The Goldman Sachs Group Forecasts Strong Price Appreciation for Opera (NASDAQ:OPRA) Stock

Opera (NASDAQ:OPRA) had its price objective lifted by equities research analysts at The Goldman Sachs Group from $19.50 to $23.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price suggests a potential upside of 27.99% from the company’s previous close.

Separately, B. Riley boosted their target price on shares of Opera from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Friday, August 23rd. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Opera currently has a consensus rating of “Buy” and an average price target of $24.75.

Opera Price Performance

OPRA opened at $17.97 on Wednesday. The company has a market capitalization of $1.59 billion, a P/E ratio of 9.12 and a beta of 1.04. The company has a 50-day moving average of $15.15 and a 200-day moving average of $13.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.51 and a current ratio of 2.10. Opera has a 1-year low of $10.11 and a 1-year high of $19.69.

Opera (NASDAQ:OPRA) last announced its quarterly earnings data on Thursday, August 22nd. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.05. Opera had a return on equity of 19.22% and a net margin of 39.22%. The firm had revenue of $109.73 million during the quarter, compared to analyst estimates of $108.65 million. During the same period in the previous year, the company earned $0.15 earnings per share. Equities analysts expect that Opera will post 0.88 EPS for the current fiscal year.

Institutional Trading of Opera

Hedge funds have recently made changes to their positions in the stock. Janney Montgomery Scott LLC bought a new stake in Opera in the 1st quarter valued at about $475,000. Capstone Investment Advisors LLC acquired a new position in shares of Opera during the first quarter worth approximately $444,000. GSA Capital Partners LLP bought a new position in Opera in the 1st quarter worth approximately $564,000. Redwood Wealth Management Group LLC increased its position in Opera by 206.6% in the 1st quarter. Redwood Wealth Management Group LLC now owns 32,205 shares of the company’s stock valued at $509,000 after acquiring an additional 21,700 shares during the period. Finally, Avantax Advisory Services Inc. raised its stake in Opera by 56.8% during the 1st quarter. Avantax Advisory Services Inc. now owns 24,597 shares of the company’s stock valued at $389,000 after acquiring an additional 8,915 shares in the last quarter. Institutional investors own 10.21% of the company’s stock.

About Opera

Opera Limited, together with its subsidiaries, provides mobile and PC web browsers and related products and services in Norway and internationally. The company offers mobile browser products, such as Opera Mini, Opera browser for Android and iOS, and Opera GX for PCs and Mobile; Opera Touch; PC browsers, including Opera for Computers and Opera GX; Apex Football; Opera VPN Pro; and Opera News, an AI-powered personalized news discovery and aggregation service.