Quantenna Comms (QTNA) Earns Buy Rating from Needham & Company LLC
Quantenna Comms (NASDAQ:QTNA)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a report released on Tuesday.
The analysts wrote, “QTNA delivered its third consecutive beat and raise quarter as a public company driven by strong shipments across each of its product offerings. QTNA is deploying its Wave 2 solutions across new and existing service provider customers driven by increasing consumer demand for high performance WiFi. QSR10G Wave 3 revenue grew 66% Q/Q in 2Q17 and is poised for strong growth in 2H17 driven by service launches at multiple MSOs. QTNA now expects Wave 3 solutions to be no less than 10% of sales in 3Q.””
Several other brokerages have also issued reports on QTNA. Zacks Investment Research upgraded shares of Quantenna Comms from a “sell” rating to a “hold” rating in a research report on Thursday, May 11th. Barclays PLC restated an “overweight” rating on shares of Quantenna Comms in a research report on Friday, July 21st. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $24.17.
Shares of Quantenna Comms (NASDAQ:QTNA) opened at 19.37 on Tuesday. Quantenna Comms has a 52 week low of $13.75 and a 52 week high of $25.45. The company’s 50 day moving average is $19.68 and its 200-day moving average is $20.01. The stock’s market capitalization is $652.73 million.
Quantenna Comms (NASDAQ:QTNA) last announced its earnings results on Monday, August 7th. The technology company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.02. The business had revenue of $47.10 million for the quarter, compared to the consensus estimate of $42.90 million. The business’s revenue for the quarter was up 42.7% compared to the same quarter last year. On average, equities analysts predict that Quantenna Comms will post $0.27 earnings per share for the current year.
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In other Quantenna Comms news, SVP David William Carroll sold 3,026 shares of Quantenna Comms stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $21.02, for a total transaction of $63,606.52. Following the transaction, the senior vice president now owns 20,000 shares of the company’s stock, valued at $420,400. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Scull sold 301,570 shares of Quantenna Comms stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $20.84, for a total transaction of $6,284,718.80. The disclosure for this sale can be found here. Insiders have sold 2,538,076 shares of company stock valued at $50,872,709 over the last 90 days. 22.62% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in shares of Quantenna Comms by 3.5% in the second quarter. Bank of New York Mellon Corp now owns 60,662 shares of the technology company’s stock valued at $1,153,000 after buying an additional 2,035 shares in the last quarter. Creative Planning purchased a new position in shares of Quantenna Comms during the second quarter valued at $102,000. Norges Bank purchased a new position in shares of Quantenna Comms during the fourth quarter valued at $181,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Quantenna Comms during the first quarter valued at $255,000. Finally, Schwab Charles Investment Management Inc. increased its position in shares of Quantenna Comms by 135.2% in the first quarter. Schwab Charles Investment Management Inc. now owns 25,636 shares of the technology company’s stock valued at $534,000 after buying an additional 14,736 shares in the last quarter. 31.58% of the stock is currently owned by institutional investors and hedge funds.
Quantenna Comms Company Profile
Quantenna Communications, Inc is engaged in the design, development and marketing of wireless communication solutions enabling wireless local area networking. The Company’s solutions are designed to deliver wireless fidelity (Wi-Fi) performance to support various connected devices accessing a pool of digital content.
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