Forrester Research (NASDAQ:FORR) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, October 16th, BidAskClub reports.
Several other analysts have also recently issued reports on the company. Zacks Investment Research upgraded Forrester Research from a “hold” rating to a “buy” rating and set a $35.00 price objective on the stock in a research note on Wednesday, October 9th. Maxim Group reiterated a “buy” rating and issued a $59.00 price objective (down from $62.00) on shares of Forrester Research in a research note on Thursday, August 1st. ValuEngine cut Forrester Research from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Barrington Research reissued a “hold” rating on shares of Forrester Research in a report on Thursday, August 8th. Finally, Sidoti assumed coverage on Forrester Research in a report on Wednesday, August 28th. They issued a “buy” rating and a $55.00 target price on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Forrester Research currently has a consensus rating of “Buy” and an average price target of $51.00.
Shares of Forrester Research stock opened at $36.17 on Wednesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.64 and a current ratio of 0.64. The stock has a 50 day moving average of $33.96 and a 200 day moving average of $41.38. Forrester Research has a fifty-two week low of $30.76 and a fifty-two week high of $51.75. The firm has a market capitalization of $671.58 million, a price-to-earnings ratio of 43.06 and a beta of 0.72.
Forrester Research (NASDAQ:FORR) last released its quarterly earnings results on Thursday, October 24th. The technology company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Forrester Research had a negative return on equity of 6.12% and a negative net margin of 2.08%. The company had revenue of $108.60 million for the quarter, compared to analysts’ expectations of $107.21 million. Analysts forecast that Forrester Research will post -0.7 EPS for the current year.
In other news, Director Neil Bradford acquired 3,040 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $32.63 per share, with a total value of $99,195.20. Following the completion of the acquisition, the director now owns 8,809 shares in the company, valued at approximately $287,437.67. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 43.40% of the company’s stock.
Several hedge funds have recently modified their holdings of the business. Nuveen Asset Management LLC purchased a new position in shares of Forrester Research during the second quarter worth about $4,392,000. GW&K Investment Management LLC lifted its position in Forrester Research by 41.9% in the third quarter. GW&K Investment Management LLC now owns 154,898 shares of the technology company’s stock valued at $4,978,000 after purchasing an additional 45,724 shares during the period. BlackRock Inc. lifted its position in Forrester Research by 2.7% in the second quarter. BlackRock Inc. now owns 1,638,798 shares of the technology company’s stock valued at $77,072,000 after purchasing an additional 42,795 shares during the period. Renaissance Technologies LLC lifted its position in Forrester Research by 5.3% in the second quarter. Renaissance Technologies LLC now owns 839,018 shares of the technology company’s stock valued at $39,459,000 after purchasing an additional 42,418 shares during the period. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in Forrester Research in the second quarter valued at about $1,916,000. 53.93% of the stock is currently owned by institutional investors.
About Forrester Research
Forrester Research, Inc operates as an independent research, data, and advisory services company. It operates through Research, Product, and Project Consulting segments. Its primary syndicated research product is Research, which offers clients with access to its syndicated research designed to inform their strategic decision-making.
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