Adesto Technologies (NASDAQ:IOTS) Upgraded to Buy 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 released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $11.00 target price 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 equities research analysts have also recently issued reports on the company. ValuEngine cut Adesto Technologies from a strong-buy rating to a buy rating in a research note on Friday, August 2nd. TheStreet cut Adesto Technologies from a c- rating to a d rating in a research note on Wednesday, May 8th. Finally, Northland Securities cut Adesto Technologies from an outperform rating to a market perform rating and set a $10.00 target price for the company. in a research note on Monday, August 12th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $10.33.

IOTS stock opened at $9.87 on Tuesday. The business has a fifty day moving average of $8.63 and a two-hundred day moving average of $7.13. The company has a quick ratio of 0.80, a current ratio of 1.14 and a debt-to-equity ratio of 0.64. The stock has a market cap of $319.65 million, a price-to-earnings ratio of -35.25 and a beta of 1.35. Adesto Technologies has a 52-week low of $3.51 and a 52-week high of $11.97.

In other Adesto Technologies news, CFO Ron Shelton sold 3,889 shares of the firm’s stock in a transaction on Thursday, May 30th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Gideon D. Intrater sold 7,500 shares of Adesto Technologies stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $10.77, for a total value of $80,775.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,708 shares of company stock valued at $388,653. 12.36% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of IOTS. BlackRock Inc. increased its stake in Adesto Technologies by 6.4% in the 4th 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 during the last quarter. Bank of New York Mellon Corp increased its stake in Adesto Technologies by 56.8% in the 4th 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 during the last quarter. Dimensional Fund Advisors LP increased its stake in Adesto Technologies by 78.8% in the 4th 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 during the last quarter. Geode Capital Management LLC increased its stake in Adesto Technologies by 3.8% in the 4th quarter. Geode Capital Management LLC now owns 256,051 shares of the technology company’s stock worth $1,126,000 after acquiring an additional 9,389 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in Adesto Technologies by 772.2% in the 1st quarter. BNP Paribas Arbitrage SA now owns 5,146 shares of the technology company’s stock worth $31,000 after acquiring an additional 4,556 shares during the last quarter. 62.42% of the stock is owned by institutional investors and hedge funds.

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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