Fred Alger Management LLC Trims Position in Informatica Inc. (NYSE:INFA)

Fred Alger Management LLC lessened its holdings in shares of Informatica Inc. (NYSE:INFA - Free Report) by 99.8% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,402 shares of the technology company's stock after selling 792,682 shares during the period. Fred Alger Management LLC's holdings in Informatica were worth $35,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Informatica by 11.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,935 shares of the technology company's stock valued at $201,000 after acquiring an additional 810 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Informatica by 4.3% in the second quarter. The Manufacturers Life Insurance Company now owns 21,824 shares of the technology company's stock valued at $674,000 after purchasing an additional 902 shares in the last quarter. Verdence Capital Advisors LLC grew its holdings in Informatica by 10.6% during the third quarter. Verdence Capital Advisors LLC now owns 10,387 shares of the technology company's stock worth $263,000 after buying an additional 993 shares in the last quarter. First Horizon Advisors Inc. bought a new stake in Informatica during the second quarter worth $32,000. Finally, Amalgamated Bank raised its position in Informatica by 42.1% in the 2nd quarter. Amalgamated Bank now owns 3,498 shares of the technology company's stock valued at $108,000 after buying an additional 1,037 shares during the last quarter. Institutional investors own 98.45% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on INFA shares. JPMorgan Chase & Co. reduced their target price on shares of Informatica from $38.00 to $34.00 and set an "overweight" rating for the company in a research note on Friday, October 25th. UBS Group increased their price objective on shares of Informatica from $27.00 to $30.00 and gave the company a "neutral" rating in a research note on Thursday, October 31st. Finally, Guggenheim restated a "buy" rating on shares of Informatica in a research note on Friday, October 18th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $33.20.

Insider Activity at Informatica

In related news, CAO Mark Pellowski sold 10,026 shares of the business's stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $26.76, for a total value of $268,295.76. Following the transaction, the chief accounting officer now directly owns 142,671 shares of the company's stock, valued at approximately $3,817,875.96. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Arthur Schweitzer sold 8,501 shares of the business's stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $26.76, for a total transaction of $227,486.76. Following the completion of the transaction, the executive vice president now directly owns 393,686 shares in the company, valued at $10,535,037.36. This trade represents a 2.11 % decrease in their position. The disclosure for this sale can be found here. 48.10% of the stock is owned by company insiders.

Informatica Stock Up 1.9 %

INFA stock traded up $0.49 during midday trading on Tuesday, hitting $26.92. The company's stock had a trading volume of 2,273,060 shares, compared to its average volume of 1,749,098. The company has a market cap of $8.22 billion, a PE ratio of 128.15, a P/E/G ratio of 5.63 and a beta of 1.00. The firm's 50-day moving average is $25.93 and its 200-day moving average is $26.52. Informatica Inc. has a 12 month low of $22.08 and a 12 month high of $39.80. The company has a current ratio of 2.17, a quick ratio of 2.17 and a debt-to-equity ratio of 0.75.

Informatica announced that its Board of Directors has authorized a stock buyback program on Wednesday, October 30th that authorizes the company to buyback $400.00 million in outstanding shares. This buyback authorization authorizes the technology company to purchase up to 5.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

About Informatica

Informatica Inc develops an artificial intelligence-powered platform that connects, manages, and unifies data across multi-vendor, multi-cloud, and hybrid systems at enterprise scale worldwide. Its platform includes a suite of interoperable data management products, including data integration products to ingest, transform, and integrate data; API and application integration products that enable users to create and manage APIs and integration processes for app-to-app synchronization, business process orchestration, B2B partner management, application development, and API management; data quality and observability products to profile, cleanse, standardize, observe, and monitor data to deliver accurate, complete, and consistent data; and master data management products to create an authoritative single source of truth of business-critical data.