Roth Capital analyst Darren Aftahi maintained a Buy rating on Alarmcom (NASDAQ: ALRM) today and set a price target of $62. The company’s shares closed yesterday at $57.13, close to its 52-week high of $59.05.
Aftahi observed:
“We believe this new partnership could raise the awareness of ADT Pulse, which indirectly should benefit ALRM, given its five- year exclusive MSA it signed with ADT when it closed its Connect acquisition. With this as a potential tailwind for ALRM’s business, we raise our PT to $62. Amazon to partner with ADT for voice-enabled smart home security integration. Amazon (AMZN-NC) recently announced numerous new Alexa based products, notably a new feature called Alexa Guard, in which it has partnered with ADT (ADT-NC). Alexa Guard is a voice-enabled, smart home security feature that connects with ADT’s Pulse offering and will send users smart alerts around break in noises, smoke detectors or carbon monoxide alarms while the user is away. In addition, Alexa can be used for lighting integration with the alarm systems from Ring and ADT.”
According to TipRanks.com, Aftahi is a 5-star analyst with an average return of 15.3% and a 55.9% 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 $57, representing a -0.2% downside. In a report issued on September 14, Merrill Lynch also upgraded the stock to Buy with a $65 price target.
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The company has a one-year high of $59.05 and a one-year low of $33.39. Currently, Alarmcom has an average volume of 519.5K.
Based on the recent corporate insider activity of 64 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.
