FireEye (NASDAQ: FEYE) was upgraded by Zacks Investment Research from a “sell” rating to a “conservation” rating in a research report released Tuesday, Zacks.com reports. The company currently has a price target of $ 22.00 on shares of the information security company. Zacks Investment Research’s price target points to a potential rise of 7.42% from the current share price.

According to Zacks, “FireEye is benefiting from increased demand for cybersecurity solutions amid the coronavirus-induced work and home learning trend. Strong demand for Mandiant platform, cloud subscription, managed services and consulting services is positive. In addition, the significant momentum of Mandiant Professional Services is a positive wind. Additionally, the rise in accounts receivable is expected to boost revenue. The increased margin in cloud-hosted products is a godsend. Nonetheless, FireEye suffers from a slump in sales of household appliances, which has remained in surplus over deferred revenues. The pandemic is expected to significantly affect the length of the short-term contract. In addition, data breaches by Red Team and SolarWinds have put FireEye’s reputation at risk and may impact its business in the short term, as customers may be reluctant to purchase its solutions. “

A number of other brokerages have also recently commented on FEYE. Mizuho raised his price target on the FireEye stock from $ 22.00 to $ 23.00 and rated the stock “neutral” in a report released on Wednesday, April 28. Barclays raised its price target on FireEye shares from $ 21.00 to $ 22.00 and rated the stock “underweight” in a report released on Wednesday April 28. One investment analyst gave the stock a sell rating, seven assigned a conservation rating and five a buy rating to the company. FireEye currently has a consensus rating of “Hold” and an average price target of $ 21.33.

FEYE traded at $ 0.49 during the midday session Tuesday, reaching $ 20.48. 68,402 shares of the company were traded, for an average volume of 5,075,118. The company has a rapid ratio of 2.13, a current ratio of 2.14 and a debt ratio of 1.36. The company has a market cap of $ 4.88 billion, a PE ratio of -24.98 and a beta of 1.12. The company’s 50-day moving average price is $ 20.62. FireEye has a one-year low of $ 11.38 and a one-year high of $ 25.53.

FireEye (NASDAQ: FEYE) last announced its results on Tuesday, April 27. The information security firm reported ($ 0.12) earnings per share (EPS) for the quarter, missing analyst consensus estimates of ($ 0.10) by ($ 0.02). The company posted revenue of $ 246.00 million for the quarter, compared to analysts’ estimates of $ 237.00 million. FireEye recorded a negative return on equity of 9.48% and a negative net margin of 18.88%. The company’s revenue grew 9.3% year-on-year. In the same quarter of the previous year, the company posted ($ 0.02) EPS. Stock analysts predict that FireEye will post -0.33 earnings per share for the current fiscal year.

In other FireEye news, COO John P. Watters bought 25,000 FireEye shares in a trade on Friday June 4th. The shares were purchased at an average cost of $ 18.75 per share, for a total value of $ 468,750.00. Following the completion of the transaction, the COO now directly owns 253,608 shares of the company, valued at approximately $ 4,755,150. The acquisition was disclosed in a legal file with the Securities & Exchange Commission, which is available on the SEC website. In addition, director Arthur W. Coviello, Jr. purchased 10,000 FireEye shares in a trade on Wednesday, June 9. The shares were acquired at an average cost of $ 20.18 per share, for a total transaction of $ 201,800.00. Following the closing of the transaction, the Director now owns 28,922 shares of the company, valued at $ 583,645.96. Disclosure of this purchase can be found here. 2.20% of the shares are currently owned by insiders.

Hedge funds have recently changed their positions in the company. Tompkins Financial Corp acquired a new position in FireEye during the fourth quarter valued at approximately $ 46,000. Meeder Asset Management Inc. increased its position in shares of FireEye by 7,751.6% during the first quarter. Meeder Asset Management Inc. now owns 2,434 shares of the information security company valued at $ 47,000 after purchasing 2,403 additional shares in the last quarter. Allred Capital Management LLC acquired a new position in shares of FireEye during the first quarter valued at $ 62,000. Acadian Asset Management LLC acquired a new position in shares of FireEye during the first quarter valued at $ 68,000. Finally, The PNC Financial Services Group Inc. increased its position in FireEye shares by 24.4% during the first quarter. PNC Financial Services Group Inc. now owns 4,089 shares of the information security company valued at $ 79,000 after purchasing an additional 801 shares in the last quarter. 80.70% of the shares are currently held by hedge funds and other institutional investors.

About FireEye

FireEye, Inc provides intelligence-based cybersecurity solutions to prepare for, prevent, investigate, respond to, and correct cyber attacks in organizations. Its FireEye products include network, email, endpoint and cloud security monitoring products to detect and prevent threats; Dynamic Threat Intelligence Cloud, a two-way cloud service; Helix Security Operations Platform, a cloud-hosted security operations platform; Cloudvisory cloud security products; and customer support and maintenance services.

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