Spansion (CODE) Announces Quarterly Results
Spansion (NASDAQ:CODE) announced its earnings results on Thursday. The company reported $0.27 earnings per share for the quarter, meeting the analysts’ consensus estimate of $0.27, Analyst Ratings Network reports. The company had revenue of $273.38 million for the quarter, compared to the consensus estimate of $285.49 million. During the same quarter last year, the company posted $0.36 earnings per share. Spansion’s revenue was up 14.0% compared to the same quarter last year. Spansion updated its Q4 guidance to $0.17-0.23 EPS.
Shares of Spansion (NASDAQ:CODE) traded down 3.70% during mid-day trading on Thursday, hitting $11.97. The stock had a trading volume of 1,131,437 shares. Spansion has a one year low of $9.96 and a one year high of $14.54. The stock has a 50-day moving average of $11.26 and a 200-day moving average of $11.88. The company’s market cap is $703.0 million.
A number of analysts have recently weighed in on CODE shares. Analysts at Zacks upgraded shares of Spansion from a “neutral” rating to an “outperform” rating in a research note to investors on Wednesday, October 2nd. They now have a $11.20 price target on the stock. On the ratings front, analysts at Needham & Company raised their price target on shares of Spansion from $15.00 to $16.00 in a research note to investors on Tuesday, October 1st. They now have a “buy” rating on the stock. Finally, analysts at Barclays upgraded shares of Spansion from an “equal weight” rating to an “overweight” rating in a research note to investors on Monday, September 30th. They now have a $15.00 price target on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $14.89.
Spansion Inc (NASDAQ:CODE) is a designer, manufacturer and developer of Flash memory semiconductors.
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