Rally Software Development Corp Sees Large Volume Increase Following Strong Earnings (RALY)
Shares of Rally Software Development Corp (NASDAQ:RALY) saw an uptick in trading volume on Friday following a stronger than expected earnings report, American Banking News.com reports. 1,704,563 shares traded hands during trading, an increase of 361% from the previous session’s volume of 369,673 shares.The stock last traded at $11.42 and had previously closed at $10.00.
The company reported ($0.30) earnings per share (EPS) for the quarter, beating the Thomson Reuters consensus estimate of ($0.40) by $0.10. The company had revenue of $21.50 million for the quarter, compared to the consensus estimate of $20.57 million. During the same quarter in the prior year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis.
Several analysts have recently commented on the stock. Analysts at Zacks downgraded shares of Rally Software Development Corp from an “outperform” rating to a “neutral” rating in a research note on Wednesday, August 6th. They now have a $11.50 price target on the stock. Separately, analysts at JMP Securities cut their price target on shares of Rally Software Development Corp from $28.00 to $25.00 in a research note on Friday, June 6th. Finally, analysts at Deutsche Bank downgraded shares of Rally Software Development Corp from a “buy” rating to a “hold” rating in a research note on Friday, June 6th. They now have a $15.00 price target on the stock, down previously from $30.00. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $22.58.
The stock’s 50-day moving average is $9.97 and its 200-day moving average is $13.3. The company’s market cap is $279.2 million.
Rally Software Development Corp. is a global provider of cloud-based solutions for managing Agile software development.
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