Mirae Asset Global Investments Co. Ltd. decreased its holdings in shares of IAC Inc. (NASDAQ:IAC – Get Rating) by 3.1% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 53,561 shares of the company’s stock after selling 1,723 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.06% of IAC worth $2,378,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Raymond James Financial Services Advisors Inc. boosted its holdings in IAC by 20.2% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 5,339 shares of the company’s stock valued at $535,000 after acquiring an additional 897 shares during the last quarter. American Century Companies Inc. increased its position in shares of IAC by 15.7% during the first quarter. American Century Companies Inc. now owns 4,292 shares of the company’s stock worth $430,000 after acquiring an additional 582 shares during the last quarter. Bank of Montreal Can increased its position in shares of IAC by 161.5% during the first quarter. Bank of Montreal Can now owns 12,479 shares of the company’s stock worth $1,304,000 after acquiring an additional 7,707 shares during the last quarter. MetLife Investment Management LLC purchased a new stake in shares of IAC during the first quarter worth about $153,000. Finally, Panagora Asset Management Inc. increased its position in shares of IAC by 98.7% during the first quarter. Panagora Asset Management Inc. now owns 14,912 shares of the company’s stock worth $1,495,000 after acquiring an additional 7,406 shares during the last quarter. Institutional investors and hedge funds own 89.08% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts have recently issued reports on IAC shares. The Goldman Sachs Group dropped their target price on IAC from $83.00 to $74.00 and set a “buy” rating on the stock in a research report on Wednesday, February 15th. Piper Sandler upped their target price on IAC from $67.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, February 15th. Benchmark reaffirmed a “buy” rating and set a $130.00 target price on shares of IAC in a report on Friday, February 10th. Truist Financial upped their target price on IAC from $85.00 to $88.00 in a report on Thursday, May 11th. Finally, UBS Group upped their target price on IAC from $54.00 to $61.00 in a report on Thursday, May 11th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $82.13.
IAC Stock Performance
IAC (NASDAQ:IAC – Get Rating) last posted its quarterly earnings results on Tuesday, May 9th. The company reported ($2.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.02) by ($1.04). The company had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.06 billion. IAC had a negative net margin of 10.34% and a negative return on equity of 5.97%. Research analysts predict that IAC Inc. will post -2.84 EPS for the current fiscal year.
IAC Company Profile
IAC is a media and Internet company comprised of some of the world’s most recognized brands and products, such as HomeAdvisor, Vimeo, About.com, Dictionary.com, The Daily Beast, Investopedia, and Match Group’s online dating portfolio, which includes Match, OkCupid and Tinder. Ranked by Fortune magazine’s annual standing of the world’s most admired companies in the Internet Services & Retailing sector for many years, IAC’s family of websites is one of the largest in the world, with over two billion monthly visits reaching users in more than 190 countries.
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