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

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 research analysts have also issued reports about the stock. Benchmark Co. reissued a buy rating and issued a $7.00 target price (up from $5.00) on shares of Adesto Technologies Corporation in a report on Friday, April 7th. ValuEngine raised shares of Adesto Technologies Corporation from a sell rating to a hold rating in a report on Friday, June 2nd. Finally, Needham & Company LLC raised their target price on shares of Adesto Technologies Corporation from $6.00 to $7.00 and gave the company a strong-buy rating in a report on Friday, May 12th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $5.75.

Shares of Adesto Technologies Corporation (NASDAQ:IOTS) traded down 5.26% during midday trading on Wednesday, hitting $4.50. 7,965 shares of the stock were exchanged. The firm’s market cap is $71.27 million. Adesto Technologies Corporation has a 52-week low of $1.50 and a 52-week high of $5.80. The firm’s 50-day moving average is $4.80 and its 200 day moving average is $4.01.

Adesto Technologies Corporation (NASDAQ:IOTS) last posted its earnings results on Wednesday, May 10th. The technology company reported ($0.10) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.03. Adesto Technologies Corporation had a negative net margin of 28.49% and a negative return on equity of 62.50%. The firm had revenue of $11.31 million during the quarter, compared to analyst estimates of $11.21 million. During the same period last year, the firm posted ($0.16) earnings per share. Adesto Technologies Corporation’s revenue for the quarter was up 11.1% compared to the same quarter last year. On average, analysts forecast that Adesto Technologies Corporation will post ($0.21) earnings per share for the current year.

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A number of hedge funds have recently modified their holdings of the company. Gilder Gagnon Howe & Co. LLC increased its stake in shares of Adesto Technologies Corporation by 29.2% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 1,673,088 shares of the technology company’s stock worth $6,943,000 after buying an additional 378,233 shares in the last quarter. Herald Investment Management Ltd bought a new stake in shares of Adesto Technologies Corporation during the first quarter worth about $1,460,000. Finally, Spark Investment Management LLC bought a new stake in shares of Adesto Technologies Corporation during the first quarter worth about $407,000. Institutional investors own 14.62% of the company’s stock.

About Adesto Technologies Corporation

Adesto Technologies Corporation is a provider of application-specific and ultra-low power non-volatile memory products. The Company optimizes its non-volatile memory products for Internet of Things (IoT), applications, including current and next-generation Internet-connected devices in the consumer, industrial, medical and wearables markets.

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