CalAmp Corp. (CAMP) Stock Price Up 3.1% After Analyst Upgrade
CalAmp Corp. (NASDAQ:CAMP)’s share price rose 3.1% during mid-day trading on Monday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $27.00 price target on the stock. CalAmp Corp. traded as high as $23.36 and last traded at $23.97. Approximately 670,879 shares traded hands during trading, an increase of 133% from the average daily volume of 288,150 shares. The stock had previously closed at $23.25.
According to Zacks, “CalAmp Corp. is a leading provider of wireless communications products that enable anytime/anywhere access to critical information, data and entertainment content. With comprehensive capabilities ranging from product design and development through volume production, CalAmp delivers cost-effective high quality solutions to a broad array of customers and end markets. CalAmp is the leading supplier of Direct Broadcast Satellite outdoor customer premise equipment to the U.S. satellite television market. The Company also provides wireless data communication solutions for the telemetry and asset tracking markets, private wireless networks, public safety communications and critical infrastructure and process control applications. “
Several other research analysts have also recently weighed in on the stock. B. Riley reissued a “buy” rating and set a $22.00 price objective on shares of CalAmp Corp. in a report on Monday, June 26th. Northland Securities restated a “buy” rating and set a $20.00 price objective on shares of CalAmp Corp. in a research report on Monday, June 26th. Craig Hallum raised their target price on shares of CalAmp Corp. from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Wednesday, June 28th. BidaskClub cut shares of CalAmp Corp. from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Finally, J P Morgan Chase & Co initiated coverage on shares of CalAmp Corp. in a report on Monday, August 28th. They issued a “neutral” rating and a $20.00 target price on the stock. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $23.50.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. US Bancorp DE grew its position in CalAmp Corp. by 101.3% during the second quarter. US Bancorp DE now owns 5,284 shares of the Wireless communications provider’s stock valued at $108,000 after buying an additional 2,659 shares during the period. State of Alaska Department of Revenue increased its holdings in CalAmp Corp. by 77.1% during the second quarter. State of Alaska Department of Revenue now owns 6,941 shares of the Wireless communications provider’s stock valued at $141,000 after buying an additional 3,021 shares during the last quarter. Mason Street Advisors LLC raised its position in CalAmp Corp. by 4.3% in the first quarter. Mason Street Advisors LLC now owns 8,280 shares of the Wireless communications provider’s stock worth $139,000 after acquiring an additional 341 shares during the period. First Mercantile Trust Co. bought a new position in CalAmp Corp. in the second quarter worth approximately $205,000. Finally, Stifel Financial Corp bought a new position in CalAmp Corp. in the first quarter worth approximately $171,000. Institutional investors own 72.88% of the company’s stock.
The firm has a market cap of $857.63 million, a price-to-earnings ratio of 223.06 and a beta of 1.60. The firm has a 50-day moving average of $19.48 and a 200-day moving average of $18.75.
CalAmp Corp. (NASDAQ:CAMP) last issued its earnings results on Thursday, September 28th. The Wireless communications provider reported $0.27 EPS for the quarter, beating the Zacks’ consensus estimate of $0.26 by $0.01. CalAmp Corp. had a return on equity of 18.18% and a net margin of 1.31%. The firm had revenue of $89.80 million for the quarter, compared to analyst estimates of $88.72 million. During the same quarter in the prior year, the firm earned $0.27 earnings per share. CalAmp Corp.’s revenue for the quarter was down .8% on a year-over-year basis. Analysts predict that CalAmp Corp. will post $1.17 EPS for the current fiscal year.
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CalAmp Corp. Company Profile
CalAmp Corp. (CalAmp) is a provider of wireless communications solutions for a range of applications to customers globally. The Company operates through two business segments: Wireless DataCom and Satellite. The Company’s Wireless DataCom segment offers solutions for mobile resource management (MRM) applications, the machine-to-machine (M2M) communications space and other markets that require connectivity anytime and anywhere.
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