Canaccord Genuity analyst Michael Walkley reiterated a Buy rating on Calamp (NASDAQ: CAMP) today and set a price target of $29. The company’s shares opened today at $23.12.
Walkley observed:
“We hosted a presentation and investor meetings with management at the CG Global Growth Conference. Management highlighted the growing mix of software and subscription revenue, including their recently deployed win in the large freight transport vertical. In addition, management discussed the strong trends in their core MRM business following driver shortages requiring fleet transport companies to optimize and maximize their workforce with fleet management solutions. CalAmp has greater than 60% market share for fleet management hardware solutions in the United States and we believe a strong pipeline of opportunities internationally where fleet management remains underpenetrated.”
According to TipRanks.com, Walkley is a top 100 analyst with an average return of 17.1% and a 63.0% success rate. Walkley covers the Consumer Goods sector, focusing on stocks such as Sequans Communications S A, Adesto Technologies Corp, and Digi International Inc.
Calamp has an analyst consensus of Strong Buy, with a price target consensus of $28.
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Calamp’s market cap is currently $822M and has a P/E ratio of 30.06. The company has a Price to Book ratio of 4.06.
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CalAmp Corp. is a provider of Internet of Things (IoT) enablement solutions for a broad array of mobile and fixed applications serving multiple vertical markets worldwide. It offer solutions for mobile resource management and applications for the broader IoT market, enabling customers to optimize their operations by collecting, monitoring and efficiently reporting business-critical data and desired intelligence from high-value remote and often mobile assets. The company portfolio of software applications, scalable cloud service-enablement platforms, and intelligent communications device platforms streamline otherwise complex IoT deployments. It offers scalable, cloud-based telematics Software-as-a-Service and Platform-as-a-Service applications. The company was founded in 1981 and is headquartered in Irvine, CA.
