Adesto Technologies (NASDAQ:IOTS) Raised to “Strong-Buy” at BidaskClub

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BidaskClub upgraded shares of Adesto Technologies (NASDAQ:IOTS) from a buy rating to a strong-buy rating in a research note released on Thursday morning, BidAskClub reports.

Other analysts have also recently issued research reports about the stock. Northland Securities cut shares of Adesto Technologies from an outperform rating to a market perform rating and set a $10.00 price target for the company. in a research note on Monday, August 12th. ValuEngine cut shares of Adesto Technologies from a strong-buy rating to a buy rating in a research note on Friday, August 2nd. TheStreet cut shares of Adesto Technologies from a c- rating to a d rating in a research note on Wednesday, May 8th. Finally, Zacks Investment Research raised shares of Adesto Technologies from a hold rating to a buy rating and set a $12.00 price target for the company in a research note on Thursday. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Adesto Technologies presently has a consensus rating of Buy and a consensus target price of $10.67.

Adesto Technologies stock opened at $10.25 on Thursday. The firm has a 50 day simple moving average of $8.89 and a 200-day simple moving average of $7.28. Adesto Technologies has a 1-year low of $3.51 and a 1-year high of $11.97. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.14 and a quick ratio of 0.79.

In other news, VP Thomas D. Spade sold 9,217 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ron Shelton sold 3,889 shares of the stock in a transaction that occurred 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 directly owns 284,788 shares of the company’s stock, valued at approximately $2,238,433.68. The disclosure for this sale can be found here. In the last three months, insiders sold 41,369 shares of company stock valued at $405,678. Corporate insiders own 12.36% of the company’s stock.

Several hedge funds have recently modified their holdings of IOTS. Cadence Capital Management LLC acquired a new position in shares of Adesto Technologies in the 2nd quarter worth approximately $2,289,000. Royce & Associates LP lifted its holdings in shares of Adesto Technologies by 24.1% in the 1st 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 during the last quarter. BlackRock Inc. lifted its holdings in shares of Adesto Technologies by 8.8% in the 2nd quarter. BlackRock Inc. now owns 1,764,214 shares of the technology company’s stock worth $14,378,000 after acquiring an additional 142,988 shares during the last quarter. United Services Automobile Association lifted its holdings in shares of Adesto Technologies by 33.8% in the 2nd quarter. United Services Automobile Association now owns 452,667 shares of the technology company’s stock worth $3,689,000 after acquiring an additional 114,288 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of Adesto Technologies by 312.2% in the 2nd quarter. D. E. Shaw & Co. Inc. now owns 111,075 shares of the technology company’s stock worth $905,000 after acquiring an additional 84,127 shares during the last quarter. Hedge funds and other institutional investors own 63.05% of the company’s stock.

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.

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