iRobot (NASDAQ:IRBT) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “Over the past three months, iRobit’s shares have outperformed the industry. The company believes that stronger demand for home-robotic products and Robopolis acquisitionwill continue to drive its revenues the upcoming quarters. Whereas, improved top line performance and diligent cost-saving moves will likely boost up bottom line figures in the near-term quarters. However, the stock looks overvalued compared to the industry for the last three-month period.  Stiff business rivalry within the U.S. robotic vacuum cleaning market and excessive dependence over contract manufacturers remains two causes of concern for iRobot. Over the past 60 days, Zacks Consensus Estimate for the stock has remained unchanged for 2018 and 2019.”

A number of other research firms also recently issued reports on IRBT. Sidoti downgraded shares of iRobot from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 4th. They noted that the move was a valuation call. BidaskClub upgraded shares of iRobot from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 24th. ValuEngine upgraded shares of iRobot from a “hold” rating to a “buy” rating in a research note on Monday, August 20th. Piper Jaffray Companies restated an “overweight” rating and set a $90.00 price target on shares of iRobot in a research note on Wednesday, July 25th. Finally, Canaccord Genuity restated a “hold” rating and set a $80.00 price target on shares of iRobot in a research note on Friday, August 10th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $74.00.

iRobot stock opened at $108.01 on Tuesday. iRobot has a 12-month low of $55.77 and a 12-month high of $118.75. The firm has a market cap of $2.85 billion, a P/E ratio of 61.02, a P/E/G ratio of 2.04 and a beta of 1.47.

iRobot (NASDAQ:IRBT) last released its earnings results on Tuesday, July 24th. The industrial products company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.20. iRobot had a net margin of 5.90% and a return on equity of 13.27%. The company had revenue of $226.30 million for the quarter, compared to the consensus estimate of $219.71 million. During the same quarter in the previous year, the company earned $0.27 EPS. iRobot’s quarterly revenue was up 23.6% compared to the same quarter last year. research analysts expect that iRobot will post 2.43 earnings per share for the current fiscal year.

In other iRobot news, CFO Alison Dean sold 16,778 shares of the business’s stock in a transaction on Wednesday, July 25th. The shares were sold at an average price of $85.00, for a total transaction of $1,426,130.00. Following the completion of the sale, the chief financial officer now owns 87,523 shares in the company, valued at approximately $7,439,455. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mohamad Ali sold 743 shares of the business’s stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $111.10, for a total transaction of $82,547.30. Following the sale, the director now owns 12,289 shares of the company’s stock, valued at approximately $1,365,307.90. The disclosure for this sale can be found here. Insiders have sold a total of 187,784 shares of company stock valued at $19,484,412 in the last 90 days. 3.51% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in IRBT. BlackRock Inc. grew its stake in shares of iRobot by 4.1% in the 1st quarter. BlackRock Inc. now owns 3,931,536 shares of the industrial products company’s stock worth $252,366,000 after acquiring an additional 153,263 shares in the last quarter. FMR LLC grew its stake in shares of iRobot by 509.3% in the 2nd quarter. FMR LLC now owns 2,105,907 shares of the industrial products company’s stock worth $159,565,000 after acquiring an additional 1,760,300 shares in the last quarter. Baillie Gifford & Co. grew its stake in shares of iRobot by 2.7% in the 2nd quarter. Baillie Gifford & Co. now owns 673,669 shares of the industrial products company’s stock worth $51,043,000 after acquiring an additional 18,009 shares in the last quarter. Voya Investment Management LLC grew its stake in shares of iRobot by 34.8% in the 2nd quarter. Voya Investment Management LLC now owns 617,148 shares of the industrial products company’s stock worth $46,761,000 after acquiring an additional 159,478 shares in the last quarter. Finally, Global X Management Co LLC grew its stake in shares of iRobot by 17.1% in the 2nd quarter. Global X Management Co LLC now owns 572,553 shares of the industrial products company’s stock worth $43,382,000 after acquiring an additional 83,575 shares in the last quarter. Institutional investors and hedge funds own 83.21% of the company’s stock.

iRobot Company Profile

iRobot Corporation designs, builds, and sells robots for the consumer market worldwide. It offers Roomba floor vacuuming robots; Braava family of automatic floor mopping robots; and Mirra Pool Cleaning Robot to clean residential pools and removes debris as small as two microns from pool floors, walls, and stair.

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Analyst Recommendations for iRobot (NASDAQ:IRBT)

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