Dallas, Texas 02/05/2014 (FINANCIALSTRENDS) – In a recent development the Violin Memory Inc (NYSE:VMEM) has made a new CEO appointment and DeNuccio has been made as the Chief Operating Officer of the company. This new appointment is made exactly after the stock took a plunge after its IPO was launched. Company recently fired Don Basile in December as the losses were increasing and the stock price took a huge dip from its actual value.
Company offered its IPO in September and since then its stock has plunged by almost 59 percent. The current market capitalization of Violin Memory Inc stands at around $312 million. As per the company’s spokesperson the company has also being offered with buyout interest. All of these buyout queries has been made by Gregory Taxin who is the president of new-York based Clinton Group. Violin Memory’s revenue was up by 37.4% as compared to previous year’s performance for the same quarter.
Something about the firm
Violin Memory Inc (NYSE:VMEM) is a maker of flash based memory storage systems. The company has pioneered a new class of flash based storage system. The main aim of the company is to develop products for high speed applications, networks and servers that can offer storage performance that are completely in-line with the real goal achievement. With a possible buyout option coming their way there are many trading and investment analysts who are quite bullish about the share price of Violin Memory Inc and see a short term growth opportunity in this stock.
But there are few trading houses such as Barclays who have downgraded the Violin Memory Inc to underweight category and have set a target of $3.50 for the stock. Another investment and trading firm Deutsche Bank also downgraded the shares of Violin Inc from buy to hold rating and have set a price target of $3.50.