Altera Corp. (ALTR) Posts Quarterly Results
Altera Corp. (NASDAQ:ALTR) released its earnings data on Tuesday. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.03, Analyst Ratings Network reports. The company had revenue of $445.90 million for the quarter, compared to the consensus estimate of $451.81 million. During the same quarter last year, the company posted $0.49 earnings per share. Altera Corp.’s revenue was down 9.9% compared to the same quarter last year.
A number of analysts have recently weighed in on ALTR shares. Analysts at Drexel Hamilton initiated coverage on shares of Altera Corp. in a research note to investors on Monday. They set a “buy” rating on the stock. On a related note, analysts at Robert W. Baird upgraded shares of Altera Corp. from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, August 26th. They now have a $45.00 price target on the stock, up previously from $37.00. They noted that the move was a valuation call. Finally, analysts at Citigroup Inc. upgraded shares of Altera Corp. from a “neutral” rating to a “buy” rating in a research note to investors on Monday, August 26th. They now have a $39.00 price target on the stock, down previously from $41.00. Fifteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Altera Corp. currently has a consensus rating of “Hold” and a consensus price target of $36.08.
Shares of Altera Corp. (NASDAQ:ALTR) traded down 0.37% during mid-day trading on Tuesday, hitting $37.32. 3,512,875 shares of the company’s stock traded hands. Altera Corp. has a 52 week low of $29.59 and a 52 week high of $38.97. The stock’s 50-day moving average is $36.0 and its 200-day moving average is $34.20. The company has a market cap of $11.923 billion and a P/E ratio of 24.01.
Altera Corporation is a global semiconductor company. The Company designs, manufactures, and markets high-density programmable logic devices (NASDAQ:ALTR), HardCopy ASIC devices, pre-defined design building blocks known as intellectual property (IP) cores, and associated development tools.
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