Zacks Investment Research upgraded shares of Forrester Research, Inc. (NASDAQ:FORR) from a hold rating to a buy rating in a report issued on Monday. They currently have $51.00 price objective on the technology company’s stock.
According to Zacks, “Forrester Research, Inc. is a global research and advisory firm serving professionals in 13 key roles across three distinct client segments. Their clients face progressively complex business and technology decisions every day. To help them understand, strategize, and act upon opportunities brought by change, Forrester provides proprietary research, consumer and business data, custom consulting, events and online communities, and peer-to-peer executive programs. They guide leaders in business technology, marketing and strategy, and the technology industry through independent fact-based insight, ensuring their business success today and tomorrow. “
Separately, BidaskClub raised Forrester Research from a hold rating to a buy rating in a research report on Friday, August 25th.
Forrester Research (NASDAQ:FORR) traded up 2.17% during mid-day trading on Monday, reaching $44.75. 16,685 shares of the company traded hands. Forrester Research has a 12-month low of $34.95 and a 12-month high of $45.25. The firm has a market capitalization of $793.55 million, a P/E ratio of 45.66 and a beta of 0.44. The company’s 50 day moving average price is $42.42 and its 200 day moving average price is $40.54.
Forrester Research (NASDAQ:FORR) last posted its quarterly earnings results on Wednesday, October 25th. The technology company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.07. Forrester Research had a return on equity of 13.76% and a net margin of 5.70%. The business had revenue of $80.40 million for the quarter, compared to the consensus estimate of $78.92 million. During the same quarter in the prior year, the company earned $0.32 EPS. The business’s revenue was up 3.9% compared to the same quarter last year. Equities research analysts predict that Forrester Research will post $1.20 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 20th. Stockholders of record on Wednesday, December 6th will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, December 5th. Forrester Research’s payout ratio is 73.79%.
In related news, Director Henk Broeders sold 17,469 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $41.00, for a total transaction of $716,229.00. Following the sale, the director now owns 26,030 shares of the company’s stock, valued at $1,067,230. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gretchen Teichgraeber sold 6,250 shares of the firm’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $41.00, for a total value of $256,250.00. Following the sale, the director now directly owns 16,020 shares in the company, valued at approximately $656,820. The disclosure for this sale can be found here. Insiders have sold a total of 53,196 shares of company stock worth $2,180,807 in the last three months. Corporate insiders own 44.30% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in Forrester Research by 4.8% during the second quarter. Vanguard Group Inc. now owns 961,242 shares of the technology company’s stock valued at $37,633,000 after purchasing an additional 44,180 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Forrester Research by 0.9% during the second quarter. Dimensional Fund Advisors LP now owns 711,388 shares of the technology company’s stock valued at $27,851,000 after purchasing an additional 6,447 shares in the last quarter. Renaissance Technologies LLC boosted its position in Forrester Research by 5.7% during the second quarter. Renaissance Technologies LLC now owns 585,600 shares of the technology company’s stock valued at $22,926,000 after purchasing an additional 31,400 shares in the last quarter. State Street Corp boosted its position in Forrester Research by 5.3% during the second quarter. State Street Corp now owns 265,972 shares of the technology company’s stock valued at $10,416,000 after purchasing an additional 13,450 shares in the last quarter. Finally, Ballentine Partners LLC bought a new stake in Forrester Research during the second quarter valued at about $10,365,000. 52.07% of the stock is currently owned by institutional investors.
About Forrester Research
Forrester Research, Inc (Forrester) is an independent research, data, and advisory services firm. The Company offers research, data, advisory and related services that are thematic, prescriptive and executable, and that provide a perspective on the changing business environment. Its segments include Research, Product and Project Consulting.
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