PetMed Express, Inc. (NASDAQ:PETS) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

According to Zacks, “Over the last sixmonths, PetMed has been trading above the broader industry. PetMed posted better-than-expected results in the first quarter, marking a solid start to fiscal 2018. We are also encouraged to note a significant increase in reorder sales and new order sales in this quarter as well. We expect the company’s impressive first-quarter performance to maintain the momentum. The company is striving to implement several strategies to revitalize its top line. These include focusing on advertising efficiency to boost new order sales and shifting sales to higher margin items, while also expanding product offerings. However, we are apprehensive about the escalating advertising expenses incurred during the quarter.”

Several other equities research analysts have also commented on PETS. Craig Hallum lowered shares of PetMed Express from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Northcoast Research upgraded shares of PetMed Express from a “neutral” rating to a “buy” rating and set a $54.00 price objective on the stock in a research report on Monday, July 24th. Noble Financial reiterated a “hold” rating on shares of PetMed Express in a research report on Wednesday, July 26th. BidaskClub lowered shares of PetMed Express from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, August 22nd. Finally, Sidoti upgraded shares of PetMed Express from a “neutral” rating to a “buy” rating and set a $47.00 price objective on the stock in a research report on Thursday, August 24th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $44.75.

Shares of PetMed Express (NASDAQ:PETS) traded down 2.60% during midday trading on Monday, hitting $34.41. 457,007 shares of the stock were exchanged. The firm has a market cap of $698.25 million, a PE ratio of 26.47 and a beta of 1.03. PetMed Express has a 12-month low of $18.90 and a 12-month high of $50.90. The firm has a 50-day moving average price of $40.97 and a 200 day moving average price of $33.60.

PetMed Express (NASDAQ:PETS) last issued its earnings results on Monday, July 24th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.38 by $0.07. The company had revenue of $79.66 million for the quarter, compared to analyst estimates of $77.32 million. PetMed Express had a net margin of 10.34% and a return on equity of 28.67%. The business’s revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. Analysts predict that PetMed Express will post $1.44 earnings per share for the current fiscal year.

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In related news, Director Ronald J. Korn sold 5,000 shares of the business’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $48.18, for a total value of $240,900.00. Following the completion of the transaction, the director now owns 67,333 shares of the company’s stock, valued at approximately $3,244,103.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Bruce S. Rosenbloom sold 6,833 shares of the business’s stock in a transaction dated Thursday, July 27th. The shares were sold at an average price of $50.18, for a total transaction of $342,879.94. Following the completion of the transaction, the chief financial officer now directly owns 18,534 shares of the company’s stock, valued at approximately $930,036.12. The disclosure for this sale can be found here. Insiders sold a total of 19,333 shares of company stock worth $949,730 over the last quarter. Insiders own 4.00% of the company’s stock.

A number of hedge funds have recently made changes to their positions in PETS. Acadian Asset Management LLC acquired a new position in PetMed Express in the 2nd quarter valued at about $18,691,000. Oaktop Capital Management II L.P. acquired a new position in PetMed Express in the 2nd quarter valued at about $15,171,000. Vanguard Group Inc. raised its stake in PetMed Express by 21.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,300,725 shares of the company’s stock valued at $52,810,000 after purchasing an additional 225,474 shares during the last quarter. Koch Industries Inc. acquired a new position in PetMed Express in the 2nd quarter valued at about $212,000. Finally, Renaissance Technologies LLC raised its stake in PetMed Express by 11.8% in the 1st quarter. Renaissance Technologies LLC now owns 1,786,315 shares of the company’s stock valued at $35,976,000 after purchasing an additional 188,615 shares during the last quarter. 78.91% of the stock is owned by hedge funds and other institutional investors.

PetMed Express Company Profile

PetMed Express, Inc (PetMed Express), doing business as 1800PetMeds, is a pet pharmacy. The Company markets prescription and non-prescription pet medications, and other health products for dogs and cats, direct to the consumer. It offers a selection of products for dogs and cats. Its product line contains approximately 3,000 stock keeping units (SKUS) of pet medications, health products and supplies.

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