Northland Securities Believes Calamp (NASDAQ: CAMP) Still Has Room to Grow

By Ryan Adsit

Northland Securities analyst Michael Latimore reiterated a Buy rating on Calamp (NASDAQ: CAMP) on September 29 and set a price target of $25. The company’s shares closed on Friday at $23.25, close to its 52-week high of $23.36.

According to TipRanks.com, Latimore is a 4-star analyst with an average return of 6.1% and a 55.8% success rate. Latimore covers the Technology sector, focusing on stocks such as Great Elm Capital Group Inc, Interactive Intelligence, and Nuance Communications.

Currently, the analyst consensus on Calamp is Strong Buy and the average price target is $24, representing a 3.2% upside.

In a report issued on September 28, Canaccord Genuity also reiterated a Buy rating on the stock with a $26 price target.

Based on Calamp’s latest earnings report for the quarter ending August 31, the company posted quarterly revenue of $89.77 million and quarterly net profit of $12.23 million. In comparison, last year the company earned revenue of $90.48 million and had a net profit of $521K.

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CalAmp Corp. is a provider of Internet of Things (IoT) enablement solutions for a broad array of mobile and fixed applications serving multiple vertical markets worldwide. It offer solutions for mobile resource management and applications for the broader IoT market, enabling customers to optimize their operations by collecting, monitoring and efficiently reporting business-critical data and desired intelligence from high-value remote and often mobile assets. The company portfolio of software applications, scalable cloud service-enablement platforms, and intelligent communications device platforms streamline otherwise complex IoT deployments. It offers scalable, cloud-based telematics Software-as-a-Service and Platform-as-a-Service applications. The company was founded in 1981 and is headquartered in Irvine, CA.