By suspending the dividend, the Company will free up approximately $22 million of cash each quarter, or $88 million annually, which can be directed to other uses including, among other things, debt reduction, increases in capital spending, or repurchases of shares of the Company’s common stock.
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The article said Apple was a looming threat; when it emerged in January that Apple had obtained a patent for a camera that could compete with GoPro’s cameras, shares fell 12%. Wedbush reissued a buy rating on shares of GoPro in a research report on Sunday, July 26th. As of December 31, 2014, the company operated a fleet of 15 jackups, 9 drillships, and 8 semisubmersibles, counting 1 high-specification, harsh environment jackup under construction. Dougherty & Co reiterated a buy rating and issued a $70.00 price objective on shares of GoPro in a research note on Monday, August 3rd.
“We rate GOPRO INC (GPRO) a SELL”. The consensus, or mean target price of the Wall Street analysts covering the firm is $67.636. Following the completion of the transaction, the general counsel now directly owns 6,873 shares of the company’s stock, valued at $240,555. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The stock was sold at an average price of $66.77, for a total value of $10,015,500.00. The disclosure for this sale can be found here.
Reading between the lines, I would say that the next year or so may actually see GoPro drones hovering over our heads. A genre that didn’t exist before Nick Woodman strapped a camera to a race auto has taken the company to new heights and led to a $4.3 billion market cap for the company. The firm has a 50 day moving average of $46.87 and a 200-day moving average of $49.93. The company did not comment to Barron’s on its report.
According to Zacks, “GoPro’s second-quarter 2015 earnings beat the Zacks Consensus Estimate on the back of strong global sales and increasing popularity of GoPro’s product offerings aided by successful strategic initiatives”. The firm’s quarterly revenue was up 71.7% on a year-over-year basis. The highest estimate now stands at $80 while the most conservative is at $50. Called GoPro for a Cause, the company will be providing technical, production, marketing, and financial support to organizations doing some good in the world. Additionally, the Business offers and develops mobile applications and background editing software at no cost to consumers. The Business also offers a choice of mounts made to empower consumers to capture content while engaged in a range of actions. Also, Hamilton Lane Advisors Llc have 2.13% of their fund portfolio invested in the company for 106,967 shares.
Between direct competitors and smartphones, GoPro’s future is tracking BlackBerry’s past.
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GoPro, Inc. produces mountable and wearable cameras and accessories, which the Company refers to as capture devices.
