State of New Jersey Common Pension Fund D raised its position in shares of Digital Turbine, Inc. (NASDAQ:APPS – Get Rating) by 27.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,265 shares of the software maker’s stock after purchasing an additional 24,108 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Digital Turbine were worth $1,632,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in APPS. Lazard Asset Management LLC raised its stake in shares of Digital Turbine by 86.6% during the 2nd quarter. Lazard Asset Management LLC now owns 2,110 shares of the software maker’s stock worth $36,000 after purchasing an additional 979 shares in the last quarter. Wipfli Financial Advisors LLC purchased a new stake in shares of Digital Turbine during the 3rd quarter worth about $38,000. Money Concepts Capital Corp raised its stake in shares of Digital Turbine by 5,650.0% during the 3rd quarter. Money Concepts Capital Corp now owns 3,680 shares of the software maker’s stock worth $53,000 after purchasing an additional 3,616 shares in the last quarter. Spence Asset Management purchased a new stake in shares of Digital Turbine during the 3rd quarter worth about $57,000. Finally, Quantbot Technologies LP purchased a new stake in shares of Digital Turbine during the 1st quarter worth about $58,000. 62.45% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on APPS shares. B. Riley cut their price objective on Digital Turbine from $33.00 to $28.00 and set a “buy” rating on the stock in a research note on Wednesday, October 5th. Bank of America started coverage on Digital Turbine in a research note on Monday, October 17th. They issued a “buy” rating and a $24.00 price objective on the stock. Craig Hallum cut their price objective on Digital Turbine from $60.00 to $30.00 in a research note on Thursday, November 10th. Roth Capital cut their price objective on Digital Turbine from $32.00 to $20.00 in a research note on Monday, October 31st. Finally, Oppenheimer cut their price objective on Digital Turbine from $32.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 4th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $26.83.
Digital Turbine Stock Performance
Digital Turbine (NASDAQ:APPS – Get Rating) last issued its quarterly earnings results on Wednesday, November 9th. The software maker reported $0.28 EPS for the quarter, topping the consensus estimate of $0.26 by $0.02. The company had revenue of $174.86 million for the quarter, compared to the consensus estimate of $173.67 million. Digital Turbine had a return on equity of 26.56% and a net margin of 5.82%. On average, equities analysts expect that Digital Turbine, Inc. will post 1.15 EPS for the current year.
Digital Turbine Company Profile
Digital Turbine, Inc engages in the innovation of media and mobile communications which help to deliver an end-to-end platform solution for mobile operators, application developers, device original equipment manufacturers (OEM), and other third parties. It operates through the Following Segments: On Device Media (ODM), In App Media-AdColony (IAM-A) and In App Media-Fyber (IAM-F).
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