United Services Automobile Association lifted its position in Digital Turbine Inc (NASDAQ:APPS) by 143.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 1,382,947 shares of the software maker’s stock after acquiring an additional 815,677 shares during the period. United Services Automobile Association’s holdings in Digital Turbine were worth $2,088,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. Northern Trust Corp boosted its position in shares of Digital Turbine by 35.9% in the first quarter. Northern Trust Corp now owns 125,271 shares of the software maker’s stock worth $251,000 after purchasing an additional 33,078 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Digital Turbine by 297.2% during the first quarter. JPMorgan Chase & Co. now owns 482,504 shares of the software maker’s stock worth $970,000 after acquiring an additional 361,016 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of Digital Turbine during the first quarter worth $309,000. Barclays PLC bought a new position in shares of Digital Turbine during the first quarter worth $162,000. Finally, Element Capital Management LLC bought a new position in shares of Digital Turbine during the first quarter worth $133,000. Institutional investors own 26.67% of the company’s stock.
A number of equities analysts recently weighed in on APPS shares. Zacks Investment Research lowered shares of Digital Turbine from a “hold” rating to a “sell” rating in a research report on Tuesday, July 10th. National Securities restated a “buy” rating and set a $3.50 target price on shares of Digital Turbine in a research report on Monday, August 13th. Finally, ValuEngine lowered shares of Digital Turbine from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $2.60.
Digital Turbine (NASDAQ:APPS) last issued its earnings results on Thursday, August 9th. The software maker reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. Digital Turbine had a negative net margin of 44.22% and a negative return on equity of 16.50%. The firm had revenue of $22.11 million during the quarter, compared to analyst estimates of $22.98 million. On average, research analysts forecast that Digital Turbine Inc will post -0.04 EPS for the current year.
In other Digital Turbine news, Director Roy H. Chestnutt purchased 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The shares were bought at an average price of $1.32 per share, with a total value of $26,400.00. Following the completion of the purchase, the director now directly owns 66,763 shares in the company, valued at $88,127.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert M. Deutschman purchased 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 11th. The shares were acquired at an average cost of $1.27 per share, for a total transaction of $31,750.00. Following the purchase, the director now owns 292,550 shares of the company’s stock, valued at $371,538.50. The disclosure for this purchase can be found here. 6.20% of the stock is currently owned by corporate insiders.
Digital Turbine Profile
Digital Turbine, Inc, through its subsidiaries, provides media and mobile communication solutions for mobile operators, application developers, device original equipment manufacturers, and other third parties worldwide. The company offers Ignite, a mobile application management software to control, manage, and monetize the applications that are installed on mobile devices and professional services directly related to the ignite platform.
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