CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless products, services and solutions, today announced its Telematics Cloud services have been adopted by Chevin Fleet Solutions, one of the world’s top fleet asset management software providers. The combination of CalAmp’s Telematics Cloud and CalAmp’s LMU line of industry-leading GPS telematics devices allows Chevin to seamlessly integrate telematics data with their application suite. The solution, named FleetWave® Connect, will enable Chevin’s US-based fleet management customers to see integrated telematics information including odometer, fuel and engine diagnostics to better schedule, manage and perform maintenance on their fleet assets.
“Fleet managers need more timely and accurate data to shed light on where their equipment is operating and how it’s being used,” said Ron Katz, North American Senior Vice President for Chevin Fleet Solutions. “Integration with CalAmp’s Telematics Cloud provides a cost-effective way for our clients to view critical and actionable performance data within Chevin’s fleet management software.”
CalAmp will provide the following key components of the FleetWave Connect solution:
- CalAmp Telematics Cloud – facilitates the transformation of data from remote and mobile assets into actionable business information via a set of services that include an administrative console and a comprehensive set of RESTful APIs for device, network and data management.
- LMU-3000 Series with OBD II Interface – provides access to vehicle diagnostic data, tracking vehicle speed and location, detects hard braking, cornering and acceleration, and captures pre- and post-impact data.
- LMU-4200 Series Enterprise-Grade Fleet Management Gateway – provides flexible, expandable support for a broad range of connection options for light and heavy-duty vehicle interfaces while lowering the cost of delivering, supporting and growing fleet management solutions.
“This is truly a mutually beneficial partnership. The enhanced telematics functionality gives Chevin a new way to offer its software customers the ability to further automate operations, improve fuel efficiency and reduce maintenance costs,” said Mike Zachan, Senior Vice President and General Manager of CalAmp’s Wireless Networks. “Chevin is the first top-tier fleet management provider to deploy CalAmp’s Telematics Cloud, which is an important milestone for our company.” (Original Source)
Shares of Calamp closed yesterday at $15.25, up $0.19 or 1.26%. CAMP has a 1-year high of $21.35 and a 1-year low of $13.01. The stock’s 50-day moving average is $14.92 and its 200-day moving average is $15.58.
On the ratings front, Calamp has been the subject of a number of recent research reports. In a report issued on September 11, Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on CAMP, with a price target of $25, which represents a potential upside of 63.9% from where the stock is currently trading. Separately, on June 29, Craig-Hallum’s Anthony Stoss reiterated a Buy rating on the stock and has a price target of $20.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Walkley and Anthony Stoss have a total average return of 13.8% and 10.5% respectively. Walkley has a success rate of 58.4% and is ranked #32 out of 4143 analysts, while Stoss has a success rate of 59.2% and is ranked #525.
CalAmp Corp. develops and markets wireless communications solutions that deliver data, voice and video for critical networked communications and other applications. The company operates in two business segments: Wireless DataCom and Satellite. The Wireless DataCom segment offers solutions to address the markets for Machine-to-Machine or M2M, communications, Mobile Resource Management, or MRM, applications and other emerging applications that require anytime and everywhere connectivity. Its broad portfolio of wireless communications products includes asset tracking devices, targeted telematics platforms, fixed and mobile wireless gateways and full-featured, multi-mode wireless routers. The Satellite segment develops, manufactures and sells direct-broadcast satellite outdoor customer premise equipment and whole home video networking devices for digital and high definition satellite television services. Its satellite products are sold primarily to EchoStar, an affiliate of Dish Network, for incorporation into complete subscription satellite television systems.