Zacks Investment Research reaffirmed their strong-buy rating on shares of FireEye (NASDAQ:FEYE) in a research note issued to investors on Tuesday. Zacks Investment Research currently has a $21.00 price objective on the information security company’s stock.
According to Zacks, “FireEye’s third-quarter results benefited from its diversified product portfolio and increasing clientele. The company’s turnaround efforts, which include shifting the business model to a subscription-based one, are apparently paying off. FireEye is gaining customer accounts and increasing penetration of existing customers, which is driving revenue growth. Strong adoption of Helix platform is a key driver. Management notes that the shift toward virtual, cloud and hybrid from appliance-based products is improving the mix of recurring subscriptions and support, which will aid the company’s long-term growth. Its shares have outperformed the industry year to date. Nonetheless, shorter-length contracts remain a concern. Though these generally generate higher margins compared with three-year contracts, they adversely impact near-term top-line growth.”
FEYE has been the subject of several other research reports. Evercore ISI restated a buy rating and set a $22.00 price target on shares of FireEye in a report on Thursday, August 23rd. BMO Capital Markets lowered their price target on shares of FireEye from $18.00 to $17.00 and set a market perform rating for the company in a report on Thursday, August 2nd. BidaskClub upgraded shares of FireEye from a hold rating to a buy rating in a report on Friday, October 12th. Wedbush raised their price target on shares of FireEye from $16.00 to $18.00 and gave the stock a neutral rating in a report on Monday, October 8th. Finally, Deutsche Bank raised their price target on shares of FireEye from $18.00 to $20.00 and gave the stock a hold rating in a report on Wednesday, October 31st. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $20.27.
FireEye (NASDAQ:FEYE) last posted its earnings results on Tuesday, October 30th. The information security company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.02 by $0.04. FireEye had a negative net margin of 33.32% and a negative return on equity of 22.98%. The business had revenue of $211.65 million for the quarter, compared to the consensus estimate of $208.46 million. During the same period last year, the company earned ($0.04) EPS. The firm’s revenue was up 7.2% compared to the same quarter last year. Equities research analysts expect that FireEye will post -0.71 EPS for the current year.
In other news, EVP William T. Robbins sold 6,400 shares of FireEye stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $14.46, for a total value of $92,544.00. Following the completion of the sale, the executive vice president now owns 359,444 shares in the company, valued at approximately $5,197,560.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alexa King sold 4,828 shares of FireEye stock in a transaction on Wednesday, November 7th. The shares were sold at an average price of $20.00, for a total transaction of $96,560.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,648 shares of company stock valued at $1,980,131. Company insiders own 2.40% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. OppenheimerFunds Inc. increased its stake in shares of FireEye by 100.0% in the 2nd quarter. OppenheimerFunds Inc. now owns 6,000,378 shares of the information security company’s stock valued at $92,346,000 after acquiring an additional 3,000,051 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of FireEye by 41.4% in the 3rd quarter. Fisher Asset Management LLC now owns 3,212,043 shares of the information security company’s stock valued at $54,605,000 after acquiring an additional 939,932 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its stake in shares of FireEye by 4.4% in the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 2,421,230 shares of the information security company’s stock valued at $41,160,000 after acquiring an additional 100,995 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of FireEye by 20.2% in the 2nd quarter. Renaissance Technologies LLC now owns 2,190,466 shares of the information security company’s stock valued at $33,711,000 after acquiring an additional 368,666 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in FireEye by 13.0% during the 3rd quarter. First Trust Advisors LP now owns 1,518,548 shares of the information security company’s stock valued at $25,815,000 after purchasing an additional 174,727 shares in the last quarter. Institutional investors own 69.59% of the company’s stock.
FireEye, Inc provides cybersecurity solutions that allow organizations to prepare for, prevent, respond to, and remediate cyber-attacks. It offers vector-specific appliance, virtual appliance, and cloud-based solutions to detect and block known and unknown cyber-attacks. The company provides threat detection and prevention solutions, including network security products, email security solutions, and endpoint security solutions.
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