Needham & Company LLC Reiterates Buy Rating for iRobot Corp. (IRBT)
iRobot Corp. (NASDAQ:IRBT)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a report issued on Friday. They presently have a $46.00 price target on the stock, up from their prior price target of $42.00. Needham & Company LLC’s target price suggests a potential upside of 12.69% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on IRBT. JPMorgan Chase & Co. upgraded shares of iRobot Corp. from an “underweight” rating to a “neutral” rating in a research report on Wednesday, June 1st. Canaccord Genuity reiterated a “buy” rating and set a $45.00 price objective on shares of iRobot Corp. in a research report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $39.00.
Shares of iRobot Corp. (NASDAQ:IRBT) traded down 1.27% during trading on Friday, hitting $40.30. 149,076 shares of the stock were exchanged. The firm has a 50 day moving average of $39.72 and a 200-day moving average of $36.84. iRobot Corp. has a 52-week low of $28.02 and a 52-week high of $40.93. The stock has a market cap of $1.10 billion, a PE ratio of 28.99 and a beta of 1.59.
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iRobot Corp. (NASDAQ:IRBT) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.07. iRobot Corp. had a net margin of 6.49% and a return on equity of 10.39%. The business had revenue of $148.70 million for the quarter, compared to the consensus estimate of $148.10 million. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The company’s revenue for the quarter was down .1% on a year-over-year basis. Equities research analysts anticipate that iRobot Corp. will post $1.32 earnings per share for the current fiscal year.
In other iRobot Corp. news, Director Ronald Chwang sold 10,000 shares of iRobot Corp. stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $40.11, for a total transaction of $401,100.00. Following the completion of the transaction, the director now directly owns 27,916 shares of the company’s stock, valued at $1,119,710.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrea Geisser sold 3,243 shares of iRobot Corp. stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $40.19, for a total transaction of $130,336.17. Following the transaction, the director now directly owns 54,226 shares of the company’s stock, valued at $2,179,342.94. The disclosure for this sale can be found here. 5.53% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in iRobot Corp. by 49.2% in the second quarter. BlackRock Inc. now owns 3,168 shares of the company’s stock valued at $112,000 after buying an additional 1,045 shares during the last quarter. Teacher Retirement System of Texas raised its position in iRobot Corp. by 10.7% in the second quarter. Teacher Retirement System of Texas now owns 3,753 shares of the company’s stock valued at $132,000 after buying an additional 364 shares during the last quarter. Legal & General Group Plc raised its position in iRobot Corp. by 11.4% in the first quarter. Legal & General Group Plc now owns 4,757 shares of the company’s stock valued at $169,000 after buying an additional 487 shares during the last quarter. Royal Bank of Canada raised its position in iRobot Corp. by 116.6% in the second quarter. Royal Bank of Canada now owns 5,084 shares of the company’s stock valued at $178,000 after buying an additional 2,737 shares during the last quarter. Finally, Mason Street Advisors LLC purchased a new position in iRobot Corp. during the second quarter valued at approximately $188,000. 77.40% of the stock is owned by institutional investors.
iRobot Corp. Company Profile
iRobot Corporation is engaged in designing and building robots. The Company sells its products through sales channels to the consumer, defense and security, telemedicine and video collaboration markets. It operates through two segments: the home robots business, and the defense and security robots business.
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