Electronics for Imaging, Inc. (EFII) Shares Gap Down After Analyst Downgrade
Electronics for Imaging, Inc. (NASDAQ:EFII)’s share price gapped down before the market opened on Monday after Citigroup lowered their price target on the stock from $53.00 to $43.00. The stock had previously closed at $26.44, but opened at $29.75. Citigroup currently has a buy rating on the stock. Electronics for Imaging shares last traded at $30.37, with a volume of 1,524,281 shares traded.
A number of other research firms have also recently issued reports on EFII. Barclays PLC reissued a “buy” rating and set a $47.00 price objective on shares of Electronics for Imaging in a research report on Thursday, September 14th. ValuEngine cut shares of Electronics for Imaging from a “hold” rating to a “sell” rating in a research report on Friday, September 8th. TheStreet cut shares of Electronics for Imaging from a “b-” rating to a “c” rating in a research report on Friday, August 4th. Morgan Stanley increased their price objective on shares of Electronics for Imaging from $29.00 to $33.00 and gave the stock an “underweight” rating in a research report on Friday, September 22nd. Finally, Needham & Company LLC reissued a “buy” rating and set a $48.00 price objective (up previously from $45.00) on shares of Electronics for Imaging in a research report on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $45.75.
In related news, CEO Guy Gecht sold 9,000 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $41.02, for a total value of $369,180.00. Following the transaction, the chief executive officer now owns 377,950 shares of the company’s stock, valued at approximately $15,503,509. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.88% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new stake in Electronics for Imaging in the 2nd quarter valued at about $108,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Electronics for Imaging by 9.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,504 shares of the technology company’s stock valued at $119,000 after buying an additional 217 shares during the last quarter. TrimTabs Asset Management LLC purchased a new stake in Electronics for Imaging in the 2nd quarter valued at about $216,000. Shelton Capital Management purchased a new stake in Electronics for Imaging in the 2nd quarter valued at about $219,000. Finally, Riverhead Capital Management LLC increased its stake in Electronics for Imaging by 75.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,730 shares of the technology company’s stock valued at $224,000 after buying an additional 2,030 shares during the last quarter.
The company’s 50 day moving average is $41.43 and its 200-day moving average is $43.54. The stock has a market capitalization of $1.42 billion, a PE ratio of 31.70 and a beta of 1.29.
Electronics for Imaging (NASDAQ:EFII) last issued its earnings results on Thursday, October 26th. The technology company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.10). The firm had revenue of $248.36 million during the quarter, compared to the consensus estimate of $258.09 million. Electronics for Imaging had a return on equity of 3.67% and a net margin of 3.09%. The company’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.58 EPS. Equities research analysts forecast that Electronics for Imaging, Inc. will post $2.13 earnings per share for the current year.
Electronics for Imaging declared that its Board of Directors has initiated a stock repurchase program on Monday, September 11th that permits the company to repurchase $125.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
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About Electronics for Imaging
Electronics For Imaging, Inc is engaged in digital printing, focused on the transformation of the printing, packaging, ceramic tile decoration, and textile industries from the use of traditional analog-based printing to digital on-demand printing. It operates through three segments. The Industrial Inkjet segment consists of its VUTEk and Matan super-wide and wide format display graphics, Reggiani textile, Jetrion label and packaging and Cretaprint ceramic tile decoration and construction material industrial digital inkjet printers; ceramic, water-based, and thermoforming ink, and digital inkjet printer parts, and professional services.
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