Life360 (NASDAQ:LIF) Given New $60.00 Price Target at Citigroup

Life360 (NASDAQ:LIF) had its target price cut by equities researchers at Citigroup from $60.10 to $60.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup‘s target price would suggest a potential upside of 35.01% from the stock’s current price.

LIF has been the subject of a number of other reports. Morgan Stanley set a $65.20 target price on shares of Life360 in a report on Wednesday, August 12th. Wall Street Zen raised Life360 from a “sell” rating to a “hold” rating in a report on Saturday, September 19th. Weiss Ratings upgraded Life360 from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 4th. DA Davidson restated a “neutral” rating and issued a $40.00 target price on shares of Life360 in a report on Tuesday, September 29th. Finally, UBS Group cut their target price on Life360 from $64.00 to $60.00 and set a “buy” rating on the stock in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.93.

Life360 Price Performance

LIF stock traded down $1.05 during trading hours on Friday, hitting $44.44. 519,604 shares of the stock traded hands, compared to its average volume of 941,845. The stock has a 50-day simple moving average of $42.65 and a 200 day simple moving average of $47.35. The company has a market cap of $3.62 billion, a P/E ratio of 25.99 and a beta of 2.27. Life360 has a one year low of $37.01 and a one year high of $99.99. The company has a current ratio of 5.60, a quick ratio of 5.46 and a debt-to-equity ratio of 0.51.

Life360 (NASDAQ:LIF) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.02). Life360 had a return on equity of 5.66% and a net margin of 25.73%. The business had revenue of $158.96 million during the quarter, compared to the consensus estimate of $156.68 million. Equities analysts forecast that Life360 will post 0.53 earnings per share for the current year.

Insider Buying and Selling

In other Life360 news, Director Brit Morin sold 10,701 shares of Life360 stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $60.00, for a total value of $642,060.00. Following the completion of the sale, the director directly owned 20,157 shares in the company, valued at $1,209,420. The trade was a 34.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Charles Prober sold 7,930 shares of Life360 stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $48.59, for a total transaction of $385,318.70. Following the completion of the sale, the director directly owned 109,930 shares of the company’s stock, valued at approximately $5,341,498.70. The trade was a 6.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 456,790 shares of company stock worth $21,269,295 over the last ninety days. 6.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Life360

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in Life360 by 455.0% in the 1st quarter. Principal Financial Group Inc. now owns 463,442 shares of the company’s stock valued at $18,918,000 after buying an additional 379,941 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Life360 by 312.8% in the first quarter. Bank of America Corp DE now owns 407,296 shares of the company’s stock worth $16,626,000 after acquiring an additional 308,632 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Life360 in the second quarter worth $15,547,000. Dimensional Fund Advisors LP increased its position in Life360 by 19.5% during the first quarter. Dimensional Fund Advisors LP now owns 303,479 shares of the company’s stock worth $12,385,000 after acquiring an additional 49,429 shares during the period. Finally, Greenspring Advisors LLC bought a new position in Life360 during the second quarter worth $9,592,000. Institutional investors and hedge funds own 20.00% of the company’s stock.

About Life360

Life360, Inc is a technology company that develops connected safety and security products for families, individuals and pets. Its primary offering is the Life360 mobile application, which provides location sharing, family communication, driving safety tools, emergency assistance and other features intended to help users coordinate and stay connected.

The company also offers services such as crash detection, roadside assistance, SOS support and digital safety features. Through its ownership of Tile, Life360 provides Bluetooth-enabled finding devices and related tracking services for personal belongings.