iRobot (IRBT) Cut to “Hold” at Zacks Investment Research

iRobot (NASDAQ:IRBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, November 9th.

According to Zacks, “iRobot’s third-quarter 2017 earnings of 60 cents per share surpassed the Zacks Consensus Estimate by 36.4%. This upside was stemmed from a robust home robotics business in all end markets across the United States, Europe and the EMEA region. The company believes that sturdier demand, meaningful innovation investments and Robopolis buyout will boost results in the quarters ahead. However, over the last three months shares of the company have underperformed and looks overvalued compared to the industry. Weakening Chinese business might dent iRobot’s revenues in the upcoming quarters. Moreover, occurrence of a supply chain problem remains another cause of concern.”

Several other research analysts also recently commented on the stock. Piper Jaffray Companies raised their price target on shares of iRobot to $92.00 and gave the company a “neutral” rating in a report on Wednesday, July 26th. They noted that the move was a valuation call. Canaccord Genuity lifted their price objective on shares of iRobot from $90.00 to $95.00 and gave the stock a “hold” rating in a report on Thursday, July 27th. BidaskClub raised shares of iRobot from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 1st. SprucePoint Capital reissued a “sell” rating on shares of iRobot in a research note on Thursday, September 14th. Finally, Dougherty & Co reissued a “neutral” rating on shares of iRobot in a research note on Thursday, October 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $69.67.

Shares of iRobot (NASDAQ IRBT) opened at $68.14 on Thursday. The company has a market cap of $1,890.00, a PE ratio of 36.37, a price-to-earnings-growth ratio of 1.85 and a beta of 1.00. iRobot has a one year low of $52.12 and a one year high of $109.78.

iRobot (NASDAQ:IRBT) last issued its quarterly earnings results on Tuesday, October 24th. The industrial products company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.44 by $0.16. iRobot had a net margin of 7.80% and a return on equity of 12.79%. The company had revenue of $205.40 million during the quarter, compared to analyst estimates of $204.52 million. During the same quarter last year, the business posted $0.70 EPS. iRobot’s quarterly revenue was up 21.8% compared to the same quarter last year. analysts expect that iRobot will post 1.85 earnings per share for the current year.

In related news, EVP Glen Daniel Weinstein sold 728 shares of iRobot stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $100.00, for a total transaction of $72,800.00. Following the completion of the sale, the executive vice president now owns 68,355 shares in the company, valued at approximately $6,835,500. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Alison Dean sold 33,809 shares of iRobot stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $100.00, for a total transaction of $3,380,900.00. Following the sale, the chief financial officer now owns 82,609 shares of the company’s stock, valued at approximately $8,260,900. The disclosure for this sale can be found here. 4.49% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. GSA Capital Partners LLP grew its position in shares of iRobot by 50.9% in the 3rd quarter. GSA Capital Partners LLP now owns 16,346 shares of the industrial products company’s stock worth $1,260,000 after buying an additional 5,517 shares during the last quarter. California Public Employees Retirement System grew its position in shares of iRobot by 10.9% in the 3rd quarter. California Public Employees Retirement System now owns 48,447 shares of the industrial products company’s stock worth $3,733,000 after buying an additional 4,747 shares during the last quarter. Janney Montgomery Scott LLC purchased a new position in shares of iRobot in the 3rd quarter worth approximately $397,000. Ladenburg Thalmann Financial Services Inc. grew its position in shares of iRobot by 64.0% in the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,675 shares of the industrial products company’s stock worth $360,000 after buying an additional 1,824 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in shares of iRobot in the 3rd quarter worth approximately $2,582,000. 82.22% of the stock is currently owned by institutional investors and hedge funds.

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About iRobot

iRobot Corporation is a consumer robot company, which is engaged in designing and building robots. The Company’s portfolio of solutions features various technologies for the connected home and various concepts in mapping, navigation, mobility and artificial intelligence. The Company sells various products that are designed for use at home.

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