Needham & Company LLC reiterated their buy rating on shares of GigPeak Inc (NYSE:GIG) in a research note released on Tuesday morning. The firm currently has a $3.50 price target on the stock.

GIG has been the topic of a number of other reports. TheStreet lowered shares of GigPeak from a buy rating to a hold rating in a report on Wednesday, August 31st. Zacks Investment Research lowered shares of GigPeak from a hold rating to a sell rating in a report on Monday, July 25th. Cowen and Company restated an outperform rating and set a $3.00 price objective on shares of GigPeak in a report on Thursday, September 15th. Raymond James Financial Inc. initiated coverage on shares of GigPeak in a report on Thursday, June 16th. They set an outperform rating and a $3.50 price objective on the stock. Finally, B. Riley restated a buy rating and set a $4.50 price objective on shares of GigPeak in a report on Monday, July 25th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. GigPeak has a consensus rating of Buy and an average price target of $3.90.

Shares of GigPeak (NYSE:GIG) opened at 2.28 on Tuesday. The company has a market capitalization of $153.81 million and a PE ratio of 84.44. The firm’s 50-day moving average is $2.05 and its 200-day moving average is $2.31. GigPeak has a 12-month low of $1.63 and a 12-month high of $3.42.

GigPeak (NYSE:GIG) last announced its quarterly earnings results on Monday, July 25th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. The firm had revenue of $15.40 million for the quarter, compared to the consensus estimate of $15.21 million. The company’s revenue for the quarter was up 57.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.06 earnings per share. On average, equities research analysts anticipate that GigPeak will post $0.18 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alambic Investment Management L.P. raised its position in GigPeak by 146.0% in the second quarter. Alambic Investment Management L.P. now owns 278,700 shares of the company’s stock valued at $546,000 after buying an additional 165,400 shares in the last quarter. Spark Investment Management LLC raised its position in GigPeak by 92.4% in the first quarter. Spark Investment Management LLC now owns 495,600 shares of the company’s stock valued at $1,338,000 after buying an additional 238,000 shares in the last quarter. Geode Capital Management LLC raised its position in GigPeak by 3.5% in the first quarter. Geode Capital Management LLC now owns 195,261 shares of the company’s stock valued at $527,000 after buying an additional 6,690 shares in the last quarter. Renaissance Technologies LLC raised its position in GigPeak by 17.1% in the first quarter. Renaissance Technologies LLC now owns 1,395,600 shares of the company’s stock valued at $3,768,000 after buying an additional 203,512 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in GigPeak by 79.1% in the second quarter. Dimensional Fund Advisors LP now owns 677,845 shares of the company’s stock valued at $1,329,000 after buying an additional 299,451 shares in the last quarter.

About GigPeak

GigPeak, Inc, formerly GigOptix, Inc is a semiconductor designer, developer and supplier of a range of analog, digital and mixed signal components to enable information streaming over the telecom networks, datacom infrastructure and consumer electronics links. The Company’s business is made up of two product lines: High-Speed Communications (HSC) product line and Industrial product line.

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