MetLife Investment Management LLC Reduces Stake in Digital Turbine, Inc. (NASDAQ:APPS)

MetLife Investment Management LLC trimmed its stake in Digital Turbine, Inc. (NASDAQ:APPS) by 43.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,508 shares of the software maker’s stock after selling 23,914 shares during the quarter. MetLife Investment Management LLC’s holdings in Digital Turbine were worth $94,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of APPS. Price T Rowe Associates Inc. MD increased its holdings in Digital Turbine by 57.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 112,797 shares of the software maker’s stock worth $296,000 after acquiring an additional 41,261 shares during the period. SG Americas Securities LLC bought a new position in shares of Digital Turbine in the 2nd quarter worth $46,000. Baader Bank Aktiengesellschaft bought a new position in shares of Digital Turbine in the 2nd quarter worth $725,000. Assenagon Asset Management S.A. bought a new position in shares of Digital Turbine in the 2nd quarter worth $589,000. Finally, Rhumbline Advisers increased its holdings in shares of Digital Turbine by 3.9% in the 2nd quarter. Rhumbline Advisers now owns 152,877 shares of the software maker’s stock worth $254,000 after buying an additional 5,734 shares during the last quarter. 63.66% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Robert M. Deutschman purchased 100,000 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were purchased at an average cost of $1.41 per share, for a total transaction of $141,000.00. Following the completion of the acquisition, the director now owns 571,216 shares in the company, valued at approximately $805,414.56. This trade represents a 21.22 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders have acquired 127,000 shares of company stock worth $175,610. Insiders own 5.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on APPS. Bank of America lowered shares of Digital Turbine from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $3.50 to $1.00 in a report on Friday, November 15th. Macquarie decreased their price target on shares of Digital Turbine from $3.00 to $2.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Finally, Craig Hallum decreased their price target on shares of Digital Turbine from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $2.38.

Digital Turbine Stock Performance

APPS opened at $1.45 on Wednesday. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 2.24. The company has a market cap of $150.41 million, a price-to-earnings ratio of -0.49 and a beta of 2.38. The company’s 50 day moving average is $2.36 and its 200 day moving average is $2.39. Digital Turbine, Inc. has a 12-month low of $1.18 and a 12-month high of $7.33.

Digital Turbine (NASDAQ:APPS) last issued its quarterly earnings results on Wednesday, November 6th. The software maker reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.01). Digital Turbine had a negative net margin of 61.17% and a positive return on equity of 3.32%. The firm had revenue of $118.70 million for the quarter, compared to analysts’ expectations of $125.85 million. During the same period in the prior year, the firm earned $0.04 EPS. Digital Turbine’s revenue for the quarter was down 17.1% compared to the same quarter last year. On average, equities research analysts predict that Digital Turbine, Inc. will post -0.13 EPS for the current year.

About Digital Turbine

Digital Turbine, Inc, through its subsidiaries, operates a mobile growth platform for advertisers, publishers, carriers, and device original equipment manufacturers (OEMs). The company operates through two segments, On Device Solutions and App Growth Platform. Its application media platform delivers mobile applications to various publishers, carriers, OEMs, and devices; and content media platform offers news, weather, sports, and other content, as well as programmatic advertising and media content delivery services, and sponsored and editorial content media.