NEW YORK - IAC Inc. (NASDAQ:IAC), a leader in the field of computer programming and data processing services, has reported a significant change in its executive team. Erik Bradbury, the company's Senior Vice President and Controller, and also its Principal Accounting Officer, has announced his resignation effective August 9, 2024, to pursue a new opportunity.
The departure, as disclosed by the company on Thursday, was not due to any disagreements with the company's operations, policies, or practices, as stated by Bradbury. IAC has confirmed that the search for a new Chief Accounting Officer is underway to ensure a smooth transition.
Bradbury's resignation comes at a time when the company continues to navigate the competitive technology services landscape. His tenure with IAC has been marked by his role in overseeing the financial reporting and compliance as the Principal Accounting Officer.
IAC, formerly known as IAC/InterActiveCorp (NASDAQ:IAC) and IAC Holdings, Inc., has been a significant player in the tech industry, with a history of evolving through its strategic decisions. The company, incorporated in Delaware with headquarters at 555 West 18th Street, New York, has been at the forefront of various innovative services in the sector.
Investors and stakeholders of IAC Inc. are keeping a close watch on the developments, as the company's financial leadership plays a crucial role in its growth and stability. The transition in the finance department's leadership is an important event for the company, which is listed on the Nasdaq Global Select Market.
This report is based on a press release statement and further details regarding the new appointment will be closely monitored by the market.
IAC has not yet provided any additional comments regarding potential candidates or the expected timeline to fill the vacancy left by Bradbury. Market observers anticipate that the new hire will be someone capable of upholding the financial integrity and strategic direction that IAC has maintained in recent years.
In other recent news, IAC/InterActiveCorp continues to attract positive attention from analysts. TD Cowen has reiterated a Buy rating for IAC with a $78 price target, following a conversation with IAC's CFO & COO, Chris Halpin. Key topics of the conversation included the revenue trajectory of Dotdash Meredith (NYSE:MDP), effects of the new OpenAI partnership, Dotdash Meredith's profitability, and expectations from ANGI's new CEO.
In another development, Wells Fargo raised its price target for IAC from $82 to $84, maintaining an Overweight rating. The firm's positive adjustment reflects a favorable view of the company's performance and future prospects. Meanwhile, KeyBanc also raised its price target on IAC's stock to $67 from the previous $64, highlighting the performance of Dotdash Meredith as a key factor in IAC's ongoing turnaround.
ANGI, a subsidiary of IAC, reported a year-over-year revenue decline of 13%, but the company's EBITDA was reported at $36 million, marking a 21% year-over-year increase, outperforming Wall Street expectations by 16%. IAC has maintained its full-year 2024 EBITDA guidance in the range of $120-150 million. These recent developments highlight the ongoing strategic and financial dynamics at play within IAC.
InvestingPro Insights
As investors monitor the executive transition at IAC Inc. (NASDAQ:IAC), it's crucial to consider the company's financial health and market position. According to InvestingPro data, IAC has a market capitalization of approximately $4.28 billion and a price to book ratio in the last twelve months as of Q1 2024 of just 0.7, indicating that the stock may be undervalued relative to its assets. Despite challenges, the company maintains a strong gross profit margin of 69.8%, reflecting efficient operations.
InvestingPro Tips highlight that IAC is trading at a low revenue valuation multiple and possesses liquid assets that exceed short-term obligations, which could provide some financial flexibility in the near term. Moreover, while analysts expect a decline in sales and net income for the current year, they also predict the company will return to profitability. These insights underscore the importance of the incoming financial leadership to navigate the anticipated changes in performance.
For investors seeking a more in-depth analysis, there are additional InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/IAC. Interested readers can also take advantage of a special offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further valuable insights that could inform investment decisions.
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