Adesto Technologies (NASDAQ:IOTS) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Adesto Technologies (NASDAQ:IOTS) from a hold rating to a buy rating in a report issued on Friday morning, Zacks.com reports. They currently have $10.00 price target on the technology company’s stock.

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. “

Several other analysts have also recently weighed in on the company. BidaskClub upgraded Adesto Technologies from a buy rating to a strong-buy rating in a report on Thursday, August 22nd. ValuEngine cut Adesto Technologies from a strong-buy rating to a buy rating in a report on Wednesday, September 4th. Northland Securities cut Adesto Technologies from an outperform rating to a market perform rating and set a $10.00 price target on the stock. in a report on Monday, August 12th. Craig Hallum started coverage on Adesto Technologies in a report on Thursday. They set a buy rating and a $13.00 price target on the stock. Finally, Loop Capital started coverage on Adesto Technologies in a report on Tuesday, September 17th. They set a buy rating and a $13.00 price target on the stock. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $11.20.

NASDAQ:IOTS opened at $9.13 on Friday. The stock has a market cap of $269.74 million, a P/E ratio of -32.61 and a beta of 1.25. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.64. The stock’s 50-day moving average is $9.97 and its 200-day moving average is $7.92. Adesto Technologies has a 1-year low of $3.51 and a 1-year high of $11.97.

In related news, CFO Ron Shelton sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $10.02, for a total value of $150,300.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Thomas D. Spade sold 9,217 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $9.91, for a total value of $91,340.47. The disclosure for this sale can be found here. Insiders sold 38,980 shares of company stock worth $398,061 over the last quarter. 12.36% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in IOTS. Cadence Capital Management LLC bought a new stake in Adesto Technologies in the second quarter valued at approximately $2,289,000. Royce & Associates LP boosted its holdings in Adesto Technologies by 24.1% in the first quarter. Royce & Associates LP now owns 865,400 shares of the technology company’s stock valued at $5,236,000 after acquiring an additional 168,300 shares during the last quarter. BlackRock Inc. boosted its holdings in Adesto Technologies by 8.8% in the second quarter. BlackRock Inc. now owns 1,764,214 shares of the technology company’s stock valued at $14,378,000 after acquiring an additional 142,988 shares during the last quarter. United Services Automobile Association boosted its holdings in Adesto Technologies by 33.8% in the second quarter. United Services Automobile Association now owns 452,667 shares of the technology company’s stock valued at $3,689,000 after acquiring an additional 114,288 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its holdings in Adesto Technologies by 312.2% in the second quarter. D. E. Shaw & Co. Inc. now owns 111,075 shares of the technology company’s stock valued at $905,000 after acquiring an additional 84,127 shares during the last quarter. Institutional investors and hedge funds own 64.52% of the company’s stock.

About Adesto Technologies

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.

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