Covisint Corp Price Target Cut to $5.50 (COVS)
Evercore Partners cut their price target on shares of Covisint Corp (NASDAQ:COVS) from $6.00 to $5.50 in a research note issued on Thursday. Evercore Partners’ price target indicates a potential upside of 33.50% from the stock’s previous close.
Shares of Covisint Corp (NASDAQ:COVS) traded down 1.44% during mid-day trading on Thursday, hitting $4.12. 51,370 shares of the company’s stock traded hands. Covisint Corp has a 1-year low of $3.78 and a 1-year high of $14.80. The stock has a 50-day moving average of $4.75 and a 200-day moving average of $7.24. The company’s market cap is $154.5 million.
Covisint Corp (NASDAQ:COVS) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.23) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.20) by $0.03. The company had revenue of $21.60 million for the quarter, compared to the consensus estimate of $20.60 million. Covisint Corp’s revenue was down 10.4% compared to the same quarter last year. On average, analysts predict that Covisint Corp will post $-0.27 earnings per share for the current fiscal year.
A number of other firms have also recently commented on COVS. Analysts at Credit Suisse cut their price target on shares of Covisint Corp from $8.00 to $6.00 in a research note on Friday, May 23rd. Analysts at Pacific Crest downgraded shares of Covisint Corp from an “outperform” rating to a “sector perform” rating in a research note on Friday, May 23rd. They now have a $14.00 price target on the stock.
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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