Spartan Stores Upgraded to Buy by Cantor Fitzgerald (SPTN)
Spartan Stores (NASDAQ:SPTN) was upgraded by analysts at Cantor Fitzgerald from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $25.00 price objective on the stock, up from their previous price objective of $20.00. Cantor Fitzgerald’s target price suggests a potential upside of 15.26% from the stock’s previous close.
Separately, analysts at Zacks upgraded shares of Spartan Stores from a “neutral” rating to an “outperform” rating in a research note on Tuesday, March 11th. They now have a $25.70 price target on the stock.
Spartan Stores (NASDAQ:SPTN) traded up 10.37% during mid-day trading on Thursday, hitting $23.94. The stock had a trading volume of 99,366 shares. Spartan Stores has a 1-year low of $16.71 and a 1-year high of $25.74. The stock has a 50-day moving average of $22.14 and a 200-day moving average of $22.78. The company has a market cap of $894.6 million and a price-to-earnings ratio of 556.15.
Spartan Stores (NASDAQ:SPTN) last released its earnings data on Wednesday, May 21st. The company reported $0.40 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.38 by $0.02. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the company posted $0.48 earnings per share. The company’s quarterly revenue was up 198.9% on a year-over-year basis. Analysts expect that Spartan Stores will post $1.73 EPS for the current fiscal year.
In other Spartan Stores news, VP Alex Deyonker sold 6,960 shares of the stock on the open market in a transaction dated Thursday, May 8th. The shares were sold at an average price of $21.58, for a total value of $150,196.80. Following the transaction, the vice president now directly owns 63,203 shares in the company, valued at approximately $1,363,921. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Spartan Stores, Inc is a regional grocery distributor and grocery retailer, operating principally in Michigan and Indiana.
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