Zacks Investment Research Lowers iRobot Corporation (IRBT) to Hold

iRobot Corporation (NASDAQ:IRBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Thursday, November 9th.

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.”

Several other research analysts have also recently issued reports on IRBT. Piper Jaffray Companies raised their price objective on iRobot Corporation to $92.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 26th. They noted that the move was a valuation call. Canaccord Genuity lifted their price target on iRobot Corporation from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Thursday, July 27th. BidaskClub upgraded iRobot Corporation from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 1st. SprucePoint Capital restated a “sell” rating on shares of iRobot Corporation in a research report on Thursday, September 14th. Finally, Dougherty & Co restated a “neutral” rating on shares of iRobot Corporation in a research report on Thursday, October 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company. iRobot Corporation has a consensus rating of “Hold” and an average price target of $69.67.

iRobot Corporation (NASDAQ IRBT) traded up $0.95 during mid-day trading on Thursday, reaching $73.07. The company’s stock had a trading volume of 422,280 shares, compared to its average volume of 866,248. The stock has a market capitalization of $2,020.00, a price-to-earnings ratio of 38.01, a price-to-earnings-growth ratio of 1.93 and a beta of 1.00. iRobot Corporation has a twelve month low of $52.12 and a twelve month high of $109.78.

iRobot Corporation (NASDAQ:IRBT) last issued its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.60 earnings per share for the quarter, topping the 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 the consensus estimate of $204.52 million. During the same quarter last year, the company earned $0.70 earnings per share. The company’s quarterly revenue was up 21.8% on a year-over-year basis. equities analysts forecast that iRobot Corporation will post 1.85 earnings per share for the current year.

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In other news, CFO Alison Dean sold 33,809 shares of the company’s stock in a transaction dated 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 SEC, which is available at this hyperlink. Also, Director Ronald Chwang sold 10,000 shares of the company’s stock in a transaction dated 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. In the last ninety days, insiders sold 44,537 shares of company stock worth $4,380,800. Corporate insiders own 4.49% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of iRobot Corporation by 13.6% in the 2nd quarter. BlackRock Inc. now owns 3,751,472 shares of the industrial products company’s stock valued at $315,648,000 after purchasing an additional 448,157 shares during the period. Vanguard Group Inc. boosted its position in shares of iRobot Corporation by 9.3% in the 2nd quarter. Vanguard Group Inc. now owns 3,241,921 shares of the industrial products company’s stock valued at $272,776,000 after purchasing an additional 277,161 shares during the period. State Street Corp boosted its position in shares of iRobot Corporation by 46.1% in the 2nd quarter. State Street Corp now owns 931,248 shares of the industrial products company’s stock valued at $78,353,000 after purchasing an additional 293,988 shares during the period. Baillie Gifford & Co. boosted its position in shares of iRobot Corporation by 12.9% in the 2nd quarter. Baillie Gifford & Co. now owns 746,771 shares of the industrial products company’s stock valued at $62,834,000 after purchasing an additional 85,124 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of iRobot Corporation by 7.4% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 546,907 shares of the industrial products company’s stock valued at $46,017,000 after purchasing an additional 37,810 shares during the period. 81.28% of the stock is owned by institutional investors and hedge funds.

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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