Small Stock of The Week : Art Technology Group, Inc. (NASDAQ: ARTG)
Shares of Art Technology Group, Inc. (NASDAQ:ARTG) is trading at $5.97 showing no significant movement in its price after climbing its 52 week high of $6.00 on Nov 2 and is trading 40.61% above its average daily volume of 5.81 million shares.Moreover, The Stock has Jumped 45.12% from $4.10 on Nov 1 to $5.95 on Nov 2.
The Company announced before market open November 2 that it has reached an agreement to be acquired by Oracle (ORCL) for $6/share or approximately $1bn.
On Nov 3, Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Art Technology Group, Inc. for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Oracle Corporation.
On Nov 5, Art Technology Group Inc., a maker of software for online marketing, was sued by a shareholder who claims the company is worth more than Oracle Corp.’s $1 billion takeover offer.
The Company reported strong third fiscal quarter results ahead of expectations, with revenues of $50.3M and EPS of $0.05. Analysts, on average, expect to report earnings of $0.04 per share on sales of $48 million. For the full year, analysts expect the company to post EPS of $0.20. In the year-ago period, the company reported EPS of $0.03 on sales of $43 million.
Shares of Art Technology Group, Inc have jumped over 30% year to date and trading above its 50-Day Moving Average and 200-Day Moving Average prices of $4.35 and $3.92 respectively.
Art Technology Group offers a core e-commerce platform as well as complementary optimization services such as click-to-call, click-to-chat and recommendations. ARTG acquired eStara in 2006 to offer optimization services, acquired CleverSet in 2008 to offer recommendation services, and acquired InstantService, provider of click to chat solutions, in January 2010.