Zagg (NASDAQ:ZAGG) Raised to Buy at Zacks Investment Research

Zagg (NASDAQ:ZAGG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday, January 6th. The brokerage presently has a $21.00 price objective on the specialty retailer’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 25.75% from the stock’s current price.

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. “

Several other brokerages have also recently issued reports on ZAGG. Northland Securities restated a “buy” rating and set a $23.00 target price on shares of Zagg in a research report on Friday, December 1st. Craig Hallum set a $24.00 target price on shares of Zagg and gave the company a “buy” rating in a research report on Wednesday, January 3rd. TheStreet upgraded shares of Zagg from a “c” rating to a “b-” rating in a research report on Wednesday, November 1st. ValuEngine upgraded shares of Zagg from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Finally, B. Riley set a $17.00 target price on shares of Zagg and gave the company a “hold” rating in a research report on Monday, October 30th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $18.83.

Shares of Zagg (NASDAQ:ZAGG) traded up $0.15 during midday trading on Friday, hitting $16.70. 286,464 shares of the stock traded hands, compared to its average volume of 715,338. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.12 and a quick ratio of 0.68. The stock has a market cap of $469.98, a PE ratio of 185.56, a price-to-earnings-growth ratio of 2.55 and a beta of 0.93. Zagg has a 52-week low of $5.90 and a 52-week high of $23.70.

Zagg (NASDAQ:ZAGG) last announced its earnings results on Wednesday, November 1st. The specialty retailer reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.02. The firm had revenue of $134.40 million for the quarter, compared to analysts’ expectations of $128.23 million. Zagg had a net margin of 0.63% and a return on equity of 6.59%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.29 EPS. equities analysts forecast that Zagg will post 0.98 EPS for the current fiscal year.

In related news, insider Brian Stech sold 20,000 shares of the stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $18.08, for a total value of $361,600.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Randall L. Hales sold 50,001 shares of the stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $19.16, for a total transaction of $958,019.16. Following the completion of the sale, the chief executive officer now directly owns 713,380 shares in the company, valued at $13,668,360.80. The disclosure for this sale can be found here. Insiders sold a total of 99,830 shares of company stock worth $1,903,425 over the last three months. 4.20% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Wasatch Advisors Inc. raised its position in Zagg by 7.3% in the 2nd quarter. Wasatch Advisors Inc. now owns 1,370,557 shares of the specialty retailer’s stock worth $11,855,000 after purchasing an additional 93,551 shares during the period. Vanguard Group Inc. grew its stake in Zagg by 7.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,183,161 shares of the specialty retailer’s stock worth $10,235,000 after acquiring an additional 76,913 shares in the last quarter. Penn Capital Management Co. Inc. grew its stake in Zagg by 1.1% in the 2nd quarter. Penn Capital Management Co. Inc. now owns 624,911 shares of the specialty retailer’s stock worth $5,405,000 after acquiring an additional 7,041 shares in the last quarter. State Street Corp grew its stake in Zagg by 8.0% in the 2nd quarter. State Street Corp now owns 451,148 shares of the specialty retailer’s stock worth $3,904,000 after acquiring an additional 33,602 shares in the last quarter. Finally, AJO LP bought a new position in Zagg in the 2nd quarter worth about $3,715,000. 81.50% of the stock is currently owned by institutional investors.

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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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