ZAGG Inc (NASDAQ:ZAGG) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of ZAGG Inc (NASDAQ:ZAGG) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning. Zacks Investment Research currently has $9.50 target price on the specialty retailer’s stock.
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. “
ZAGG has been the topic of a number of other reports. Roth Capital set a $9.00 price target on ZAGG and gave the company a hold rating in a report on Saturday, June 17th. TheStreet raised ZAGG from a d+ rating to a c- rating in a report on Friday, May 5th. Finally, Wunderlich reaffirmed a buy rating and set a $10.00 price target on shares of ZAGG in a report on Friday, June 9th.
Shares of ZAGG (NASDAQ ZAGG) opened at 8.45 on Wednesday. The stock’s market capitalization is $236.27 million. ZAGG has a 12 month low of $5.15 and a 12 month high of $9.15. The stock’s 50 day moving average price is $8.58 and its 200 day moving average price is $7.46.
ZAGG (NASDAQ:ZAGG) last released its earnings results on Tuesday, May 2nd. The specialty retailer reported ($0.12) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.01. ZAGG had a positive return on equity of 4.81% and a negative net margin of 4.26%. The business had revenue of $92.95 million for the quarter, compared to the consensus estimate of $88.29 million. Analysts expect that ZAGG will post $0.79 EPS for the current year.
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Several hedge funds and other institutional investors have recently made changes to their positions in ZAGG. American International Group Inc. increased its position in shares of ZAGG by 7.0% in the first quarter. American International Group Inc. now owns 16,976 shares of the specialty retailer’s stock worth $122,000 after buying an additional 1,117 shares during the last quarter. Wedbush Securities Inc. acquired a new position in shares of ZAGG during the first quarter worth about $130,000. Brandes Investment Partners LP increased its position in shares of ZAGG by 86.9% in the first quarter. Brandes Investment Partners LP now owns 19,621 shares of the specialty retailer’s stock worth $141,000 after buying an additional 9,122 shares during the last quarter. Strs Ohio increased its position in shares of ZAGG by 587.9% in the first quarter. Strs Ohio now owns 22,700 shares of the specialty retailer’s stock worth $163,000 after buying an additional 19,400 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of ZAGG by 0.4% in the first quarter. JPMorgan Chase & Co. now owns 24,142 shares of the specialty retailer’s stock worth $174,000 after buying an additional 91 shares during the last quarter. 78.77% of the stock is currently owned by hedge funds and other institutional investors.
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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