Quantum Corporation (QTM) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Quantum Corporation (NYSE:QTM) from a strong-buy rating to a hold rating in a research report sent to investors on Wednesday, July 12th.

According to Zacks, “Quantum is a leading expert in scale-out storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. With Quantum, customers can be certain they have the end-to-end storage foundation to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. “

Shares of Quantum Corporation (NYSE:QTM) traded down 1.17% during trading on Wednesday, reaching $7.59. 185,583 shares of the company’s stock were exchanged. Quantum Corporation has a 52 week low of $0.56 and a 52 week high of $9.20. The stock has a market capitalization of $258.76 million, a price-to-earnings ratio of 70.28 and a beta of 2.34. The stock has a 50 day moving average price of $7.95 and a 200-day moving average price of $4.78.

Quantum Corporation (NYSE:QTM) last announced its quarterly earnings data on Wednesday, May 10th. The technology company reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.02. Quantum Corporation had a net margin of 0.62% and a negative return on equity of 5.94%. The business had revenue of $120.80 million for the quarter, compared to analyst estimates of $122.59 million. During the same period in the prior year, the firm posted $0.02 EPS. The company’s revenue was up .7% on a year-over-year basis. Analysts predict that Quantum Corporation will post $0.63 earnings per share for the current year.

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In related news, CFO Fuad Ahmad sold 17,000 shares of the firm’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $8.46, for a total value of $143,820.00. Following the transaction, the chief financial officer now owns 153,603 shares in the company, valued at $1,299,481.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP Shawn D. Hall sold 10,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $7.82, for a total transaction of $78,200.00. Following the completion of the sale, the vice president now directly owns 158,344 shares of the company’s stock, valued at approximately $1,238,250.08. The disclosure for this sale can be found here. Insiders sold 88,912 shares of company stock worth $727,222 in the last 90 days. 8.55% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN increased its stake in shares of Quantum Corporation by 86.0% in the first quarter. Wells Fargo & Company MN now owns 14,238,193 shares of the technology company’s stock valued at $12,387,000 after buying an additional 6,584,382 shares during the period. Vanguard Group Inc. increased its stake in shares of Quantum Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 9,332,945 shares of the technology company’s stock valued at $8,120,000 after buying an additional 383,871 shares during the period. Renaissance Technologies LLC increased its stake in shares of Quantum Corporation by 26.8% in the first quarter. Renaissance Technologies LLC now owns 8,026,252 shares of the technology company’s stock valued at $6,983,000 after buying an additional 1,695,300 shares during the period. Neuberger Berman Group LLC increased its stake in shares of Quantum Corporation by 2.0% in the first quarter. Neuberger Berman Group LLC now owns 6,033,887 shares of the technology company’s stock valued at $5,249,000 after buying an additional 120,490 shares during the period. Finally, Pacific Ridge Capital Partners LLC increased its stake in shares of Quantum Corporation by 50.7% in the first quarter. Pacific Ridge Capital Partners LLC now owns 3,988,157 shares of the technology company’s stock valued at $3,470,000 after buying an additional 1,342,013 shares during the period.

About Quantum Corporation

Quantum Corporation focuses on scale-out storage, archive and data protection, providing solutions for capturing, sharing, managing and preserving digital assets over the entire data lifecycle. The Company’s end-to-end tiered storage solutions enable users to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity.

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