Forrester Research (NASDAQ:FORR) Upgraded to “Sell” by BidaskClub

Forrester Research (NASDAQ:FORR) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Wednesday, BidAskClub reports.

Several other brokerages have also issued reports on FORR. Zacks Investment Research upgraded Forrester Research from a “hold” rating to a “buy” rating and set a $35.00 price target on the stock in a research note on Wednesday, October 9th. Barrington Research reiterated a “hold” rating on shares of Forrester Research in a research note on Thursday, August 8th. Sidoti initiated coverage on Forrester Research in a research note on Wednesday, August 28th. They issued a “buy” rating and a $55.00 price target on the stock. Maxim Group reiterated a “buy” rating and issued a $59.00 price target (down previously from $62.00) on shares of Forrester Research in a research note on Thursday, August 1st. Finally, ValuEngine lowered Forrester Research from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Buy” and an average target price of $49.67.

Shares of FORR traded down $0.35 during midday trading on Wednesday, hitting $34.63. The company’s stock had a trading volume of 651 shares, compared to its average volume of 58,078. Forrester Research has a one year low of $30.76 and a one year high of $51.75. The company’s fifty day simple moving average is $33.87 and its two-hundred day simple moving average is $42.93. The company has a quick ratio of 0.64, a current ratio of 0.64 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $628.91 million, a price-to-earnings ratio of 41.40 and a beta of 0.73.

Forrester Research (NASDAQ:FORR) last issued its quarterly earnings results on Wednesday, July 31st. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.04. Forrester Research had a negative return on equity of 1.65% and a negative net margin of 0.59%. The company had revenue of $128.18 million for the quarter, compared to analyst estimates of $126.76 million. On average, research analysts predict that Forrester Research will post -0.57 earnings per share for the current year.

In other Forrester Research news, Director Neil Bradford purchased 3,040 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The shares were bought at an average price of $32.63 per share, for a total transaction of $99,195.20. Following the purchase, the director now owns 8,809 shares in the company, valued at approximately $287,437.67. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 43.40% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its position in Forrester Research by 35.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 36,464 shares of the technology company’s stock worth $1,723,000 after acquiring an additional 9,630 shares during the last quarter. Wells Fargo & Company MN grew its position in Forrester Research by 8.1% during the 2nd quarter. Wells Fargo & Company MN now owns 36,027 shares of the technology company’s stock worth $1,694,000 after acquiring an additional 2,693 shares during the last quarter. Swiss National Bank grew its position in Forrester Research by 11.5% during the 2nd quarter. Swiss National Bank now owns 20,350 shares of the technology company’s stock worth $957,000 after acquiring an additional 2,100 shares during the last quarter. Menta Capital LLC grew its position in Forrester Research by 53.1% during the 2nd quarter. Menta Capital LLC now owns 10,095 shares of the technology company’s stock worth $475,000 after acquiring an additional 3,500 shares during the last quarter. Finally, MetLife Investment Advisors LLC grew its position in Forrester Research by 27.8% during the 1st quarter. MetLife Investment Advisors LLC now owns 4,738 shares of the technology company’s stock worth $229,000 after acquiring an additional 1,031 shares during the last quarter. Institutional investors and hedge funds own 55.45% of the company’s stock.

Forrester Research Company Profile

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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