issued research reports about the stock. TheStreet raised shares of Zagg from a “c” rating to a “b-” rating in a research note on Wednesday, November 1st. B. Riley set a $20.00 price objective on shares of Zagg and gave the company a “buy” rating in a research note on Wednesday, January 17th. ValuEngine raised shares of Zagg from a “hold” rating to a “buy” rating in a research note on Tuesday, January 16th. Craig Hallum set a $24.00 price objective on shares of Zagg and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Finally, Northland Securities reissued a “buy” rating and set a $23.00 price objective on shares of Zagg in a research note on Friday, December 1st. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Zagg presently has an average rating of “Buy” and an average target price of $18.67.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Gotham Asset Management LLC acquired a new position in Zagg during the second quarter worth approximately $100,000. SG Americas Securities LLC acquired a new position in Zagg during the fourth quarter worth approximately $108,000. Financial Gravity Companies Inc. acquired a new position in Zagg during the fourth quarter worth approximately $119,000. Voya Investment Management LLC increased its position in Zagg by 18.2% during the second quarter. Voya Investment Management LLC now owns 17,709 shares of the specialty retailer’s stock worth $153,000 after purchasing an additional 2,730 shares during the last quarter. Finally, Alliancebernstein L.P. acquired a new position in Zagg during the second quarter worth approximately $169,000. 82.32% of the stock is currently 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.
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