GigPeak Inc (NYSE:GIG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The firm currently has a $2.50 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 7.30% from the stock’s current price.

According to Zacks, “GigPeak, Inc. provides semiconductor ICs and software solutions. The Company’s product lines consist of High-Speed Communications product line and Industrial product line. Its product portfolio consists of fiber-optics telecom, wireless backhaul, data communication and consumer electronics, mil-aero, instrumentation and medical equipment for applications. GigPeak, Inc., formerly known as GigOptix, Inc., is headquartered in San Jose, California. “

Other equities research analysts also recently issued reports about the stock. Needham & Company LLC assumed coverage on shares of GigPeak in a research note on Tuesday, June 14th. They issued a “buy” rating and a $3.50 price target for the company. TheStreet upgraded shares of GigPeak from a “hold” rating to a “buy” rating in a report on Friday, June 3rd. B. Riley reiterated a “buy” rating and set a $4.50 price objective on shares of GigPeak in a report on Monday, July 25th. Cowen and Company reiterated an “outperform” rating and set a $3.00 price objective on shares of GigPeak in a report on Thursday, September 15th. Finally, Raymond James Financial Inc. assumed coverage on shares of GigPeak in a report on Thursday, June 16th. They set an “outperform” rating and a $3.50 price objective for the company. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $3.87.

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GigPeak (NYSE:GIG) traded up 2.19% on Wednesday, reaching $2.33. 554,864 shares of the company’s stock traded hands. GigPeak has a 52-week low of $1.63 and a 52-week high of $3.42. The company’s 50 day moving average is $2.06 and its 200-day moving average is $2.31. The stock has a market cap of $157.18 million and a price-to-earnings ratio of 86.30.

GigPeak (NYSE:GIG) last posted its quarterly earnings results on Monday, July 25th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.01. The company earned $15.40 million during the quarter, compared to the consensus estimate of $15.21 million. During the same period last year, the firm posted $0.06 earnings per share. The company’s revenue for the quarter was up 57.1% on a year-over-year basis. Equities analysts expect that GigPeak will post $0.18 EPS for the current year.

Hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in shares of GigPeak by 79.1% in the second quarter. Dimensional Fund Advisors LP now owns 677,845 shares of the company’s stock valued at $1,329,000 after buying an additional 299,451 shares in the last quarter. Victory Capital Management Inc. bought a new stake in shares of GigPeak during the second quarter valued at approximately $539,000. Alambic Investment Management L.P. raised its stake in shares of GigPeak by 146.0% in the second quarter. Alambic Investment Management L.P. now owns 278,700 shares of the company’s stock valued at $546,000 after buying an additional 165,400 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in shares of GigPeak during the second quarter valued at approximately $176,000. Finally, California State Teachers Retirement System bought a new stake in shares of GigPeak during the second quarter valued at approximately $191,000.

GigPeak Company Profile

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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