Atmel Corp. Given Neutral Rating at Zacks (ATML)
Atmel Corp. (NASDAQ:ATML)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Thursday, Analyst Ratings Net reports. They currently have a $8.50 price target on the stock. Zacks‘ price objective would indicate a potential upside of 10.75% from the stock’s previous close.
Zacks‘ analyst wrote, “Atmel reported modest fourth quarter 2013 results with a year-over-year increase in both revenues and adjusted earnings. The company is investing more in its core microcontroller business to augment its margins and overall growth going forward. Fast-growing touch-sensing technology is one of the major growth drivers for Atmel’s microcontroller business. The company’s strong relationships with Nokia, Motorola, HTC and Samsung are also expected to bolster its business in future. However, intense competitive pressure and foreign exchange rate risk may negatively impact its financial results in coming quarters. We maintain our long-term Neutral recommendation on the stock, as we expect it to perform in-line with the broader market. “
Several other analysts have also recently commented on the stock. Analysts at SunTrust downgraded shares of Atmel Corp. from a “buy” rating to a “neutral” rating in a research note to investors on Thursday. Separately, analysts at Oppenheimer cut their price target on shares of Atmel Corp. from $10.00 to $9.00 in a research note to investors on Thursday. Finally, analysts at FBR Capital Markets downgraded shares of Atmel Corp. from an “outperform” rating to a “market perform” rating in a research note to investors on Monday, January 13th. They now have a $9.25 price target on the stock, up previously from $8.25. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $8.73.
Shares of Atmel Corp. (NASDAQ:ATML) traded down 6.29% on Thursday, hitting $7.675. The stock had a trading volume of 24,362,358 shares. Atmel Corp. has a 1-year low of $5.89 and a 1-year high of $8.91. The stock’s 50-day moving average is $8.13 and its 200-day moving average is $7.59. The company’s market cap is $3.269 billion. Atmel Corp. also was the target of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 14,884,600 shares, an increase of 17.9% from the December 31st total of 12,227,175 shares. Based on an average daily volume of 10,268,506 shares, the short-interest ratio is presently 1.4 days. Currently, 3.7% of the shares of the company are short sold.
Atmel Corp. (NASDAQ:ATML) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.11 by $0.01. The company had revenue of $353.20 million for the quarter, compared to the consensus estimate of $357.37 million. During the same quarter last year, the company posted $0.07 earnings per share. Atmel Corp.’s revenue was up 2.3% compared to the same quarter last year. Analysts expect that Atmel Corp. will post $0.55 EPS for the current fiscal year.
Atmel Corporation (NASDAQ:ATML) is engaged in designing, developing and supplying of microcontrollers.
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