Needham analyst Rajvindra Gill maintained a Buy rating on Adesto Technologies Corp (IOTS) today and set a price target of $12. The company’s shares closed yesterday at $4.62, close to its 52-week low of $3.51.
Gill observed:
“We maintain our a solid beat and raise quarter on the topline. Organic growth was 30%+ Y/Y in 3Q while the integration of S3 and Echelon has gone smoothly. Gross margin improved 270bps Q/Q off the trough levels in 2Q and we expect to see GM reach 50%+ range driven by DataFlash-L ramp and positive contribution from S3 and Echelon. We believe the decision to transition the business to more industrial facing could prove to the be the right one in the long-run.”
According to TipRanks.com, Gill is a 5-star analyst with an average return of 14.3% and a 55.1% success rate. Gill covers the Consumer Goods sector, focusing on stocks such as Everspin Technologies Inc, Smart Global Holdings Inc, and Silicon Laboratories.
Adesto Technologies Corp has an analyst consensus of Strong Buy, with a price target consensus of $9.50, implying a 105.6% upside from current levels. In a report issued on November 1, Roth Capital also maintained a Buy rating on the stock with a $8 price target.
.
See today’s analyst top recommended stocks >>
Based on Adesto Technologies Corp’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $5.06 million. In comparison, last year the company had a GAAP net loss of $997K.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Adesto Technologies Corp. engages in the development, manufacture, and market of non-volatile memory products. It offers DataFlash, Fusion Serial Flash, Standard Serial Flash, EcoXiP, Mavriq and Moneta. The company was founded by Narbeh Derhacobian, Ishai Naveh, and Shane Hollmer in January 2006 and is headquartered in Santa Clara, CA.
