Janney Montgomery Scott LLC Sells 6,215 Shares of IAC Inc. (NASDAQ:IAC)

Janney Montgomery Scott LLC cut its holdings in shares of IAC Inc. (NASDAQ:IACGet Rating) by 39.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,569 shares of the company’s stock after selling 6,215 shares during the period. Janney Montgomery Scott LLC’s holdings in IAC were worth $530,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IAC. Raymond James & Associates boosted its stake in IAC by 1.1% in the third quarter. Raymond James & Associates now owns 32,248 shares of the company’s stock valued at $1,786,000 after acquiring an additional 336 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in IAC by 20.8% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 58,764 shares of the company’s stock valued at $3,254,000 after acquiring an additional 10,132 shares in the last quarter. NuWave Investment Management LLC acquired a new stake in IAC in the third quarter valued at approximately $147,000. Chemistry Wealth Management LLC boosted its stake in IAC by 22.8% in the third quarter. Chemistry Wealth Management LLC now owns 6,525 shares of the company’s stock valued at $361,000 after acquiring an additional 1,211 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in IAC by 0.5% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 225,056 shares of the company’s stock valued at $12,464,000 after acquiring an additional 1,055 shares in the last quarter. 89.08% of the stock is currently owned by institutional investors.

Insider Activity at IAC

In other news, Director Michael D. Eisner purchased 73,641 shares of the company’s stock in a transaction that occurred on Tuesday, November 22nd. The shares were bought at an average price of $46.78 per share, for a total transaction of $3,444,925.98. Following the completion of the transaction, the director now owns 124,484 shares in the company, valued at $5,823,361.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 13.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Cowen lowered their target price on shares of IAC from $124.00 to $80.00 in a research note on Monday, November 7th. Benchmark decreased their price target on shares of IAC to $130.00 in a report on Tuesday, November 15th. Credit Suisse Group raised their price target on shares of IAC from $101.00 to $108.00 and gave the stock an “outperform” rating in a report on Thursday, November 10th. Piper Sandler decreased their price target on shares of IAC from $100.00 to $67.00 and set an “overweight” rating for the company in a report on Wednesday, November 9th. Finally, The Goldman Sachs Group decreased their price target on shares of IAC from $115.00 to $87.00 and set a “buy” rating for the company in a report on Thursday, November 10th. Two research analysts have rated the stock with a sell rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $90.56.

IAC Stock Up 5.2 %

IAC stock opened at $55.05 on Monday. The firm has a market cap of $4.57 billion, a PE ratio of -4.15 and a beta of 0.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.29 and a current ratio of 2.29. The firm’s fifty day moving average is $47.93 and its 200 day moving average is $57.06. IAC Inc. has a one year low of $41.52 and a one year high of $138.76.

IAC (NASDAQ:IACGet Rating) last released its quarterly earnings results on Tuesday, November 8th. The company reported ($1.23) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.82). The firm had revenue of $1.30 billion for the quarter, compared to analyst estimates of $1.33 billion. IAC had a negative net margin of 22.34% and a negative return on equity of 5.14%. On average, research analysts forecast that IAC Inc. will post -14.15 EPS for the current year.

About IAC

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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.

Further Reading

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Institutional Ownership by Quarter for IAC (NASDAQ:IAC)

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