Quantum (NASDAQ:QMCO) Cut to “Market Perform” at Northland Securities

Quantum (NASDAQ:QMCO) was downgraded by equities research analysts at Northland Securities from an “outperform” rating to a “market perform” rating in a note issued to investors on Friday. They currently have a $13.00 price objective on the stock. Northland Securities’ target price points to a potential upside of 0.54% from the company’s current price.

A number of other analysts also recently commented on QMCO. Needham & Company LLC started coverage on Quantum in a research report on Wednesday, June 3rd. They set a “buy” rating for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Quantum in a research note on Wednesday. Finally, Lake Street Capital restated a “buy” rating and issued a $20.00 price objective (up from $8.00) on shares of Quantum in a research note on Wednesday, June 3rd. Two analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Quantum currently has an average rating of “Hold” and an average price target of $17.67.

Quantum Price Performance

QMCO opened at $12.93 on Friday. Quantum has a fifty-two week low of $4.19 and a fifty-two week high of $18.48. The company’s 50-day moving average is $10.31 and its 200 day moving average is $7.77. The firm has a market capitalization of $189.30 million, a P/E ratio of -5.48 and a beta of 2.97.

Hedge Funds Weigh In On Quantum

Several institutional investors and hedge funds have recently bought and sold shares of QMCO. Vanguard Group Inc. increased its position in Quantum by 18.3% in the third quarter. Vanguard Group Inc. now owns 303,597 shares of the company’s stock worth $3,012,000 after buying an additional 46,919 shares during the last quarter. Marshall Wace LLP purchased a new stake in Quantum in the 2nd quarter worth about $1,775,000. UBS Group AG increased its stake in shares of Quantum by 170.0% in the third quarter. UBS Group AG now owns 162,605 shares of the company’s stock worth $1,613,000 after purchasing an additional 102,384 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Quantum by 97.5% in the fourth quarter. Geode Capital Management LLC now owns 156,871 shares of the company’s stock worth $1,012,000 after purchasing an additional 77,444 shares in the last quarter. Finally, State Street Corp raised its position in shares of Quantum by 231.7% in the fourth quarter. State Street Corp now owns 90,714 shares of the company’s stock valued at $585,000 after purchasing an additional 63,367 shares during the period. 63.66% of the stock is owned by institutional investors.

Quantum Company Profile

Quantum Corporation (NASDAQ: QMCO) is a technology company that develops and delivers data management and storage solutions for businesses and organizations worldwide. The company’s product portfolio includes hardware, software and cloud-based offerings designed to address backup, archive, primary storage and long-term retention needs. Quantum’s solutions are geared toward data-intensive environments such as media and entertainment, surveillance, government, education and healthcare, where large volumes of digital content must be reliably stored, managed and accessed.

Quantum’s flagship products include the StorNext® data management platform, which provides high-performance shared file storage and workflow acceleration, and the DXi® series of deduplication appliances, which optimize backup and recovery by reducing storage footprints and data transfer times.