Allspring Global Investments Holdings LLC Trims Stock Position in Stagwell Inc. (NASDAQ:STGW)

Allspring Global Investments Holdings LLC cut its holdings in Stagwell Inc. (NASDAQ:STGW) by 26.0% during the first quarter, HoldingsChannel reports. The fund owned 321,717 shares of the company’s stock after selling 112,759 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Stagwell were worth $2,001,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Dark Forest Capital Management LP purchased a new stake in Stagwell in the third quarter valued at $142,000. Trexquant Investment LP acquired a new position in Stagwell in the third quarter valued at about $654,000. AXQ Capital LP purchased a new position in Stagwell during the third quarter worth about $53,000. Laurion Capital Management LP purchased a new position in Stagwell during the third quarter worth about $59,000. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Stagwell by 89.1% during the third quarter. Jacobs Levy Equity Management Inc. now owns 733,573 shares of the company’s stock valued at $3,440,000 after acquiring an additional 345,669 shares during the last quarter. 35.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Stagwell news, Director Bradley J. Gross sold 4,000,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $6.34, for a total transaction of $25,360,000.00. Following the completion of the sale, the director now directly owns 12,981,022 shares of the company’s stock, valued at approximately $82,299,679.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on STGW. The Goldman Sachs Group began coverage on shares of Stagwell in a report on Tuesday, June 25th. They issued a “neutral” rating and a $6.50 price objective on the stock. TheStreet upgraded Stagwell from a “d+” rating to a “c-” rating in a research report on Wednesday, March 6th. Needham & Company LLC reiterated a “buy” rating and issued a $7.50 price objective on shares of Stagwell in a report on Thursday, May 2nd. B. Riley increased their target price on Stagwell from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Finally, Benchmark lifted their target price on Stagwell from $6.50 to $9.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.78.

Stagwell Price Performance

STGW traded up $0.02 on Tuesday, hitting $6.70. 24,513 shares of the company were exchanged, compared to its average volume of 539,567. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 1.59. The firm has a 50-day moving average price of $6.72 and a two-hundred day moving average price of $6.37. Stagwell Inc. has a twelve month low of $3.83 and a twelve month high of $8.59.

Stagwell (NASDAQ:STGW) last issued its quarterly earnings data on Wednesday, May 1st. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.06). Stagwell had a positive return on equity of 7.31% and a negative net margin of 0.16%. The firm had revenue of $670.06 million for the quarter, compared to analysts’ expectations of $633.45 million. Equities research analysts expect that Stagwell Inc. will post 0.64 EPS for the current year.

Stagwell Company Profile

Stagwell Inc provides digital transformation, performance media and data, consumer insights and strategy, and creativity and communications services. The company operates through three segments: Integrated Agencies Network, Brand Performance Network, and Communications Network. It designs and builds digital platforms and experiences that support the delivery of content, commerce, service, and sales; creates websites, mobile applications, back-end systems, content and data management systems, and other digital environments; designs and implements technology and data strategies; and develops software and related technology products, including artificial intelligence (AI)-enabled communications, research, and media technology, cookie-less data platforms for advance targeting and activation, software tools for e-commerce applications, specialty media solutions in the augmented reality space, and text messaging applications for consumer engagement.