Zacks Investment Research Upgrades Monotype Imaging (NASDAQ:TYPE) to Strong-Buy

Monotype Imaging (NASDAQ:TYPE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The brokerage currently has a $23.00 price target on the software maker’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 15.69% from the company’s previous close.

According to Zacks, “Monotype is a leader in empowering expression and engagement through a combination of type, technology and expertise. Headquartered in Woburn, Mass., Monotype provides customers worldwide with typeface solutions for a broad range of creative applications and consumer devices. The company’s libraries and e-commerce sites are home to many of the most widely used typefaces – including the Helvetica, Frutiger and Univers families – as well as the next generation of type designs. Monotype provides the design assets, technology and expertise that help you create beautiful, authentic and impactful brands that customers will engage with and value, wherever they experience your brand, now and in the future. Their fonts and technologies are designed to enable creative expression and give brands a distinct global voice. They are behind the text you read in newspapers and books, in the apps on your phone, in the websites you browse, on the dashboard you scan, on the goods you buy, and in the games you play. “

Other research analysts also recently issued research reports about the company. B. Riley reaffirmed a “neutral” rating and set a $17.50 price objective (down previously from $26.00) on shares of Monotype Imaging in a report on Monday, April 29th. ValuEngine raised Monotype Imaging from a “sell” rating to a “hold” rating in a report on Saturday, July 27th. JPMorgan Chase & Co. set a $20.00 price objective on Monotype Imaging and gave the stock a “hold” rating in a report on Friday, April 26th. TheStreet downgraded Monotype Imaging from a “b-” rating to a “c” rating in a report on Friday, May 3rd. Finally, BidaskClub downgraded Monotype Imaging from a “hold” rating to a “sell” rating in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company. Monotype Imaging presently has a consensus rating of “Hold” and a consensus price target of $20.17.

NASDAQ:TYPE traded down $0.04 during trading hours on Thursday, hitting $19.88. 509,007 shares of the stock were exchanged, compared to its average volume of 632,821. The company’s 50 day moving average is $17.45. Monotype Imaging has a twelve month low of $15.29 and a twelve month high of $22.30. The company has a debt-to-equity ratio of 0.20, a current ratio of 2.30 and a quick ratio of 2.32. The firm has a market capitalization of $824.53 million, a P/E ratio of 22.95 and a beta of 1.00.

Monotype Imaging (NASDAQ:TYPE) last posted its quarterly earnings data on Friday, July 26th. The software maker reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.19. Monotype Imaging had a return on equity of 10.65% and a net margin of 10.28%. The firm had revenue of $63.24 million for the quarter, compared to the consensus estimate of $57.35 million. During the same quarter in the prior year, the business earned $0.30 EPS. The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, research analysts anticipate that Monotype Imaging will post 1.02 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of TYPE. California Public Employees Retirement System raised its holdings in shares of Monotype Imaging by 55.4% during the 4th quarter. California Public Employees Retirement System now owns 67,689 shares of the software maker’s stock worth $1,051,000 after acquiring an additional 24,134 shares during the period. Bank of New York Mellon Corp increased its position in shares of Monotype Imaging by 1.2% during the 4th quarter. Bank of New York Mellon Corp now owns 633,144 shares of the software maker’s stock worth $9,826,000 after purchasing an additional 7,488 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Monotype Imaging by 3.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,568,675 shares of the software maker’s stock worth $24,346,000 after purchasing an additional 55,594 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Monotype Imaging by 4.6% during the 4th quarter. Geode Capital Management LLC now owns 478,540 shares of the software maker’s stock worth $7,426,000 after purchasing an additional 21,081 shares during the last quarter. Finally, Bank of America Corp DE increased its position in shares of Monotype Imaging by 227.9% during the 4th quarter. Bank of America Corp DE now owns 46,929 shares of the software maker’s stock worth $728,000 after purchasing an additional 32,616 shares during the last quarter. Institutional investors own 89.33% of the company’s stock.

About Monotype Imaging

Monotype Imaging Holdings Inc develops, markets, and licenses technologies and fonts in the United States, Europe, the Middle East, Africa, Japan, and internationally. The company's solutions include type intellectual property (IP), enterprise software for visual content marketing solutions, custom type design services, and tools and technologies through direct sales channels, e-commerce platforms, and partner platforms.

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