Canaccord Genuity Upgrades SciQuest to “Buy” (SQI)
SciQuest (NYSE:SQI) was upgraded by equities researchers at Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports. The firm currently has a $36.00 price objective on the stock, up from their previous price objective of $28.00. Canaccord Genuity’s price target indicates a potential upside of 20.60% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Analysts at Pacific Crest raised their price target on shares of SciQuest from $29.00 to $38.00 in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. SciQuest currently has an average rating of “Buy” and an average target price of $31.75.
In other SciQuest news, CEO Stephen J. Wiehe sold 1,649 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $30.02, for a total value of $49,502.98. The sale was disclosed in a document filed with the SEC, which is available at this link.
Shares of SciQuest (NYSE:SQI) traded up 0.03% on Wednesday, hitting $29.86. 279,597 shares of the company’s stock traded hands. SciQuest has a one year low of $18.10 and a one year high of $30.83. The stock has a 50-day moving average of $27.76 and a 200-day moving average of $25.27. The company’s market cap is $709.4 million.
SciQuest (NYSE:SQI) last announced its earnings results on Thursday, February 6th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $25.80 million for the quarter, compared to the consensus estimate of $25.50 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The company’s revenue for the quarter was up 35.5% on a year-over-year basis. On average, analysts predict that SciQuest will post $0.43 earnings per share for the current fiscal year.
SciQuest, Inc provides on-demand strategic procurement and supplier management solutions. The Company’s on-demand software enables organizations to realize the benefits of strategic procurement by identifying and establishing contracts with preferred suppliers, driving spend to those contracts and promoting process efficiencies through electronic transactions.
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