Adesto Technologies (NASDAQ:IOTS) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Adesto Technologies (NASDAQ:IOTS) from a buy rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

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. “

IOTS has been the subject of several other research reports. Needham & Company LLC reaffirmed a buy rating and issued a $10.00 target price on shares of Adesto Technologies in a research note on Wednesday, March 13th. TheStreet raised shares of WillScot from a d- rating to a c- rating in a research note on Wednesday, May 8th. Finally, ValuEngine downgraded shares of Intersect ENT from a buy rating to a hold rating in a research note on Monday, July 8th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and an average price target of $9.04.

Shares of NASDAQ IOTS opened at $8.43 on Wednesday. The firm has a 50 day simple moving average of $8.00. Adesto Technologies has a fifty-two week low of $3.51 and a fifty-two week high of $8.65. The firm has a market capitalization of $250.54 million, a price-to-earnings ratio of -30.11 and a beta of 1.35. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.19 and a quick ratio of 0.80.

Adesto Technologies (NASDAQ:IOTS) last announced its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.11) by $0.02. Adesto Technologies had a negative net margin of 28.45% and a negative return on equity of 17.04%. The business had revenue of $28.11 million for the quarter, compared to analyst estimates of $26.95 million. Equities research analysts anticipate that Adesto Technologies will post -0.19 earnings per share for the current fiscal year.

In other news, CFO Ron Shelton sold 3,889 shares of the stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $7.86, for a total transaction of $30,567.54. Following the completion of the sale, the chief financial officer now owns 284,788 shares of the company’s stock, valued at $2,238,433.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.36% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of IOTS. Royce & Associates LP increased its position in shares of Adesto Technologies by 24.1% during the first quarter. Royce & Associates LP now owns 865,400 shares of the technology company’s stock worth $5,236,000 after acquiring an additional 168,300 shares in the last quarter. BlackRock Inc. increased its position in shares of Adesto Technologies by 6.4% during the fourth quarter. BlackRock Inc. now owns 1,505,936 shares of the technology company’s stock worth $6,626,000 after acquiring an additional 90,468 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Adesto Technologies by 78.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 172,316 shares of the technology company’s stock worth $758,000 after acquiring an additional 75,962 shares in the last quarter. Strategic Wealth Advisors Group LLC bought a new stake in shares of Adesto Technologies during the first quarter worth $215,000. Finally, Bank of New York Mellon Corp increased its position in shares of Adesto Technologies by 56.8% during the fourth quarter. Bank of New York Mellon Corp now owns 88,512 shares of the technology company’s stock worth $389,000 after acquiring an additional 32,049 shares in the last quarter. 62.40% of the stock is owned by institutional investors.

Adesto Technologies Company Profile

Adesto Technologies Corporation, together with its subsidiaries, provides application-specific semiconductors and embedded systems that offer the building blocks of Internet of Things (IoT) edge devices operating on networks worldwide. The company's portfolio of semiconductor and embedded technologies are optimized for connected IoT devices and systems used in industrial, consumer, communications, and medical applications.

Recommended Story: CD Ladder

Get a free copy of the Zacks research report on Adesto Technologies (IOTS)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Adesto Technologies (NASDAQ:IOTS)

Receive News & Ratings for Adesto Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adesto Technologies and related companies with MarketBeat.com's FREE daily email newsletter.