ABAXIS, Inc. (ABAX) Given “Hold” Rating at Canaccord Genuity
ABAXIS, Inc. (NASDAQ:ABAX)‘s stock had its “hold” rating restated by investment analysts at Canaccord Genuity in a research note issued on Friday. They currently have a $47.00 price target on the medical research company’s stock, up from their previous price target of $46.00. Canaccord Genuity’s price objective suggests a potential downside of 1.78% from the stock’s previous close.
Several other equities analysts have also commented on the stock. Stifel Nicolaus reaffirmed a “hold” rating and set a $48.00 target price on shares of ABAXIS in a report on Friday, July 14th. Zacks Investment Research lowered shares of ABAXIS from a “hold” rating to a “sell” rating in a report on Monday, July 31st. Bank of America Corporation reaffirmed an “underperform” rating and set a $42.00 target price on shares of ABAXIS in a report on Wednesday, August 23rd. Finally, BidaskClub lowered shares of ABAXIS from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $47.63.
ABAXIS (NASDAQ:ABAX) opened at 47.86 on Friday. The firm has a market cap of $1.09 billion, a price-to-earnings ratio of 33.80 and a beta of 0.82. ABAXIS has a one year low of $43.66 and a one year high of $55.95. The stock’s 50 day moving average is $45.84 and its 200-day moving average is $48.18.
ABAXIS (NASDAQ:ABAX) last released its earnings results on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. ABAXIS had a net margin of 11.98% and a return on equity of 10.18%. The company had revenue of $58.90 million for the quarter, compared to analyst estimates of $60.85 million. During the same quarter last year, the firm earned $0.34 EPS. The firm’s quarterly revenue was up .5% compared to the same quarter last year. On average, equities research analysts expect that ABAXIS will post $1.10 earnings per share for the current fiscal year.
ABAXIS announced that its Board of Directors has initiated a share repurchase program on Tuesday, October 24th that permits the company to repurchase $21.00 million in outstanding shares. This repurchase authorization permits the medical research company to buy shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.
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A number of institutional investors have recently made changes to their positions in ABAX. UBS Asset Management Americas Inc. grew its holdings in ABAXIS by 8.7% in the 1st quarter. UBS Asset Management Americas Inc. now owns 4,129 shares of the medical research company’s stock worth $200,000 after acquiring an additional 330 shares during the last quarter. Karp Capital Management Corp bought a new stake in ABAXIS in the 1st quarter worth $275,000. Parametric Portfolio Associates LLC grew its holdings in ABAXIS by 8.5% in the 1st quarter. Parametric Portfolio Associates LLC now owns 23,962 shares of the medical research company’s stock worth $1,162,000 after acquiring an additional 1,885 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in ABAXIS by 42.9% in the 1st quarter. JPMorgan Chase & Co. now owns 105,456 shares of the medical research company’s stock worth $5,114,000 after acquiring an additional 31,637 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in ABAXIS by 0.4% in the 1st quarter. Prudential Financial Inc. now owns 38,609 shares of the medical research company’s stock worth $1,873,000 after acquiring an additional 150 shares during the last quarter. 96.97% of the stock is currently owned by institutional investors and hedge funds.
Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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