Pacific Crest Downgrades Covisint Corp to Sector Perform (COVS)
Covisint Corp (NASDAQ:COVS) was downgraded by equities researchers at Pacific Crest from an “outperform” rating to a “sector perform” rating in a research report issued on Friday, TheFlyOnTheWall.com reports. They currently have a $14.00 price target on the stock. Pacific Crest’s price objective would suggest a potential upside of 97.46% from the company’s current price.
The analysts wrote, “Due to F2015 setting up as a transition year, negative subscription growth for multiple quarters and restructuring, we are downgrading our rating of COVS to Sector Perform. We believe there is much work to be done before investor confidence is restored.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Credit Suisse downgraded shares of Covisint Corp from an “outperform” rating to a “neutral” rating in a research note on Friday, March 14th. They now have a $8.00 price target on the stock, down previously from $17.00. Analysts at Evercore Partners cut their price target on shares of Covisint Corp to $8.75 in a research note on Friday, March 14th.
Shares of Covisint Corp (NASDAQ:COVS) traded down 12.91% on Friday, hitting $6.175. The stock had a trading volume of 29,737 shares. Covisint Corp has a 1-year low of $6.70 and a 1-year high of $14.80. The stock’s 50-day moving average is $7.02 and its 200-day moving average is $9.9. The company’s market cap is $231.5 million.
Covisint Corp (NASDAQ:COVS) last posted its quarterly earnings results on Thursday, May 22nd. The company reported ($0.17) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.11) by $0.06. The company had revenue of $24.40 million for the quarter, compared to the consensus estimate of $24.66 million. During the same quarter last year, the company posted ($0.10) earnings per share. Covisint Corp’s revenue was down 5.1% compared to the same quarter last year. On average, analysts predict that Covisint Corp will post $-0.35 earnings per share for the current fiscal year.
Covisint Corporation provides cloud engagement platform for enabling organizations to securely connect, engage and collaborate with large, distributed communities of customers, business partners and suppliers.
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