Abiomed Inc. (ABMD) Rating Increased to Strong-Buy at Zacks Investment Research
Abiomed Inc. (NASDAQ:ABMD) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $146.00 price objective on the stock. Zacks Investment Research’s price target indicates a potential upside of 13.65% from the stock’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.”
A number of other research firms also recently issued reports on ABMD. Jefferies Group boosted their target price on shares of Abiomed from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Leerink Swann reiterated an “outperform” rating and issued a $125.00 target price on shares of Abiomed in a research note on Wednesday, September 28th. Two analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $116.59.
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Shares of Abiomed (NASDAQ:ABMD) traded down 0.02% during trading on Wednesday, reaching $128.47. 352,183 shares of the company’s stock were exchanged. Abiomed has a 52-week low of $67.81 and a 52-week high of $131.16. The company has a 50 day moving average price of $122.72 and a 200-day moving average price of $109.43. The company has a market capitalization of $5.50 billion, a PE ratio of 136.67 and a beta of 0.75.
Abiomed (NASDAQ:ABMD) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.06. The firm had revenue of $103 million for the quarter, compared to the consensus estimate of $97.23 million. Abiomed had a net margin of 11.75% and a return on equity of 11.86%. The company’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.20 EPS. On average, equities analysts forecast that Abiomed will post $1.17 earnings per share for the current year.
In other Abiomed news, CEO Michael R. Minogue sold 58,710 shares of the stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $127.00, for a total value of $7,456,170.00. Following the completion of the sale, the chief executive officer now directly owns 215,782 shares in the company, valued at $27,404,314. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Dorothy E. Puhy sold 3,900 shares of the stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $122.31, for a total value of $477,009.00. Following the completion of the sale, the director now owns 33,811 shares of the company’s stock, valued at $4,135,423.41. The disclosure for this sale can be found here. Corporate insiders own 10.00% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. BB&T Securities LLC boosted its stake in Abiomed by 0.3% in the first quarter. BB&T Securities LLC now owns 4,385 shares of the company’s stock worth $415,000 after buying an additional 12 shares during the period. 1832 Asset Management L.P. acquired a new stake in Abiomed during the first quarter worth approximately $121,655,000. M&T Bank Corp acquired a new stake in Abiomed during the first quarter worth approximately $408,000. Menta Capital LLC boosted its stake in Abiomed by 10.0% in the first quarter. Menta Capital LLC now owns 13,223 shares of the company’s stock worth $1,254,000 after buying an additional 1,200 shares during the period. Finally, Bessemer Group Inc. boosted its stake in 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. Institutional investors own 93.65% of the company’s stock.
Abiomed Company Profile
ABIOMED, Inc is a provider of temporary percutaneous mechanical circulatory support devices. The Company offers care to heart failure patients. The Company operates in the segment of the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company develops, manufactures and markets products that are designed to enable the heart to rest, heal and recover by improving blood flow to the coronary arteries and end-organs and/or temporarily performing the pumping function of the heart.
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