GigPeak Inc (GIG) Earns Buy Rating from Needham & Company LLC
GigPeak Inc (NYSE:GIG)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report issued on Tuesday. They presently have a $3.50 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 57.66% from the company’s current price.
A number of other research firms also recently commented on GIG. TheStreet upgraded shares of GigPeak from a “hold” rating to a “buy” rating in a research note on Friday, June 3rd. Raymond James Financial Inc. began coverage on shares of GigPeak in a research note on Thursday, June 16th. They set an “outperform” rating and a $3.50 price objective for the company. Zacks Investment Research downgraded shares of GigPeak from a “hold” rating to a “sell” rating in a research note on Monday, July 25th. Cowen and Company restated an “outperform” rating and set a $3.00 price objective on shares of GigPeak in a research note on Thursday, September 15th. Finally, B. Riley restated a “buy” rating and set a $4.50 price objective on shares of GigPeak in a research note on Monday, July 25th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. GigPeak presently has a consensus rating of “Buy” and an average target price of $3.90.
GigPeak (NYSE:GIG) traded up 1.35% during midday trading on Tuesday, reaching $2.25. The company’s stock had a trading volume of 161,786 shares. The firm has a 50 day moving average price of $2.04 and a 200-day moving average price of $2.32. The firm has a market cap of $151.79 million and a P/E ratio of 83.33. GigPeak has a 52 week low of $1.63 and a 52 week high of $3.42.
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GigPeak (NYSE:GIG) last posted its quarterly earnings data on Monday, July 25th. The company reported $0.05 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. The business had revenue of $15.40 million for the quarter, compared to analyst estimates of $15.21 million. During the same quarter in the prior year, the company earned $0.06 earnings per share. The company’s quarterly revenue was up 57.1% on a year-over-year basis. On average, analysts forecast that GigPeak will post $0.18 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in GigPeak by 45.8% in the second quarter. Vanguard Group Inc. now owns 1,876,050 shares of the company’s stock valued at $3,677,000 after buying an additional 589,612 shares in the last quarter. Pacific Ridge Capital Partners LLC boosted its position in GigPeak by 30.3% in the second quarter. Pacific Ridge Capital Partners LLC now owns 1,503,180 shares of the company’s stock valued at $2,946,000 after buying an additional 349,820 shares in the last quarter. Renaissance Technologies LLC boosted its position in GigPeak by 17.1% in the first quarter. Renaissance Technologies LLC now owns 1,395,600 shares of the company’s stock valued at $3,768,000 after buying an additional 203,512 shares in the last quarter. BlackRock Fund Advisors boosted its position in GigPeak by 1,417.2% in the second quarter. BlackRock Fund Advisors now owns 1,205,058 shares of the company’s stock valued at $2,362,000 after buying an additional 1,125,631 shares in the last quarter. Finally, Northpointe Capital LLC bought a new position in GigPeak during the second quarter valued at $2,156,000.
GigPeak, Inc, formerly GigOptix, Inc is a semiconductor designer, developer and supplier of a range of analog, digital and mixed signal components to enable information streaming over the telecom networks, datacom infrastructure and consumer electronics links. The Company’s business is made up of two product lines: High-Speed Communications (HSC) product line and Industrial product line.
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