GigPeak Inc (NYSE:GIG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $2.50 price target on the stock. Zacks Investment Research’s price target suggests a potential upside of 7.30% from the company’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. “

GIG has been the topic of a number of other research reports. TheStreet cut shares of GigPeak from a “buy” rating to a “hold” rating in a report on Wednesday, August 31st. Needham & Company LLC restated a “buy” rating and issued a $3.50 price objective on shares of GigPeak in a report on Wednesday, June 29th. Cowen and Company restated an “outperform” rating and issued a $3.00 price objective on shares of GigPeak in a report on Thursday, September 15th. Raymond James Financial Inc. initiated coverage on shares of GigPeak in a report on Thursday, June 16th. They issued an “outperform” rating and a $3.50 price objective on the stock. Finally, B. Riley restated a “buy” rating and issued a $4.50 price objective on shares of GigPeak in a report on Monday, July 25th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $3.87.

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GigPeak (NYSE:GIG) traded up 2.19% during mid-day trading on Wednesday, reaching $2.33. The company had a trading volume of 554,864 shares. GigPeak has a one year low of $1.63 and a one year high of $3.42. The stock has a 50 day moving average price of $2.06 and a 200 day moving average price of $2.31. The company has a market capitalization of $157.18 million and a P/E ratio of 86.30.

GigPeak (NYSE:GIG) last announced its quarterly earnings data on Monday, July 25th. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. The business earned $15.40 million during the quarter, compared to analysts’ expectations of $15.21 million. GigPeak’s revenue for the quarter was up 57.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.06 EPS. On average, equities analysts expect that GigPeak will post $0.18 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of GIG. Geode Capital Management LLC boosted its stake in shares of GigPeak by 3.5% in the first quarter. Geode Capital Management LLC now owns 195,261 shares of the company’s stock valued at $527,000 after buying an additional 6,690 shares in the last quarter. TFS Capital LLC boosted its stake in shares of 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 in the last quarter. Bridgeway Capital Management Inc. boosted its stake in shares of GigPeak by 14.6% in the second quarter. Bridgeway Capital Management Inc. now owns 397,450 shares of the company’s stock valued at $779,000 after buying an additional 50,550 shares in the last quarter. WealthTrust Axiom LLC boosted its stake in shares of GigPeak by 41.3% in the second quarter. WealthTrust Axiom LLC now owns 230,754 shares of the company’s stock valued at $452,000 after buying an additional 67,500 shares in the last quarter. Finally, Perkins Capital Management Inc. bought a new stake in shares of GigPeak during the second quarter valued at about $135,000.

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.

5 Day Chart for NYSE:GIG

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