NetScout rises 13% after solid Q1 earnings, analyst lifts price target
Westford, Mass.-based NetScout Systems Inc. (Nasdaq:NTCT) is up 13% today after analysts at Canaccord Adams raised the company’s price target to $18.50 from $15 while maintaining its “buy” rating after the opening. The news came on the heels of Thursday’s strong first-quarter earnings report. The company reported revenue of $60.6 million with net income of $1.5 million, or $0.04 per share.
“We successfully integrated the two sales forces without major disruption in order flow. This was the last important organizational step in the integration of the two companies. We are on schedule for the delivery of new products and upgrades that will support our growth and extend our market leadership. Despite growing indications of an economic slowdown we have not yet seen significant cutbacks in IT spending for our products, because we believe our customers recognize the high value derived from our integrated packet flow-based application management solutions,” said president and CEO Anil Singhal in a statement.
In today’s trading, shares of NetScout Systems are at $12.70 at 1:20 p.m. ET, up $1.44 from Thursday’s close. Trading volume is at nearly 700,000 shares, more than double the average.
For detailed price information and recent news stories about NetScout Systems Inc., click NTCT.
