Spansion Sets New 52-Week High at $23.48 (CODE)
Spansion (NASDAQ:CODE) shares reached a new 52-week high during trading on Thursday , Analyst Ratings Network reports. The company traded as high as $23.48 and last traded at $23.14, with a volume of 1,699,046 shares trading hands. The stock had previously closed at $22.74.
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 investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Spansion currently has a consensus rating of “Buy” and an average price target of $23.75.
The stock’s 50-day moving average is $20.31 and its 200-day moving average is $19.0. The company’s market cap is $1.426 billion.
Spansion (NASDAQ:CODE) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the 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 previous year, the company posted $0.26 earnings per share. The company’s revenue for the quarter 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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