Spansion CFO Unloads $258,300 in Stock (CODE)
Spansion (NASDAQ:CODE) CFO Randy W. Furr sold 14,000 shares of the company’s stock on the open market in a transaction dated Friday, August 8th. The stock was sold at an average price of $18.45, for a total value of $258,300.00. Following the sale, the chief financial officer now directly owns 42,293 shares in the company, valued at approximately $780,306. The sale was disclosed in a document filed with the SEC, which is available at this link.
A number of research firms have recently commented on CODE. Analysts at Needham & Company LLC raised their price target on shares of Spansion from $22.00 to $28.00 in a research note on Thursday, July 31st. They now have a “buy” rating on the stock. Separately, analysts at Jefferies Group reiterated a “buy” rating on shares of Spansion in a research note on Thursday, July 31st. They now have a $25.00 price target on the stock, down previously from $28.00. Finally, analysts at Morgan Stanley cut their price target on shares of Spansion to $23.00 in a research note on Thursday, July 31st. They now have an “overweight” rating on the stock. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $23.75.
Shares of Spansion (NASDAQ:CODE) traded up 1.51% during mid-day trading on Monday, hitting $18.77. 591,431 shares of the company’s stock traded hands. Spansion has a one year low of $9.70 and a one year high of $23.36. The stock has a 50-day moving average of $20.99 and a 200-day moving average of $18.37. The company’s market cap is $1.149 billion.
Spansion (NASDAQ:CODE) last announced its earnings results on Wednesday, July 30th. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.25 by $0.01. The company had revenue of $314.70 million for the quarter, compared to the consensus estimate of $327.01 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was up 61.3% on a year-over-year basis. On average, analysts predict that Spansion will post $1.06 earnings per share for the current fiscal year.
Spansion Inc (NASDAQ:CODE) provides flash memory-based embedded systems solutions.
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