Finjan Holdings, Inc. (NASDAQ:FNJN)
Yesterday Finjan Holdings, Inc. (NASDAQ:FNJN) released a financial and business update for Q1 2017. The market has responded positively to the information and the shares are currently setting new 52-week highs. FNJN shares are trading up by over 10% on volumes over 30 times their 30-day, daily average.
Finjan Holdings, Inc. (NASDAQ:FNJN), a cybersecurity company, posted a massive revenue gain. For Q1, 2016 the company reported $2.3 million but yesterday that figure was reported at $24.7 million. Net income came in at $16.0 million which translates into $0.69 per share of FNJN. The company also redeemed/retired some preferred shares. As of the end of Q1 Finjan had redeemed/retired 43,769 shares costing them $7.2 million. 39,733 Series A Preferred shares are still outstanding. Finjan Holdings, Inc. (NASDAQ:FNJN) ended Q1 with $26.4 million of cash on hand. [It is noteworthy that the company was able to begin redeeming/retiring Series A financing less than a year after it was issued.]
Phil Hartstein, President and CEO of Finjan Holdings, Inc. (NASDAQ:FNJN) commented that the positive financial results stemmed from more than one revenue generating event. There were two settlements regarding IP conflicts and a continued acceleration of Finjan’s licensing program. The company also referenced their new subsidiary Finjan Mobile. Finjan Mobile was responsible for launching VitalSecurity Gen3.5. Also important was a go-to-market partnership with Avira who will supply the company’s back-end virtual private network.
Two firms follow Finjan Holdings, Inc. (NASDAQ:FNJN). Both rate FNJN shares as a “strong Buy” with a price target of $2.80. Should FNJN shares end at a price around current trading levels, it will eclipse the old 52-week average high of $2.35.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.