Needham & Company LLC Reaffirms Buy Rating for GigPeak Inc (GIG)
GigPeak Inc (NYSE:GIG)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a note issued to investors on Tuesday. They currently have a $3.50 target price on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 57.66% from the company’s current price.
A number of other equities research analysts have also recently issued reports on the stock. Cowen and Company reiterated an “outperform” rating and set a $3.00 target price on shares of GigPeak in a research report on Thursday, September 15th. TheStreet cut shares of GigPeak from a “buy” rating to a “hold” rating in a research report on Wednesday, August 31st. Zacks Investment Research upgraded shares of GigPeak from a “sell” rating to a “hold” rating in a research report on Tuesday, August 9th. B. Riley reiterated a “buy” rating and set a $4.50 target price on shares of GigPeak in a research report on Monday, July 25th. Finally, Raymond James Financial Inc. began coverage on shares of GigPeak in a research report on Thursday, June 16th. They set an “outperform” rating and a $3.50 target price for the company. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. GigPeak currently has a consensus rating of “Buy” and a consensus target price of $3.90.
GigPeak (NYSE:GIG) traded up 1.4640% during mid-day trading on Tuesday, reaching $2.2525. 162,686 shares of the company traded hands. The stock’s 50-day moving average price is $2.04 and its 200-day moving average price is $2.32. The firm has a market cap of $151.96 million and a PE ratio of 83.4259. GigPeak has a one year low of $1.63 and a one year high of $3.42.
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GigPeak (NYSE:GIG) last announced its earnings results on Monday, July 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $15.40 million for the quarter, compared to analyst estimates of $15.21 million. The company’s revenue for the quarter was up 57.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.06 EPS. Analysts forecast that GigPeak will post $0.18 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Perkins Capital Management Inc. acquired a new position in shares of GigPeak during the second quarter valued at about $135,000. Teachers Advisors Inc. purchased a new position in GigPeak during the second quarter valued at $141,000. Schwab Charles Investment Management Inc. purchased a new position in GigPeak during the second quarter valued at $145,000. TFS Capital LLC raised its position in GigPeak by 49.3% in the second quarter. TFS Capital LLC now owns 84,747 shares of the company’s stock valued at $166,000 after buying an additional 27,992 shares during the last quarter. Finally, Emerald Acquisition Ltd. purchased a new position in GigPeak during the second quarter valued at $176,000.
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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