Northland Securities cut shares of Adesto Technologies (NASDAQ:IOTS) from an outperform rating to a market perform rating in a research report released on Monday, AnalystRatings.com reports. Northland Securities currently has $10.00 price target on the technology company’s stock.
“We think IOTS is holding off until it reports a strong Q3 based on GM uplift of an IP sale as well as strong memory quarter from an Apple airpod win. We are not sure the window will be open in Q4 due to macro uncertainty. We also think Q4 could be a tough sequential comp off a strong Q3. Meanwhile share have reached our price target and we lower our rating to a MP. Growth: IOTS is designed into Apple’s airpods. We believe this win is driving the Company’s memory revenue growth. We estimate that consumer revenue grew from $7.9M to $11.5M to $12M or up 46% to 52% Q/Q in Q2. The lack of precision in our Q2 estimate is due to IOTS changing its revenue segmentation from consumer 28% in Q1 to consumer and computer in of revenue in Q2. We believe the uplift was primarily from the Apple airpod win.”,” the firm’s analyst commented.
A number of other equities research analysts also recently weighed in on the company. Zacks Investment Research downgraded Adesto Technologies from a buy rating to a hold rating in a research report on Wednesday, July 31st. ValuEngine downgraded Adesto Technologies from a strong-buy rating to a buy rating in a research report on Friday, August 2nd. Finally, TheStreet downgraded Adesto Technologies from a c- rating to a d rating in a research report on Wednesday, May 8th. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $10.33.
NASDAQ IOTS opened at $9.70 on Monday. The stock’s 50-day simple moving average is $8.60 and its two-hundred day simple moving average is $7.11. Adesto Technologies has a twelve month low of $3.51 and a twelve month high of $11.97. The company has a quick ratio of 0.80, a current ratio of 1.19 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $305.21 million, a price-to-earnings ratio of -34.64 and a beta of 1.35.
In other news, VP Thomas D. Spade sold 9,217 shares of Adesto Technologies stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $9.91, for a total value of $91,340.47. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Gideon D. Intrater sold 7,500 shares of Adesto Technologies stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $10.77, for a total value of $80,775.00. The disclosure for this sale can be found here. Insiders have sold 39,708 shares of company stock worth $388,653 in the last 90 days. Company insiders own 12.36% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA increased its holdings in shares of Adesto Technologies by 772.2% in the first quarter. BNP Paribas Arbitrage SA now owns 5,146 shares of the technology company’s stock worth $31,000 after buying an additional 4,556 shares during the period. JBF Capital Inc. increased its holdings in shares of Adesto Technologies by 8.3% in the second quarter. JBF Capital Inc. now owns 19,500 shares of the technology company’s stock worth $159,000 after buying an additional 1,500 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Adesto Technologies by 193.8% in the second quarter. JPMorgan Chase & Co. now owns 21,042 shares of the technology company’s stock worth $111,000 after buying an additional 13,879 shares during the period. Strategic Wealth Advisors Group LLC purchased a new position in shares of Adesto Technologies in the first quarter worth about $215,000. Finally, Wells Fargo & Company MN increased its holdings in shares of Adesto Technologies by 23.1% in the second quarter. Wells Fargo & Company MN now owns 48,426 shares of the technology company’s stock worth $395,000 after buying an additional 9,092 shares during the period. Hedge funds and other institutional investors own 62.42% of the company’s stock.
About Adesto Technologies
Adesto Technologies Corporation, together with its subsidiaries, provides application-specific semiconductors and embedded systems that offer the building blocks of Internet of Things (IoT) edge devices operating on networks worldwide. The company's portfolio of semiconductor and embedded technologies are optimized for connected IoT devices and systems used in industrial, consumer, communications, and medical applications.
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