Stock Update: Altera Corporation (NASDAQ:ALTR)

[PR Newswire} Altera Corporation (NASDAQ:ALTR) and ARM (LON: ARM; NASDAQ: ARMH) announced a long-term agreement to expand their strategic partnership for best-in-class embedded software development tools for SoC FPGAs. In 2012, Altera and ARM announced the creation of the ARM® Development Studio 5 (DS-5™) Altera® Edition, which pioneered the invention of FPGA-Adaptive Debugging for SoC FPGAs.Stock PerformanceTaking a look at the company’s recent performance, Altera Corporation (NASDAQ:ALTR) reported second quarter earnings for fiscal year 2014 on July 24^th 2014. The company reported actual earnings per share of $0.41 against the consensus Street estimate of $0.37.This represents year over year growth of 24.39%. Alteraposted revenue of $491.50 million against estimates of $480.22 million. Altera is currently valued at $10.85 billion and closed the last trading session at $35.12. The stock has a 50-day moving average of $35.35 and a 200-day moving average of $34.44.Is this a Buying Opportunity?There are currently sixteen analysts that we track that cover the stock. Of those sixteen, ten have Buy rating, four have a hold rating and two have sale rating. On a consensus basis this yields a score of 2.50 and a buy. The combined price objective of these covering analysts is $39.55, which represents a 10.52% upside difference to the last closing price. The most recent analyst activity consisted of JMP Securities. Reiterated rating with market outperform stance on the company. JMP Securities has a price target of $45.00 to 47.00 which represents an upside of 28.84% from the last closing price. On the date of the report, the stock closed at $36.48.Another research firm weighing in recently was Zacks who Reiterated their neutral stance on the stock. On August 22^nd 2014 Zacks upgrade their price target on the stock $37a 6.05% upside to the current price. On the day of the report, ALTR shares closed at $34.89.Company Profile Altera Corporation (NASDAQ:ALTR), a semiconductor company, designs, manufactures, and sells programmable logic devices (PLD), HardCopy application-specific integrated circuit (ASIC) devices, power system-on-chip devices (PowerSoCs), pre-defined design building blocks, and proprietary development software. The company offers PLDs, including field-programmable gate arrays (FPGAs) and complex programmable logic devices (CPLDs), which are standard semiconductor integrated circuits or chips to perform desired logic functions in the electronic systems; HardCopy ASIC devices that offer customers a migration path from a PLD to high-volume, non-programmable implementation of their designs; and PowerSoCs, which simplify and drive the miniaturization of power circuitry in the electronic systems. Its products also include Stratix series high-end, system-level FPGAs; SoC FPGAs; Arria series mid-range FPGAs; Cyclone Series FPGAs; and MAX series CPLDs.