Zacks Investment Research Upgrades iRobot Corporation (IRBT) to Strong-Buy
Zacks Investment Research upgraded shares of iRobot Corporation (NASDAQ:IRBT) from a hold rating to a strong-buy rating in a research report sent to investors on Friday morning. Zacks Investment Research currently has $121.00 price target on the industrial products company’s stock.
According to Zacks, “Over the last three months, iRobot’s shares outperformed the industry. The company reported better-than-expected second-quarter 2017 results. Quarterly earnings and revenues surpassed the Zacks Consensus Estimates by 208% and 4%, respectively. The upside was stemmed by robust home robotics business in all end markets across the U.S., China, and the EMEA region. The company believes that sturdy demand, meaningful innovation investments and the planned Robiolas buyout would boost its results in the quarters ahead. Notably, the company raised its earnings and revenue guidance for full-year 2017.”
A number of other equities analysts have also recently issued reports on the company. BidaskClub cut iRobot Corporation from a strong-buy rating to a buy rating in a report on Wednesday, July 5th. Canaccord Genuity increased their target price on iRobot Corporation from $90.00 to $95.00 and gave the stock a hold rating in a report on Thursday, July 27th. Piper Jaffray Companies increased their target price on iRobot Corporation to $92.00 and gave the stock a neutral rating in a report on Wednesday, July 26th. They noted that the move was a valuation call. Needham & Company LLC reissued a hold rating on shares of iRobot Corporation in a report on Saturday, April 22nd. Finally, Dougherty & Co cut iRobot Corporation from a buy rating to a neutral rating in a report on Monday, July 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $73.63.
Shares of iRobot Corporation (NASDAQ:IRBT) traded up 1.01% on Friday, hitting $106.58. The stock had a trading volume of 290,204 shares. The stock has a market cap of $2.93 billion, a P/E ratio of 52.27 and a beta of 1.14. The firm’s 50-day moving average is $92.38 and its 200 day moving average is $76.03. iRobot Corporation has a 1-year low of $37.57 and a 1-year high of $109.78.
iRobot Corporation (NASDAQ:IRBT) last posted its quarterly earnings results on Tuesday, July 25th. The industrial products company reported $0.27 EPS for the quarter, beating the consensus estimate of ($0.28) by $0.55. The firm had revenue of $183.14 million during the quarter, compared to analysts’ expectations of $174.65 million. iRobot Corporation had a return on equity of 14.05% and a net margin of 7.84%. The company’s revenue for the quarter was up 23.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 EPS. Equities analysts forecast that iRobot Corporation will post $1.92 EPS for the current year.
In related news, EVP Russell J. Campanello sold 10,000 shares of the stock in a transaction that occurred on Tuesday, July 11th. The stock was sold at an average price of $85.00, for a total transaction of $850,000.00. Following the sale, the executive vice president now directly owns 82,434 shares in the company, valued at approximately $7,006,890. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrea Geisser sold 3,000 shares of the stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $84.78, for a total value of $254,340.00. Following the sale, the director now owns 46,266 shares in the company, valued at $3,922,431.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 140,396 shares of company stock valued at $13,647,451. 4.49% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its stake in iRobot Corporation by 333.9% in the first quarter. Wells Fargo & Company MN now owns 202,817 shares of the industrial products company’s stock worth $13,415,000 after buying an additional 156,075 shares during the period. Old Mutual Global Investors UK Ltd. raised its stake in iRobot Corporation by 2,071.4% in the first quarter. Old Mutual Global Investors UK Ltd. now owns 96,302 shares of the industrial products company’s stock worth $6,369,000 after buying an additional 91,867 shares during the period. Russell Investments Group Ltd. raised its stake in iRobot Corporation by 5.8% in the first quarter. Russell Investments Group Ltd. now owns 226,131 shares of the industrial products company’s stock worth $14,955,000 after buying an additional 12,466 shares during the period. Sawgrass Asset Management LLC acquired a new stake in iRobot Corporation during the first quarter worth approximately $351,000. Finally, Fisher Asset Management LLC raised its stake in iRobot Corporation by 39.3% in the first quarter. Fisher Asset Management LLC now owns 28,883 shares of the industrial products company’s stock worth $1,910,000 after buying an additional 8,150 shares during the period. Institutional investors and hedge funds own 88.03% of the company’s stock.
iRobot Corporation Company Profile
iRobot Corporation is a consumer robot company, which is engaged in designing and building robots. The Company’s portfolio of solutions features various technologies for the connected home and various concepts in mapping, navigation, mobility and artificial intelligence. The Company sells various products that are designed for use at home.
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