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

iRobot Corporation (NASDAQ:IRBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released 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.”

Other equities research analysts have also recently issued research reports about the company. BidaskClub upgraded iRobot Corporation from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 1st. Canaccord Genuity increased their price target on iRobot Corporation from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Thursday, July 27th. Piper Jaffray Companies increased their price objective on iRobot Corporation to $92.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 26th. They noted that the move was a valuation call. Needham & Company LLC reiterated a “hold” rating on shares of iRobot Corporation in a research report on Thursday, October 26th. Finally, Dougherty & Co reiterated a “neutral” rating on shares of iRobot Corporation in a research report on Thursday, October 26th. One analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the stock. iRobot Corporation presently has a consensus rating of “Hold” and a consensus price target of $69.67.

Shares of iRobot Corporation (NASDAQ:IRBT) traded down $4.57 during trading hours on Thursday, reaching $68.50. The company’s stock had a trading volume of 2,120,659 shares, compared to its average volume of 871,798. The company has a market cap of $1,900.00, a PE ratio of 38.36, a P/E/G ratio of 1.95 and a beta of 1.00. iRobot Corporation has a 12-month low of $52.12 and a 12-month high of $109.78.

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

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In other iRobot Corporation news, EVP Glen Daniel Weinstein sold 728 shares of iRobot Corporation stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $100.00, for a total value of $72,800.00. Following the completion of the sale, the executive vice president now directly owns 68,355 shares in the company, valued at $6,835,500. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Alison Dean sold 33,809 shares of iRobot Corporation stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $100.00, for a total value of $3,380,900.00. Following the completion of the sale, the chief financial officer now owns 82,609 shares of the company’s stock, valued at $8,260,900. The disclosure for this sale can be found here. Insiders have sold 44,537 shares of company stock worth $4,380,800 over the last three months. Insiders own 4.49% of the company’s stock.

Hedge funds have recently bought and sold shares of the business. UBS Asset Management Americas Inc. boosted its position in iRobot Corporation by 114.3% in the first quarter. UBS Asset Management Americas Inc. now owns 12,857 shares of the industrial products company’s stock worth $850,000 after purchasing an additional 6,858 shares during the last quarter. Teachers Advisors LLC boosted its position in iRobot Corporation by 5.7% in the first quarter. Teachers Advisors LLC now owns 46,735 shares of the industrial products company’s stock worth $3,091,000 after purchasing an additional 2,502 shares during the last quarter. California Public Employees Retirement System raised its stake in shares of iRobot Corporation by 0.7% in the first quarter. California Public Employees Retirement System now owns 42,600 shares of the industrial products company’s stock valued at $2,818,000 after buying an additional 300 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of iRobot Corporation by 16.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,988 shares of the industrial products company’s stock valued at $132,000 after buying an additional 277 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of iRobot Corporation by 27.4% in the first quarter. Vanguard Group Inc. now owns 2,964,760 shares of the industrial products company’s stock valued at $196,089,000 after buying an additional 637,890 shares during the period. 81.28% of the stock is currently owned by institutional investors and hedge funds.

About iRobot Corporation

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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