OmniVision Recieves New Rating from Top Analyst

By George MacDonald

Needham analyst Rajvindra Gill¬†downgraded¬†OmniVision (NASDAQ: OVTI) today to Hold. The company’s shares opened today at $27.25.

Gill noted, “OVTI reported strong results in the April quarter and offered significantly better than expected guidance for the July quarter. The company continues to execute on its cost cutting initiatives having reported 10 consecutive quarters of GM% improvement. We believe the strong results, guidance and commentary signal improving conditions in the China handset market as OVTI noted seeing initial signs of recovery in the volatile industry.”

Currently, the analyst consensus on OmniVision is Hold and the average price target is $29, representing a 6.4% upside. In a report released today, Wedbush also reiterated a Hold rating on the stock with a $29 price target.

The company has a one year high of $28.95 and a one year low of $19.98. Currently, OmniVision has an average volume of 605.9k.

Unlike Needham`s latest rating, based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is negative on the stock. Most recently, in July 2014, Raymond Wu, a President at OVTI sold 20,288 shares for a total of $459,978.

According to, Gill is a top 25 analyst with an average return of 26.9% and a 71.4% success rate. Gill covers the Technology sector, focusing on stocks such as Integrated Silicon Solution, Silicon Laboratories, and Angie’s List Inc.

OmniVision Technologies Inc designs, develops and markets semiconductor image-sensor devices. Its main products are CameraChip image sensors and CameraCubeChip imaging devices.