Allspring Global Investments Holdings LLC lessened its stake in Digital Turbine, Inc. (NASDAQ:APPS – Free Report) by 23.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 9,878 shares of the software maker’s stock after selling 3,034 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Digital Turbine were worth $92,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in APPS. Rice Hall James & Associates LLC acquired a new stake in Digital Turbine in the 1st quarter valued at approximately $21,530,000. Raymond James & Associates grew its stake in shares of Digital Turbine by 37.6% in the first quarter. Raymond James & Associates now owns 53,074 shares of the software maker’s stock worth $2,325,000 after acquiring an additional 14,493 shares in the last quarter. American Century Companies Inc. grew its stake in shares of Digital Turbine by 39.4% in the first quarter. American Century Companies Inc. now owns 27,009 shares of the software maker’s stock worth $1,183,000 after acquiring an additional 7,634 shares in the last quarter. Cetera Advisor Networks LLC acquired a new position in shares of Digital Turbine in the first quarter worth $324,000. Finally, Rhumbline Advisers grew its stake in shares of Digital Turbine by 3.4% in the first quarter. Rhumbline Advisers now owns 239,498 shares of the software maker’s stock worth $10,492,000 after acquiring an additional 7,843 shares in the last quarter. Institutional investors and hedge funds own 64.64% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on APPS. TheStreet downgraded shares of Digital Turbine from a “c” rating to a “d+” rating in a research note on Wednesday, August 9th. StockNews.com began coverage on shares of Digital Turbine in a research note on Thursday, October 5th. They set a “sell” rating for the company. Finally, Bank of America downgraded shares of Digital Turbine from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $12.00 to $8.00 in a research note on Thursday, September 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Digital Turbine has a consensus rating of “Hold” and a consensus price target of $13.17.
Insider Activity
In other Digital Turbine news, Director Robert M. Deutschman bought 20,000 shares of Digital Turbine stock in a transaction dated Thursday, September 14th. The stock was acquired at an average cost of $6.44 per share, with a total value of $128,800.00. Following the completion of the acquisition, the director now owns 350,055 shares of the company’s stock, valued at $2,254,354.20. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Digital Turbine news, Director Robert M. Deutschman bought 20,000 shares of Digital Turbine stock in a transaction dated Thursday, September 14th. The stock was acquired at an average cost of $6.44 per share, with a total value of $128,800.00. Following the completion of the acquisition, the director now owns 350,055 shares of the company’s stock, valued at $2,254,354.20. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Gordon Stone III sold 95,000 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $6.73, for a total transaction of $639,350.00. Following the completion of the sale, the chief executive officer now directly owns 1,589,654 shares of the company’s stock, valued at $10,698,371.42. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.
Digital Turbine Price Performance
Shares of APPS opened at $5.47 on Thursday. Digital Turbine, Inc. has a 1-year low of $5.30 and a 1-year high of $20.40. The stock has a market cap of $549.33 million, a PE ratio of -78.07, a price-to-earnings-growth ratio of 2.18 and a beta of 2.56. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.22 and a quick ratio of 1.22. The firm has a fifty day moving average price of $7.30 and a 200 day moving average price of $9.55.
Digital Turbine (NASDAQ:APPS – Get Free Report) last announced its quarterly earnings results on Tuesday, August 8th. The software maker reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Digital Turbine had a negative net margin of 1.03% and a positive return on equity of 10.47%. The firm had revenue of $146.37 million during the quarter, compared to analysts’ expectations of $143.06 million. As a group, sell-side analysts anticipate that Digital Turbine, Inc. will post 0.32 EPS for the current year.
About Digital Turbine
Digital Turbine, Inc, through its subsidiaries, operates a mobile growth platform for advertisers, publishers, carriers, and device original equipment manufacturers (OEMs). The company operates through two segments, On Device Solutions and App Growth Platform. Its application media platform delivers mobile applications to various publishers, carriers, OEMs, and devices; and content media platform offers news, weather, sports, and other content, as well as programmatic advertising and media content delivery services, and sponsored and editorial content media.
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