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

Zacks Investment Research lowered shares of iRobot Corporation (NASDAQ:IRBT) from a buy rating to a hold rating in a research note published on Wednesday.

According to Zacks, “iRobot’s third-quarter 2017 earnings of 60 cents per share surpassed the Zacks Consensus Estimate by 36.4%. This upside stemmed from a robust home robotics business in all end markets across the United States, Europe and the EMEA region. The company believes that a sturdy demand, meaningful innovation investments and the planned Robiolas buyout would boost its results in the quarters ahead. However, the stock has underperformed the industry and looks overvalued in the last three-month period. Headwinds such as a sudden supply-chain management problem or an excessive industry rivalry might hurt the company’s results in the quarters ahead.”

Several other equities research analysts also recently commented on IRBT. Dougherty & Co reissued a neutral rating on shares of iRobot Corporation in a research report on Thursday, October 26th. Needham & Company LLC reissued a hold rating on shares of iRobot Corporation in a research report on Thursday, October 26th. BidaskClub raised shares of iRobot Corporation from a buy rating to a strong-buy rating in a research report on Tuesday, August 1st. Canaccord Genuity reissued a hold rating and set a $65.00 target price (down from $95.00) on shares of iRobot Corporation in a research report on Thursday, October 26th. Finally, Piper Jaffray Companies boosted their target price on shares of 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. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $62.57.

iRobot Corporation (NASDAQ:IRBT) last posted its earnings results on Tuesday, October 24th. The industrial products company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.44 by $0.16. The company had revenue of $205.40 million during the quarter, compared to the consensus estimate of $204.52 million. iRobot Corporation had a net margin of 7.80% and a return on equity of 12.79%. The firm’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 earnings per share.

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In other iRobot Corporation news, EVP Glen Daniel Weinstein sold 728 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were 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 of the company’s stock, valued at approximately $6,835,500. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Alison Dean sold 33,809 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $100.00, for a total transaction of $3,380,900.00. Following the completion of the sale, the chief financial officer now directly owns 82,609 shares of the company’s stock, valued at $8,260,900. The disclosure for this sale can be found here. Insiders sold a total of 44,537 shares of company stock valued at $4,380,800 over the last ninety days. 4.49% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Creative Planning grew its position in iRobot Corporation by 14.0% in the 2nd quarter. Creative Planning now owns 1,317 shares of the industrial products company’s stock worth $111,000 after purchasing an additional 162 shares in the last quarter. Riverhead Capital Management LLC grew its position in iRobot Corporation by 66.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 1,665 shares of the industrial products company’s stock worth $140,000 after purchasing an additional 665 shares in the last quarter. FNY Partners Fund LP bought a new stake in iRobot Corporation in the 2nd quarter worth about $143,000. NEXT Financial Group Inc grew its position in iRobot Corporation by 6.2% in the 2nd quarter. NEXT Financial Group Inc now owns 1,890 shares of the industrial products company’s stock worth $159,000 after purchasing an additional 110 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its position in iRobot Corporation by 16.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,988 shares of the industrial products company’s stock worth $132,000 after purchasing an additional 277 shares in the last quarter. 81.25% of the stock is 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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