Insider Selling: H Raymond Bingham Sells 60,000 Shares of Spansion Stock (CODE)
Spansion (NASDAQ:CODE) Director H Raymond Bingham unloaded 60,000 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $18.06, for a total value of $1,083,600.00. The sale was disclosed in a legal filing with the SEC, which is available at this link.
Shares of Spansion (NASDAQ:CODE) traded up 1.66% during mid-day trading on Tuesday, hitting $18.40. 750,035 shares of the company’s stock traded hands. Spansion has a 52-week low of $9.70 and a 52-week high of $18.89. The stock has a 50-day moving average of $17.83 and a 200-day moving average of $15.51. The company’s market cap is $1.111 billion.
Spansion (NASDAQ:CODE) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.18 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.18. The company had revenue of $311.80 million for the quarter, compared to the consensus estimate of $307.37 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was up 64.5% on a year-over-year basis. Analysts expect that Spansion will post $1.26 EPS for the current fiscal year.
CODE has been the subject of a number of recent research reports. Analysts at Citigroup Inc. reiterated a “hold” rating on shares of Spansion in a research note on Wednesday, May 7th. They now have a $18.00 price target on the stock, up previously from $16.00. Separately, analysts at Morgan Stanley reiterated an “overweight” rating on shares of Spansion in a research note on Wednesday, May 7th. They now have a $20.00 price target on the stock, up previously from $19.00. Finally, analysts at Topeka Capital Markets raised their price target on shares of Spansion from $17.00 to $21.00 in a research note on Wednesday, May 7th. They now have a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $19.97.
Spansion Inc (NASDAQ:CODE) provides flash memory-based embedded systems solutions.
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