Needham & Company LLC reissued their buy rating on shares of Adesto Technologies (NASDAQ:IOTS) in a research note released on Wednesday morning. The brokerage currently has a $12.00 target price on the technology company’s stock.
“We are adjusting our 4Q18 estimates and 2019 estimates to include the associated OPEX related to Echelon and the potential $6-$8 cost savings, which we assume occurs in the OPEX line. For 4Q18, we increase our OPEX by $4.4MM to $13.1MM to reflect a full quarter of operations of Echelon. For 2019, our OPEX increases to $47.8MM from $31.9MM to reflect a full year of of savings. Our $12 PT remains 2.4x EV/sales (2019).”,” Needham & Company LLC’s analyst wrote.
A number of other research analysts have also issued reports on IOTS. ValuEngine upgraded shares of Adesto Technologies from a hold rating to a buy rating in a research report on Wednesday, May 2nd. B. Riley decreased their target price on shares of Adesto Technologies from $13.00 to $12.00 and set a buy rating on the stock in a research report on Thursday, May 10th. Benchmark increased their target price on shares of Adesto Technologies from $10.00 to $11.00 and gave the stock a buy rating in a research report on Friday, June 29th. Zacks Investment Research lowered shares of Adesto Technologies from a hold rating to a sell rating in a research report on Thursday, July 12th. Finally, Canaccord Genuity started coverage on shares of Adesto Technologies in a research report on Monday, July 16th. They set a buy rating and a $9.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $9.86.
Adesto Technologies (NASDAQ:IOTS) last announced its earnings results on Wednesday, August 1st. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.04) by ($0.04). Adesto Technologies had a negative return on equity of 8.07% and a negative net margin of 11.29%. The business had revenue of $18.18 million for the quarter, compared to analyst estimates of $18.17 million. analysts forecast that Adesto Technologies will post -0.27 EPS for the current fiscal year.
In other news, insider Narbeh Derhacobian purchased 10,000 shares of Adesto Technologies stock in a transaction that occurred on Monday, August 6th. The shares were acquired at an average price of $5.14 per share, for a total transaction of $51,400.00. Following the transaction, the insider now owns 614,080 shares of the company’s stock, valued at approximately $3,156,371.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 18.40% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of IOTS. Element Capital Management LLC acquired a new stake in shares of Adesto Technologies during the 1st quarter worth approximately $116,000. Rhumbline Advisers acquired a new stake in shares of Adesto Technologies during the 2nd quarter worth approximately $137,000. JPMorgan Chase & Co. acquired a new stake in shares of Adesto Technologies during the 1st quarter worth approximately $159,000. Goldman Sachs Group Inc. acquired a new stake in shares of Adesto Technologies during the 4th quarter worth approximately $162,000. Finally, Spark Investment Management LLC acquired a new stake in shares of Adesto Technologies during the 1st quarter worth approximately $185,000. Institutional investors and hedge funds own 43.67% of the company’s stock.
Adesto Technologies Company Profile
Adesto Technologies Corporation, together with its subsidiaries, provides application-specific and ultra-low power non-volatile memory products. The company offers standard serial flash products, including DataFlash for data-logging applications, such as industrial automation, home automation sensing, and health and fitness tracking; Fusion Flash for use in various high-volume consumer applications comprising wearables, mobile, and other applications; and EcoXip that enables enhanced processor performance and reduced system power consumption.
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