Adesto Technologies Corporation’s (IOTS) Buy Rating Reiterated at Needham & Company LLC
Needham & Company LLC reiterated their buy rating on shares of Adesto Technologies Corporation (NASDAQ:IOTS) in a research report report published on Wednesday morning. The brokerage currently has a $10.00 price objective on the technology company’s stock.
Several other brokerages have also recently weighed in on IOTS. ValuEngine raised shares of Adesto Technologies Corporation from a sell rating to a hold rating in a research report on Friday, June 23rd. Zacks Investment Research raised shares of Adesto Technologies Corporation from a hold rating to a buy rating and set a $5.00 price target on the stock in a research report on Wednesday, July 5th. Finally, Benchmark Co. boosted their price target on shares of Adesto Technologies Corporation from $5.00 to $7.00 and gave the company a buy rating in a research report on Tuesday, July 4th.
Shares of Adesto Technologies Corporation (NASDAQ IOTS) traded up 1.96% during midday trading on Wednesday, hitting $7.80. 167,432 shares of the stock traded hands. The company’s 50 day moving average price is $7.63 and its 200-day moving average price is $5.96. Adesto Technologies Corporation has a 12-month low of $1.50 and a 12-month high of $7.95. The stock’s market cap is $163.36 million.
Adesto Technologies Corporation (NASDAQ:IOTS) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.03. The firm had revenue of $13.40 million for the quarter, compared to analysts’ expectations of $12.98 million. Adesto Technologies Corporation had a negative net margin of 21.41% and a negative return on equity of 35.81%. The company’s revenue was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.21) EPS. On average, equities research analysts expect that Adesto Technologies Corporation will post ($0.13) EPS for the current year.
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In related news, VP Ishai Naveh sold 21,706 shares of the business’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $6.32, for a total value of $137,181.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 22.10% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the stock. Pinnacle Associates Ltd. purchased a new stake in Adesto Technologies Corporation in the 2nd quarter valued at about $112,000. Spark Investment Management LLC purchased a new stake in Adesto Technologies Corporation in the 1st quarter valued at about $407,000. Vanguard Group Inc. raised its holdings in Adesto Technologies Corporation by 5.6% in the 2nd quarter. Vanguard Group Inc. now owns 126,943 shares of the technology company’s stock valued at $578,000 after buying an additional 6,786 shares during the period. Unterberg Capital LLC purchased a new stake in Adesto Technologies Corporation in the 2nd quarter valued at about $1,433,000. Finally, Herald Investment Management Ltd purchased a new stake in Adesto Technologies Corporation in the 1st quarter valued at about $1,460,000. Hedge funds and other institutional investors own 33.70% of the company’s stock.
About Adesto Technologies Corporation
Adesto Technologies Corporation is a provider of application-specific and ultra-low power non-volatile memory products. The Company optimizes its non-volatile memory products for Internet of Things (IoT), applications, including current and next-generation Internet-connected devices in the consumer, industrial, medical and wearables markets.
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