Abiomed Inc. (ABMD) Stock Rating Upgraded by Zacks Investment Research
Abiomed Inc. (NASDAQ:ABMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm presently has a $138.00 price target on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 10.31% from the company’s previous close.
According to Zacks, “Abiomed’s Impella utilization is accelerating at a remarkable pace with an increasing number of hospitals and customer sites purchasing the same. We believe that flagship Impella product line is a significant growth catalyst for the company. The company reported impressive first quarter 2017 results beating the Zacks Consensus Estimate on both lines. The revenue guidance was also positive, which will drive the stock price in the near term. The expanding product pipeline and continuing investments on capacity expansion are key growth catalysts. Anticipated regulatory approval in Japan is also growth driver, in our view. However, intensifying competition may hurt pricing power going forward.”
Separately, Jefferies Group restated a “buy” rating and set a $125.00 price target on shares of Abiomed in a research report on Friday, June 10th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Abiomed currently has a consensus rating of “Buy” and a consensus target price of $115.59.
Abiomed (NASDAQ:ABMD) opened at 125.10 on Friday. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of 133.09 and a beta of 0.89. The company’s 50-day moving average price is $120.39 and its 200 day moving average price is $105.61. Abiomed has a 12 month low of $67.81 and a 12 month high of $127.10.
Abiomed (NASDAQ:ABMD) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.23 by $0.06. Abiomed had a return on equity of 11.86% and a net margin of 11.75%. The business earned $103 million during the quarter, compared to analyst estimates of $97.23 million. During the same period last year, the business posted $0.20 earnings per share. The company’s quarterly revenue was up 40.3% on a year-over-year basis. Analysts predict that Abiomed will post $1.17 EPS for the current year.
In other Abiomed news, Director Dorothy E. Puhy sold 5,160 shares of Abiomed stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $123.94, for a total transaction of $639,530.40. Following the completion of the sale, the director now directly owns 24,749 shares of the company’s stock, valued at approximately $3,067,391.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Michael G. Howley sold 10,000 shares of Abiomed stock in a transaction dated Wednesday, June 29th. The stock was sold at an average price of $106.58, for a total value of $1,065,800.00. Following the sale, the vice president now directly owns 65,558 shares of the company’s stock, valued at $6,987,171.64. The disclosure for this sale can be found here. Corporate insiders own 10.00% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Cypress Capital Management LLC WY acquired a new stake in shares of Abiomed during the second quarter worth about $106,000. Bessemer Group Inc. increased its stake in shares of Abiomed by 94.3% in the first quarter. Bessemer Group Inc. now owns 1,226 shares of the company’s stock worth $116,000 after buying an additional 595 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Abiomed by 28.8% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,243 shares of the company’s stock worth $136,000 after buying an additional 278 shares during the period. Affinity Wealth Management acquired a new stake in shares of Abiomed during the first quarter worth about $200,000. Finally, Advisor Group Inc. acquired a new stake in shares of Abiomed during the second quarter worth about $204,000. 94.52% of the stock is owned by institutional investors.
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