Piper Sandler Reaffirms “Neutral” Rating for IAC (NASDAQ:IAC)

IAC (NASDAQ:IAC)‘s stock had its “neutral” rating reissued by stock analysts at Piper Sandler in a report issued on Wednesday,Benzinga reports. They currently have a $48.00 price target on the stock, up from their prior price target of $39.00. Piper Sandler’s target price indicates a potential upside of 11.32% from the company’s previous close.

A number of other analysts have also recently weighed in on the company. Zacks Research raised IAC from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 11th. Jefferies Financial Group cut IAC from a “buy” rating to a “hold” rating and set a $44.00 price objective for the company. in a report on Wednesday. Benchmark upped their price target on IAC from $57.00 to $60.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. The Goldman Sachs Group upped their price target on IAC from $48.00 to $56.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. boosted their price objective on IAC from $46.00 to $52.00 and gave the stock an “overweight” rating in a research note on Monday. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, IAC presently has a consensus rating of “Moderate Buy” and an average target price of $53.14.

IAC Stock Up 2.1%

Shares of NASDAQ IAC opened at $43.12 on Wednesday. The company has a current ratio of 3.69, a quick ratio of 2.75 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $2.96 billion, a PE ratio of 116.54 and a beta of 1.03. IAC has a 12-month low of $29.56 and a 12-month high of $45.82. The stock’s fifty day simple moving average is $40.37 and its two-hundred day simple moving average is $37.82.

IAC (NASDAQ:IAC) last posted its quarterly earnings data on Tuesday, February 3rd. The company reported ($0.99) earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($1.66). The business had revenue of $645.98 million during the quarter, compared to analyst estimates of $641.01 million. IAC had a return on equity of 2.29% and a net margin of 1.82%.The firm’s revenue for the quarter was down 34.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.39) EPS. As a group, analysts expect that IAC will post -0.16 EPS for the current fiscal year.

Hedge Funds Weigh In On IAC

Several large investors have recently bought and sold shares of IAC. Goldman Sachs Group Inc. increased its holdings in IAC by 38.6% in the first quarter. Goldman Sachs Group Inc. now owns 415,484 shares of the company’s stock valued at $19,087,000 after buying an additional 115,652 shares during the last quarter. United Services Automobile Association purchased a new position in IAC in the first quarter valued at $207,000. Empowered Funds LLC increased its holdings in IAC by 9.8% in the first quarter. Empowered Funds LLC now owns 8,037 shares of the company’s stock valued at $369,000 after buying an additional 718 shares during the last quarter. Focus Partners Wealth purchased a new position in shares of IAC during the first quarter worth about $270,000. Finally, Creative Planning grew its holdings in shares of IAC by 8.8% during the second quarter. Creative Planning now owns 11,619 shares of the company’s stock worth $434,000 after purchasing an additional 944 shares during the last quarter. Hedge funds and other institutional investors own 88.90% of the company’s stock.

About IAC

IAC (NASDAQ: IAC) is a publicly traded holding company headquartered in New York City that builds and invests in consumer-focused internet businesses. Through its portfolio of digital media brands, online marketplaces and subscription services, IAC delivers content and connections across a range of verticals, including lifestyle, finance, home services and personal care. The company’s operations span North America and parts of Europe, where its brands reach millions of visitors each month.

In the digital publishing space, IAC’s Dotdash Meredith division develops original content and data?driven journalism across more than a dozen specialty sites.