Polen Capital Management LLC Invests $1.80 Million in Butterfly Network, Inc. $BFLY

Polen Capital Management LLC purchased a new position in shares of Butterfly Network, Inc. (NYSE:BFLY) during the fourth quarter, HoldingsChannel reports. The firm purchased 472,971 shares of the company’s stock, valued at approximately $1,797,000.

Other hedge funds also recently modified their holdings of the company. Palumbo Wealth Management LLC raised its stake in Butterfly Network by 182.9% during the fourth quarter. Palumbo Wealth Management LLC now owns 413,317 shares of the company’s stock worth $1,571,000 after buying an additional 267,238 shares during the last quarter. Quent Capital LLC bought a new position in Butterfly Network during the fourth quarter worth $697,000. DNB Asset Management AS raised its stake in Butterfly Network by 116.1% during the fourth quarter. DNB Asset Management AS now owns 780,335 shares of the company’s stock worth $2,965,000 after buying an additional 419,197 shares during the last quarter. Opal Wealth Advisors LLC raised its stake in Butterfly Network by 10.1% during the fourth quarter. Opal Wealth Advisors LLC now owns 36,679 shares of the company’s stock worth $139,000 after buying an additional 3,355 shares during the last quarter. Finally, Sfmg LLC bought a new position in Butterfly Network during the fourth quarter worth $39,000. Institutional investors and hedge funds own 37.85% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on BFLY. TD Cowen lifted their target price on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Zacks Research raised shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Loop Capital set a $5.50 target price on shares of Butterfly Network in a research note on Monday, March 2nd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Butterfly Network presently has an average rating of “Hold” and a consensus target price of $5.56.

Insiders Place Their Bets

In other Butterfly Network news, insider Steve Cashman sold 294,680 shares of Butterfly Network stock in a transaction on Monday, June 8th. The shares were sold at an average price of $4.66, for a total value of $1,373,208.80. Following the completion of the sale, the insider directly owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. The trade was a 15.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 21.99% of the company’s stock.

Butterfly Network Trading Up 4.7%

BFLY opened at $5.65 on Friday. Butterfly Network, Inc. has a 1-year low of $1.32 and a 1-year high of $5.72. The company has a market cap of $1.44 billion, a P/E ratio of -18.82 and a beta of 2.22. The company has a fifty day moving average price of $4.62 and a two-hundred day moving average price of $4.02.

Butterfly Network (NYSE:BFLY) last posted its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. The firm had revenue of $26.53 million during the quarter, compared to the consensus estimate of $26.08 million. On average, research analysts forecast that Butterfly Network, Inc. will post -0.18 EPS for the current fiscal year.

Butterfly Network Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.