Adesto Technologies (NASDAQ:IOTS) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Adesto Technologies (NASDAQ:IOTS) from a buy rating to a hold rating in a report released on Wednesday morning, 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. “

Other equities analysts also recently issued reports about the stock. TheStreet upgraded shares of WillScot from a d- rating to a c- rating in a report on Wednesday, May 8th. ValuEngine downgraded shares of Intersect ENT from a buy rating to a hold rating in a report on Monday, July 8th. Finally, Needham & Company LLC reiterated a buy rating and issued a $10.00 price objective on shares of Adesto Technologies in a report on Wednesday, March 13th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Adesto Technologies has a consensus rating of Buy and an average price target of $9.04.

NASDAQ:IOTS opened at $8.43 on Wednesday. Adesto Technologies has a one year low of $3.51 and a one year high of $8.65. The firm has a market capitalization of $250.54 million, a P/E ratio of -30.11 and a beta of 1.35. The company has a fifty day moving average of $8.00. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.80 and a current ratio of 1.19.

Adesto Technologies (NASDAQ:IOTS) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.09) EPS 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 firm had revenue of $28.11 million for the quarter, compared to the consensus estimate of $26.95 million. On average, equities research analysts expect that Adesto Technologies will post -0.19 earnings per share for the current year.

In related news, CFO Ron Shelton sold 3,889 shares of the company’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $7.86, for a total value of $30,567.54. Following the transaction, the chief financial officer now directly owns 284,788 shares in the company, valued at $2,238,433.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 12.36% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA grew its stake in shares of Adesto Technologies by 772.2% in the first quarter. BNP Paribas Arbitrage SA now owns 5,146 shares of the technology company’s stock valued at $31,000 after acquiring an additional 4,556 shares in the last quarter. Rhumbline Advisers grew its stake in Adesto Technologies by 62.8% during the fourth quarter. Rhumbline Advisers now owns 28,486 shares of the technology company’s stock worth $125,000 after buying an additional 10,990 shares in the last quarter. Strategic Wealth Advisors Group LLC acquired a new stake in Adesto Technologies during the first quarter worth about $215,000. Bank of New York Mellon Corp grew its stake in 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 buying an additional 32,049 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in 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 buying an additional 75,962 shares in the last quarter. Institutional investors and hedge funds own 62.40% 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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