CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless products, services and solutions, announced today that it has acquired privately held Crashboxx™, an early stage technology company focused on insurance telematics applications across the entire auto insurance lifecycle, from driver risk assessment through claims processing automation. Consideration for the acquisition was $1.5 million in upfront cash and future earn-out payments based on post-acquisition sales.
Commenting on the acquisition, Michael Burdiek, President and Chief Executive Officer of CalAmp, said, “I am pleased to announce the acquisition of Crashboxx. Their proprietary driver behavior, crash detection, crash notification and physical and bodily damage estimation technologies are extraordinarily unique within the emerging insurance telematics marketplace. Innovations including automated first notification of loss and near real time estimation of damages and bodily injury could drive significant business efficiencies and return on investment for both insurance carriers and fleet managers. Once fully commercialized, I believe that the Crashboxx technology will play a critical role in expanding CalAmp’s growth prospects in this enormous and largely untapped market.” (Original Source)
Shares of Calamp closed today at $16.19, down $0.24 or 1.46%. CAMP has a 1-year high of $26.04 and a 1-year low of $14.74. The stock’s 50-day moving average is $17.45 and its 200-day moving average is $18.13.
On the ratings front, Calamp has been the subject of a number of recent research reports. In a report issued on March 17, Aegis Capital Corp. analyst Michael Rindos initiated coverage with a Buy rating on CAMP and a price target of $25, which implies an upside of 51.9% from current levels. Separately, on March 9, Canaccord Genuity’s Michael Walkley maintained a Buy rating on the stock and has a price target of $26.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Michael Rindos and Michael Walkley have a total average return of 3.5% and 23.6% respectively. Rindos has a success rate of 25.0% and is ranked #2375 out of 3573 analysts, while Walkley has a success rate of 68.5% and is ranked #9.
In total, 6 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $16.46 which is 54.9% above where the stock opened today.
CalAmp Corp provides wireless communications solutions applications to customers. Its business activities are organized into its Wireless DataCom and Satellite business segments.