Summit Global Investments Invests $868,000 in QuinStreet, Inc. $QNST

Summit Global Investments purchased a new stake in QuinStreet, Inc. (NASDAQ:QNST) in the second quarter, HoldingsChannel reports. The firm purchased 59,265 shares of the technology company’s stock, valued at approximately $868,000.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in QuinStreet by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 4,257,710 shares of the technology company’s stock worth $61,183,000 after acquiring an additional 133,468 shares during the last quarter. Private Capital Management LLC increased its stake in QuinStreet by 0.4% in the fourth quarter. Private Capital Management LLC now owns 4,171,946 shares of the technology company’s stock valued at $59,951,000 after purchasing an additional 17,690 shares in the last quarter. Millennium Management LLC increased its stake in QuinStreet by 21.3% in the third quarter. Millennium Management LLC now owns 1,682,060 shares of the technology company’s stock valued at $26,021,000 after purchasing an additional 295,680 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in QuinStreet by 42.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,595,184 shares of the technology company’s stock worth $22,923,000 after purchasing an additional 472,407 shares during the period. Finally, Lazard Asset Management LLC raised its holdings in QuinStreet by 619.0% in the first quarter. Lazard Asset Management LLC now owns 1,441,113 shares of the technology company’s stock worth $17,308,000 after purchasing an additional 1,240,667 shares during the period. 97.83% of the stock is currently owned by institutional investors and hedge funds.

QuinStreet Stock Performance

Shares of QNST opened at $20.50 on Friday. The firm has a market cap of $1.18 billion, a P/E ratio of 14.54 and a beta of 0.66. QuinStreet, Inc. has a twelve month low of $10.28 and a twelve month high of $22.29. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.18 and a current ratio of 1.22. The firm’s 50 day moving average price is $15.67 and its two-hundred day moving average price is $13.39.

QuinStreet (NASDAQ:QNST) last issued its quarterly earnings data on Thursday, August 6th. The technology company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.06. QuinStreet had a net margin of 6.28% and a return on equity of 12.73%. The company had revenue of $373.88 million during the quarter, compared to the consensus estimate of $359.95 million. On average, analysts forecast that QuinStreet, Inc. will post 0.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on QNST. Zacks Research raised shares of QuinStreet from a “strong sell” rating to a “hold” rating in a report on Thursday, July 30th. Wall Street Zen raised QuinStreet from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Lake Street Capital upgraded QuinStreet from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Friday, August 7th. B. Riley Financial reissued a “buy” rating on shares of QuinStreet in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded QuinStreet from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, July 9th. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.00.

Insider Buying and Selling

In other QuinStreet news, CEO Douglas Valenti sold 751,631 shares of QuinStreet stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $20.50, for a total value of $15,408,435.50. Following the sale, the chief executive officer owned 996,278 shares of the company’s stock, valued at $20,423,699. This trade represents a 43.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Gregory Wong sold 26,296 shares of QuinStreet stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $20.09, for a total value of $528,286.64. Following the completion of the sale, the chief financial officer directly owned 521,883 shares in the company, valued at $10,484,629.47. This represents a 4.80% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 825,322 shares of company stock valued at $16,668,917. Company insiders own 5.00% of the company’s stock.

About QuinStreet

QuinStreet, Inc operates a technology-based performance marketing platform that connects companies with prospective customers across multiple verticals. The company specializes in data-driven lead generation for financial services, education, insurance, healthcare, and home services firms. By leveraging proprietary targeting algorithms and real-time analytics, QuinStreet manages customized digital marketing campaigns to optimize customer acquisition and retention for its clients.

Through a portfolio of consumer-facing websites and comparison platforms, QuinStreet delivers targeted visitors who are actively researching products and services.