Zacks Investment Research Lowers Adesto Technologies (NASDAQ:IOTS) to Hold

Adesto Technologies (NASDAQ:IOTS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, January 10th.

According to Zacks, “Adesto Technologies Corporation is a provider of application-specific non-volatile memory products. The company designed and built a portfolio of innovative products which includes Fusion Serial Flash, DataFlash(R) and Conductive Bridging RAM (R). It sells products directly to original equipment manufacturers and original design manufacturers. Adesto Technologies Corporation is headquartered in Sunnyvale, California. “

Separately, Needham & Company LLC restated a “buy” rating and set a $10.00 price target on shares of Adesto Technologies in a report on Wednesday, September 13th.

Shares of Adesto Technologies (NASDAQ:IOTS) opened at $6.45 on Wednesday. Adesto Technologies has a twelve month low of $3.00 and a twelve month high of $9.20. The firm has a market capitalization of $146.92, a price-to-earnings ratio of -14.33, a P/E/G ratio of 3.09 and a beta of 2.17. The company has a current ratio of 4.41, a quick ratio of 3.98 and a debt-to-equity ratio of 0.41.

Adesto Technologies (NASDAQ:IOTS) last released its quarterly earnings results on Wednesday, November 8th. The technology company reported $0.02 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.03. Adesto Technologies had a negative return on equity of 16.47% and a negative net margin of 13.86%. The company had revenue of $15.24 million for the quarter, compared to analyst estimates of $14.50 million. During the same quarter in the prior year, the firm posted ($0.19) EPS. Adesto Technologies’s quarterly revenue was up 36.3% compared to the same quarter last year. equities analysts forecast that Adesto Technologies will post -0.25 earnings per share for the current fiscal year.

In other Adesto Technologies news, VP Ishai Naveh sold 11,413 shares of the stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $8.11, for a total value of $92,559.43. Following the sale, the vice president now owns 115,393 shares in the company, valued at $935,837.23. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Thomas D. Spade sold 10,000 shares of the stock in a transaction on Monday, November 13th. The stock was sold at an average price of $8.33, for a total value of $83,300.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,006 shares of company stock worth $535,443. Insiders own 22.10% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Citadel Advisors LLC bought a new position in shares of Adesto Technologies during the 3rd quarter worth $113,000. Vanguard Group Inc. grew its position in shares of Adesto Technologies by 5.6% during the 2nd quarter. Vanguard Group Inc. now owns 126,943 shares of the technology company’s stock worth $578,000 after buying an additional 6,786 shares in the last quarter. Allianz Asset Management GmbH bought a new position in shares of Adesto Technologies during the 3rd quarter worth $1,037,000. Essex Investment Management Co. LLC bought a new position in shares of Adesto Technologies during the 3rd quarter worth $1,874,000. Finally, Ameriprise Financial Inc. bought a new position in shares of Adesto Technologies during the 2nd quarter worth $1,982,000. Institutional investors and hedge funds own 37.96% of the company’s stock.

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Adesto Technologies Company Profile

Adesto Technologies Corporation is a provider of application-specific and ultra-low power non-volatile memory products. The Company optimizes its non-volatile memory products for Internet of Things (IoT), applications, including current and next-generation Internet-connected devices in the consumer, industrial, medical and wearables markets.

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