iRobot Corporation (NASDAQ:IRBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “iRobot’s third-quarter 2017 earnings of 60 cents per share surpassed the Zacks Consensus Estimate by 36.4%. This upside was stemmed from a robust home robotics business in all end markets across the United States, Europe and the EMEA region. The company believes that sturdier demand, meaningful innovation investments and Robopolis buyout will boost results in the quarters ahead. However, over the last three months shares of the company have underperformed and looks overvalued compared to the industry. Weakening Chinese business might dent iRobot’s revenues in the upcoming quarters. Moreover, occurrence of a supply chain problem remains another cause of concern.”
Other equities research analysts have also recently issued reports about the company. BidaskClub cut iRobot Corporation from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 23rd. Sidoti raised iRobot Corporation from a “neutral” rating to a “buy” rating in a research note on Friday, October 27th. Canaccord Genuity reaffirmed a “hold” rating and issued a $65.00 price objective (down from $95.00) on shares of iRobot Corporation in a research note on Thursday, October 26th. Needham & Company LLC reaffirmed a “hold” rating on shares of iRobot Corporation in a research note on Thursday, October 26th. Finally, Piper Jaffray Companies lifted their price objective on iRobot Corporation to $92.00 and gave the company a “neutral” rating in a research note on Wednesday, July 26th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $65.67.
iRobot Corporation (IRBT) traded up $1.01 during trading hours on Thursday, reaching $68.80. The company’s stock had a trading volume of 490,500 shares, compared to its average volume of 1,500,189. iRobot Corporation has a 12 month low of $51.80 and a 12 month high of $109.78. The stock has a market capitalization of $1,917.80, a P/E ratio of 36.60, a P/E/G ratio of 1.87 and a beta of 1.00.
iRobot Corporation (NASDAQ:IRBT) last issued its quarterly earnings data on Tuesday, October 24th. The industrial products company reported $0.60 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.16. iRobot Corporation had a return on equity of 12.79% and a net margin of 7.80%. The business had revenue of $205.40 million during the quarter, compared to analysts’ expectations of $204.52 million. During the same period in the previous year, the firm posted $0.70 earnings per share. The company’s revenue was up 21.8% on a year-over-year basis. research analysts anticipate that iRobot Corporation will post 1.84 earnings per share for the current fiscal year.
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In related news, CFO Alison Dean sold 33,809 shares of the business’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $100.00, for a total transaction of $3,380,900.00. Following the completion of the transaction, the chief financial officer now directly owns 82,609 shares of the company’s stock, valued at approximately $8,260,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald Chwang sold 10,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was sold at an average price of $92.71, for a total value of $927,100.00. Following the transaction, the director now directly owns 12,630 shares of the company’s stock, valued at $1,170,927.30. The disclosure for this sale can be found here. Insiders have sold a total of 44,537 shares of company stock valued at $4,380,800 over the last three months. 4.49% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning grew its stake in iRobot Corporation by 14.0% during the 2nd quarter. Creative Planning now owns 1,317 shares of the industrial products company’s stock worth $111,000 after purchasing an additional 162 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in iRobot Corporation by 16.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,988 shares of the industrial products company’s stock worth $132,000 after purchasing an additional 277 shares in the last quarter. Riverhead Capital Management LLC grew its stake in iRobot Corporation by 66.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 1,665 shares of the industrial products company’s stock worth $140,000 after purchasing an additional 665 shares in the last quarter. FNY Partners Fund LP acquired a new position in iRobot Corporation during the 2nd quarter worth $143,000. Finally, NEXT Financial Group Inc grew its stake in iRobot Corporation by 6.2% during the 2nd quarter. NEXT Financial Group Inc now owns 1,890 shares of the industrial products company’s stock worth $159,000 after purchasing an additional 110 shares in the last quarter. 81.31% of the stock is owned by hedge funds and other institutional investors.
About iRobot Corporation
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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