Boston, MA 07/03/2013 (wallstreetpr) – Gus Richard, analyst at Piper Jaffray, initiated the coverage of Ruckus Wireless, Inc. (NYSE:RKUS) on Monday, thereby pushing the stock to greater highs in the last two trading sessions. The analyst assigned an overweight rating to the company, setting a price target of $17 per share. Furthermore, Mr. Richard projected that the revenues of Ruckus Wireless Inc (NYSE:RKUS) for the fiscal year 2013 will be $253 million and that the company will report earnings per share of 13 cents for this year.
In addition, the analyst estimates $320 million and 25 cents of revenues and earnings per share respectively for the fiscal year 2014. Although Ruckus Wireless, Inc. (NYSE:RKUS) reported disappointing results for the first quarter of this fiscal year, Mr. Richard believes that, given the announcement of certain service-providing deals later this year, the share price may be strengthened.
Shares of Ruckus Wireless, Inc. (NYSE:RKUS) closed at $13.26 on Tuesday, recording a gain of 5.07 percent. The share price ranged between $12.81 and $13.80 during the day, with a 52-week high of $26.50 and a 52-week low of $10.24 per share.
Ruckus Wireless, Inc. (NYSE:RKUS) recorded very high trading volumes of 3.39 million shares on Tuesday, whereas the average volume stands at 1.58 million shares per day. Ruckus Wireless, Inc. (NYSE:RKUS) currently has 74.37 million shares outstanding in the market with a market cap of $986.09 million and an institutional ownership of 39 percent of the total share capital.
Ruckus Wireless, Inc. (NYSE:RKUS) is primarily engaged in providing Wi-Fi solutions to the service providers and business enterprises with the purpose of enabling them to solve their network challenges effectively. The product portfolio of the company includes controllers, access points and gateways.