On August 20, 2023, it was reported that Russell Investments Group Ltd. has decreased its holdings in Ziff Davis, Inc. by 41.6% during the first quarter of the year. This information comes from the company’s most recent filing with the Securities and Exchange Commission (SEC). As a result of this decrease, Russell Investments now owns 96,668 shares of Ziff Davis, worth $7,545,000.
Ziff Davis, Inc. is a company that provides internet information and services not only in the United States and Canada but also in Ireland and internationally. It operates in two segments: Digital Media and Cybersecurity and Martech. The Digital Media segment oversees a portfolio of web properties and apps such as IGN, RetailMeNot, Mashable, PCMag, Humble Bundle, Speedtest, Offers.com, Black Friday, MedPageToday, Everyday Health, BabyCenter, and What to Expect. These properties cover various markets including technology shopping entertainment health and wellness.
Recently, several research analysts have shared their opinions on Ziff Davis’ performance in the market. For instance, Royal Bank of Canada reissued an “outperform” rating with a target price of $95.00 on Ziff Davis’ shares on August 9th. Meanwhile, TheStreet downgraded Ziff Davis from a “b-” rating to a “c” rating on May 9th based on their research report findings.
In addition to these ratings changes, Wedbush reduced its price target on Ziff Davis’ shares from $93.00 to $80.00 in their research report released on May 11th. Furthermore, Barclays lowered their price target from $85.00 to $75.00 for Ziff Davis’ shares in another research report published on May 11th.
Despite these mixed ratings from analysts’, Bloomberg data shows that the average rating for Ziff Davis is classified as “Moderate Buy” with a consensus target price of $87.14.
This recent development in Russell Investments Group Ltd.’s reduction of holdings in Ziff Davis, Inc. indicates a change in their investment strategy. As of now, it remains to be seen how this will impact the overall performance and valuation of Ziff Davis’ stock moving forward.
[bs_slider_forecast ticker=”ZD”]
Curiosity and Confusion Surround Ziff Davis Stock Activity as Key Investors and Executives Make Moves
August 20, 2023 – The recent activity surrounding Ziff Davis, Inc. has stirred up curiosity and confusion among investors and analysts alike. The company, which provides internet information and services globally, has seen significant movement in its stock ownership from various hedge funds and institutional investors.
One notable investor is Rice Hall James & Associates LLC, which acquired a new position in Ziff Davis during the first quarter of this year at a value of $63,717,000. Additionally, Raymond James & Associates purchased a new position worth $3,469,000. US Bancorp DE and HighTower Advisors LLC also bought shares of Ziff Davis during the same period; however, their investments were valued at $539,000 and $241,000 respectively. Citigroup Inc., on the other hand, acquired a new position in Ziff Davis worth $707,000.
Intriguingly enough, some key executives within the company have personally invested in Ziff Davis as well. EVP Jeremy Rossen recently purchased 1,000 shares in May for an average cost of $58.45 per share and subsequently now owns 10,699 shares valued at approximately $625,356.55. Similarly, CEO Vivek Shah acquired 10,000 shares in May for an average cost of $58.86 per share and now holds 120,000 shares with a total value of $7,063-200.
These insider purchases were publicly disclosed through filings with the Securities & Exchange Commission (SEC), adding to the overall perplexity surrounding Ziff Davis’ stock activity. Interestingly enough yet again is that over the past three months leading up to August 20th insiders have collectively purchased 13,000 shares valued at $765-3100 collectively representing 2.08% stake within the company.
Ziff Davis operates in two primary segments: Digital Media and Cybersecurity and Martech. In its Digital Media segment, the company manages a wide range of web properties and apps including IGN, RetailMeNot, Mashable, PCMag, Humble Bundle, and many more. The diverse portfolio covers various industries such as technology, shopping, entertainment, and health and wellness.
As of Friday’s trading session, Ziff Davis stock opened at $66.37 with a market cap of $3.09 billion. The company boasts a current ratio of 2.46 and a quick ratio of 2.47, indicating favorable liquidity levels. With a debt-to-equity ratio of 0.54 and a beta of 1.21, Ziff Davis demonstrates relatively stable financials.
It is worth highlighting that despite the recent fluctuations in stock ownership and insider purchases, there has been no significant impact on Ziff Davis’ overall performance or investor sentiment thus far. However, market observers will surely keep an eye on any future developments to better understand the rationale behind these transactions.
In conclusion, the complex nature of Ziff Davis’ recent stock activity raises both eyebrows and interest among investors and industry analysts alike. As time progresses, it remains to be seen how these investments and purchases will affect the company’s trajectory in an already competitive market landscape.
Note: This article is purely informational in nature and should not be considered as financial advice or recommendations for investment decisions.