Instructure Inc. (INST) Rating Reiterated by Needham & Company LLC

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Instructure Inc. (NYSE:INST)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report issued on Wednesday. They presently have a $28.00 price objective on the stock. Needham & Company LLC’s price objective points to a potential upside of 16.62% from the company’s previous close.
Instructure (NYSE:INST) opened at 23.88 on Wednesday. The stock’s market capitalization is $668.28 million. The company’s 50-day moving average price is $23.24 and its 200-day moving average price is $19.41. Instructure has a one year low of $13.21 and a one year high of $26.00.
Instructure (NYSE:INST) last released its quarterly earnings results on Monday, August 1st. The company reported ($0.44) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.52) by $0.08. The company earned $25.89 million during the quarter, compared to analyst estimates of $24.31 million. Instructure’s revenue for the quarter was up 62.9% compared to the same quarter last year. Equities research analysts predict that Instructure will post ($1.73) EPS for the current year.

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INST has been the subject of several other reports. Zacks Investment Research upgraded Instructure from a “hold” rating to a “buy” rating and set a $27.00 price target for the company in a research note on Thursday, August 4th. Jefferies Group restated a “buy” rating on shares of Instructure in a research note on Friday, July 22nd. Raymond James Financial upped their price target on Instructure from $28.00 to $30.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, August 2nd. Oppenheimer Holdings restated an “outperform” rating and set a $27.00 price target on shares of Instructure in a research note on Thursday, May 26th. Finally, Barrington Research upped their price target on Instructure from $25.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 3rd. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $26.67.
In related news, EVP Marc T. Maloy sold 2,000 shares of the stock in a transaction dated Wednesday, June 15th. The stock was sold at an average price of $18.00, for a total value of $36,000.00. Following the completion of the transaction, the executive vice president now owns 18,443 shares of the company’s stock, valued at $331,974. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Byron B. Deeter sold 8,798 shares of the stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $23.85, for a total value of $209,832.30. Following the completion of the transaction, the director now directly owns 5,469 shares of the company’s stock, valued at approximately $130,435.65. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have modified their holdings of the stock. Lord Abbett & CO. LLC acquired a new position in shares of Instructure during the fourth quarter worth approximately $5,657,000. TIAA CREF Investment Management LLC increased its position in shares of Instructure by 237.6% in the first quarter. TIAA CREF Investment Management LLC now owns 36,132 shares of the company’s stock worth $648,000 after buying an additional 25,430 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its position in shares of Instructure by 74.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 44,273 shares of the company’s stock worth $794,000 after buying an additional 18,920 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Instructure by 71.4% in the first quarter. JPMorgan Chase & Co. now owns 1,448,669 shares of the company’s stock worth $25,989,000 after buying an additional 603,502 shares in the last quarter. Finally, State Street Corp increased its position in shares of Instructure by 38.9% in the first quarter. State Street Corp now owns 55,011 shares of the company’s stock worth $987,000 after buying an additional 15,400 shares in the last quarter.
Instructure, Inc provides cloud-based learning management platform for academic institutions and companies across the world. The Company operates in the cloud-based learning management systems segment. The Company builds its learning management applications, Canvas for the education market and Bridge for the corporate market, to enable its customers to develop, deliver and manage engaging face-to-face and online learning experiences.

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