Quantenna Communications (QTNA) Given New $23.00 Price Target at Needham & Company LLC

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Quantenna Communications (NASDAQ:QTNA) had its target price lifted by Needham & Company LLC from $20.00 to $23.00 in a research report report published on Wednesday morning, MarketBeat.com reports. The brokerage currently has a strong-buy rating on the technology company’s stock.

QTNA has been the subject of a number of other reports. BidaskClub cut Quantenna Communications from a buy rating to a hold rating in a research report on Friday, June 22nd. TheStreet raised Quantenna Communications from a d+ rating to a c- rating in a research report on Friday, June 1st. Barclays upped their target price on Quantenna Communications from $15.00 to $17.00 and gave the company an equal weight rating in a research report on Tuesday, July 31st. Morgan Stanley upped their target price on Quantenna Communications from $15.50 to $17.00 and gave the company an overweight rating in a research report on Tuesday, July 31st. Finally, Stifel Nicolaus reissued a buy rating and issued a $19.00 target price on shares of Quantenna Communications in a research report on Friday, June 1st. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Quantenna Communications currently has an average rating of Buy and a consensus target price of $19.80.

Shares of NASDAQ QTNA opened at $18.48 on Wednesday. The stock has a market capitalization of $674.26 million, a P/E ratio of -924.00, a PEG ratio of 5.24 and a beta of 1.97. Quantenna Communications has a 52-week low of $9.60 and a 52-week high of $19.41.

Quantenna Communications (NASDAQ:QTNA) last announced its earnings results on Monday, July 30th. The technology company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The firm had revenue of $53.40 million during the quarter, compared to analysts’ expectations of $51.97 million. Quantenna Communications had a return on equity of 3.33% and a net margin of 17.33%. The business’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.07 EPS. research analysts anticipate that Quantenna Communications will post 0.17 earnings per share for the current year.

In other Quantenna Communications news, SVP David William Carroll sold 6,553 shares of the company’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $15.29, for a total transaction of $100,195.37. Following the completion of the sale, the senior vice president now directly owns 70,114 shares of the company’s stock, valued at approximately $1,072,043.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Sam Heidari sold 26,125 shares of the company’s stock in a transaction that occurred on Wednesday, June 20th. The shares were sold at an average price of $16.06, for a total value of $419,567.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 89,514 shares of company stock valued at $1,476,854. 13.49% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of QTNA. Fortaleza Asset Management Inc. purchased a new position in shares of Quantenna Communications during the 2nd quarter worth approximately $123,000. Envestnet Asset Management Inc. purchased a new position in shares of Quantenna Communications during the 2nd quarter worth approximately $159,000. Metropolitan Life Insurance Co. NY raised its stake in shares of Quantenna Communications by 48.9% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 11,207 shares of the technology company’s stock worth $174,000 after buying an additional 3,681 shares in the last quarter. Eqis Capital Management Inc. purchased a new position in shares of Quantenna Communications during the 2nd quarter worth approximately $183,000. Finally, BlueMountain Capital Management LLC purchased a new position in shares of Quantenna Communications during the 2nd quarter worth approximately $185,000. 61.82% of the stock is owned by hedge funds and other institutional investors.

About Quantenna Communications

Quantenna Communications, Inc designs, develops, and markets wireless communication solutions enabling wireless local area networking in the United States and internationally. The company's solutions portfolio comprises radio frequency chips and digital baseband chips, which support the IEEE Wi-Fi standards, including 802.11n, 802.11ac, and draft 802.11ax.

Further Reading: Outstanding Shares and The Effect on Share Price

Analyst Recommendations for Quantenna Communications (NASDAQ:QTNA)

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