Zacks Investment Research cut shares of Adesto Technologies (NASDAQ:IOTS) from a buy rating to a hold rating in a research note issued to investors on Wednesday morning.
According to Zacks, “Adesto Technologies Corporation is a provider of application-specific non-volatile memory products. The company designed and built a portfolio of innovative products which includes Fusion Serial Flash, DataFlash(R) and Conductive Bridging RAM (R). It sells products directly to original equipment manufacturers and original design manufacturers. Adesto Technologies Corporation is headquartered in Sunnyvale, California. “
Separately, Needham & Company LLC reiterated a buy rating and issued a $10.00 target price on shares of Adesto Technologies in a research report on Thursday, November 9th.
Adesto Technologies (NASDAQ IOTS) traded up $0.10 during trading on Wednesday, reaching $6.95. The company’s stock had a trading volume of 45,929 shares, compared to its average volume of 89,482. The company has a quick ratio of 3.98, a current ratio of 4.41 and a debt-to-equity ratio of 0.41. Adesto Technologies has a 1 year low of $2.61 and a 1 year high of $9.20.
Adesto Technologies (NASDAQ:IOTS) last posted its earnings results on Wednesday, November 8th. The technology company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.03. The firm had revenue of $15.24 million during the quarter, compared to the consensus estimate of $14.50 million. Adesto Technologies had a negative return on equity of 16.47% and a negative net margin of 13.86%. The business’s quarterly revenue was up 36.3% on a year-over-year basis. During the same period last year, the company earned ($0.19) earnings per share. research analysts anticipate that Adesto Technologies will post -0.25 EPS for the current year.
In other news, VP Thomas D. Spade sold 10,000 shares of the firm’s stock in a transaction dated Monday, November 13th. The stock was sold at an average price of $8.33, for a total transaction of $83,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gideon D. Intrater sold 3,572 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $8.09, for a total value of $28,897.48. Following the transaction, the insider now owns 75,708 shares of the company’s stock, valued at $612,477.72. The disclosure for this sale can be found here. Insiders have sold 66,006 shares of company stock valued at $535,443 over the last 90 days. 22.10% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of IOTS. Ameriprise Financial Inc. bought a new position in shares of Adesto Technologies during the second quarter worth about $1,982,000. Vanguard Group Inc. raised its position in shares of Adesto Technologies by 5.6% during the second quarter. Vanguard Group Inc. now owns 126,943 shares of the technology company’s stock worth $578,000 after acquiring an additional 6,786 shares during the last quarter. AWM Investment Company Inc. bought a new position in shares of Adesto Technologies during the second quarter worth about $8,190,000. Essex Investment Management Co. LLC bought a new position in shares of Adesto Technologies during the third quarter worth about $1,874,000. Finally, EAM Investors LLC acquired a new stake in Adesto Technologies during the third quarter worth approximately $2,526,000. Institutional investors own 37.96% of the company’s stock.
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About Adesto Technologies
Adesto Technologies Corporation is a provider of application-specific and ultra-low power non-volatile memory products. The Company optimizes its non-volatile memory products for Internet of Things (IoT), applications, including current and next-generation Internet-connected devices in the consumer, industrial, medical and wearables markets.
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