Quantenna Communications (QTNA) Rating Reiterated by Needham & Company LLC
Quantenna Communications (NASDAQ:QTNA)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued on Tuesday. They presently have a $20.00 price objective on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 74.98% from the company’s previous close.
The analysts wrote, “QTNA was our top pick in 2017. Despite strong long- term prospects, in our opinion, QTNA shares declined 37% YTD vs. a 26% increase in the Nasdaq Composite Index, reflecting a delay in the ramp of Comcast’s xFi Advanced Gateway that incorporates QTNA’s 10Gbps 802.11ac Wave 3 solution and order lumpiness at AT&T/DirecTV, the company’s largest customer, that meaningfully impacted 4Q17 revenue. We believe both factors will prove temporary and we remain confident in QTNA’s long-term prospects. Accordingly, we are keeping QTNA as our top pick for 2018. Trading at an EV of only 1.3x expected 2019 sales vs. a median of 3.3x for its closest peers, we believe QTNA shares are undervalued. As revenue recovers from a weak 4Q17, we expect QTNA’s valuation multiple should expand. Our $20 PT is based on an EV of 2.5x 2019 estimated sales.””
Other equities analysts have also recently issued research reports about the company. Roth Capital lowered their target price on Quantenna Communications from $27.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, November 7th. Barclays cut Quantenna Communications to an “equal weight” rating in a report on Tuesday, November 7th. Zacks Investment Research cut Quantenna Communications from a “hold” rating to a “sell” rating in a report on Friday, November 10th. Finally, ValuEngine cut Quantenna Communications from a “hold” rating to a “sell” rating in a report on Tuesday, November 7th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Quantenna Communications has a consensus rating of “Hold” and an average target price of $20.00.
In other news, SVP Lionel Bonnot sold 5,500 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $10.72, for a total value of $58,960.00. Following the completion of the sale, the senior vice president now owns 22,684 shares of the company’s stock, valued at $243,172.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Sam Heidari sold 2,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $15.15, for a total value of $30,300.00. Following the completion of the sale, the chairman now directly owns 70,700 shares of the company’s stock, valued at approximately $1,071,105. The disclosure for this sale can be found here. In the last ninety days, insiders sold 88,699 shares of company stock valued at $1,327,659. Insiders own 22.62% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Royce & Associates LP acquired a new stake in shares of Quantenna Communications in the third quarter valued at about $378,000. RK Capital Management LLC increased its stake in shares of Quantenna Communications by 3.5% in the third quarter. RK Capital Management LLC now owns 305,119 shares of the technology company’s stock valued at $5,129,000 after buying an additional 10,237 shares during the period. Brown Advisory Inc. acquired a new stake in shares of Quantenna Communications in the third quarter valued at about $333,000. Schwab Charles Investment Management Inc. increased its stake in shares of Quantenna Communications by 54.7% in the third quarter. Schwab Charles Investment Management Inc. now owns 78,084 shares of the technology company’s stock valued at $1,313,000 after buying an additional 27,596 shares during the period. Finally, Wells Fargo & Company MN increased its stake in shares of Quantenna Communications by 90.0% in the third quarter. Wells Fargo & Company MN now owns 514,295 shares of the technology company’s stock valued at $8,646,000 after buying an additional 243,655 shares during the period. 37.84% of the stock is owned by institutional investors.
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About Quantenna Communications
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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