In a report released yesterday, Darren Aftahi from Roth Capital maintained a Buy rating on Alarmcom (NASDAQ: ALRM), with a price target of $58. The company’s shares closed yesterday at $46.10.
Aftahi commented:
“We look for traction in SMB, International and potentially ADT’s partnership with AMZN as go-forward growth catalysts for ALRM. With the pullback in shares, we find ALRM attractive for accumulation in the mid- $40’s. On SaaS market multiple compression, we adjust our PT to $58. 3Q channel checks. We spoke with twenty-seven service provider partners who install Alarm.com systems over the month of October. Overall, installations of the platform have been up between ~13-35% (as a range) over the prior 3 months (y/y), and an average of ~18% (vs. prior 2Q survey of ~19%). Video doorbell and video peripheral systems, once again, continue to show strong y/y growth. In general, respondents suggested that video peripheral products (installations) were up YTD between 20-42% y/y (very similar to 2Q levels).”
According to TipRanks.com, Aftahi is a 5-star analyst with an average return of 11.0% and a 51.1% success rate. Aftahi covers the Technology sector, focusing on stocks such as Digital Turbine Inc, The Meet Group Inc, and Mitek Systems Inc.
Currently, the analyst consensus on Alarmcom is a Strong Buy with an average price target of $58.56, a 27.0% upside from current levels. In a report issued on October 12, Jefferies also reiterated a Buy rating on the stock with a $55 price target.
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Alarmcom’s market cap is currently $2.2B and has a P/E ratio of 61.47. The company has a Price to Book ratio of 8.26.
Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is negative on the stock.
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Alarm.com Holdings, Inc. engages in the provision of wireless and web-enabled security system technology. The company offers security, video monitoring, and energy management solutions. It operates through the Alarm.com and Other segments. The Alarm.com segment represents cloud-based platform for the connected home and related connected home solutions.
