FalconStor Software Up 26.7% After Blowing Past Estimates (FALC)
Shares of Melville, New York-based FalconStor Software, Inc. (Nasdaq: FALC) are trading up 26.7% at $4.70 per share during the Friday afternoon trading session. The day's trading range for shares of FalconStor Software, Inc has been between $4.19 and a 52-week high of $4.95 per share. Analysts covering the company's stock give it a consensus price target of $1.50 per share.
Volume of 1.9 million shares is already more than 10 times the daily average volume of 188,00 shares.
FalconStor Software, Inc. (FALC) announced on Thursday after the market closed that it easily beat consensus Wall Street expectations. FalconStor Software, Inc announced 4th quarter adjusted earnings of 5 cents per share, on revenue of $26.5 million.
According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 6 cents per share, on revenue of $18.7 million.
President and CEO Jim McNiel said, “We achieved a solid fourth quarter, which was highlighted by record quarterly revenues and significant enterprise wins with our partner Hitachi Data Systems. We are pleased to see the results of our increased focus on partners and channel operations.”
FalconStor Software, Inc is the market leader in disk-based data protection, delivering proven, comprehensive data protection solutions that facilitate the continuous availability of business-critical data with speed, integrity and simplicity.
Read more from Benzinga's Company news.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.