Abaxis (ABAX) PT Raised to $48.00 at Bank of America

Abaxis (NASDAQ:ABAX) had its price objective hoisted by equities research analysts at Bank of America from $46.00 to $48.00 in a research report issued to clients and investors on Thursday. The brokerage presently has a “sell” rating on the medical research company’s stock. Bank of America’s price target would suggest a potential downside of 23.51% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. TheStreet upgraded shares of Abaxis from a “c+” rating to a “b-” rating in a report on Wednesday, November 29th. Northcoast Research raised shares of Abaxis from a “neutral” rating to a “buy” rating in a research report on Friday, January 5th. Zacks Investment Research raised shares of Abaxis from a “hold” rating to a “buy” rating and set a $85.00 price target for the company in a research report on Tuesday, January 30th. Canaccord Genuity reissued a “hold” rating and issued a $47.00 price target (up from $46.00) on shares of Abaxis in a research report on Friday, October 27th. Finally, BidaskClub raised shares of Abaxis from a “sell” rating to a “hold” rating in a research report on Thursday, December 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $62.30.

Shares of Abaxis (ABAX) traded down $0.09 on Thursday, hitting $62.75. 59,867 shares of the company’s stock traded hands, compared to its average volume of 289,451. Abaxis has a one year low of $43.66 and a one year high of $78.53. The firm has a market capitalization of $1,475.08, a PE ratio of 58.10, a price-to-earnings-growth ratio of 11.60 and a beta of 1.26.

Abaxis (NASDAQ:ABAX) last announced its earnings results on Thursday, January 25th. The medical research company reported $0.31 EPS for the quarter, topping the consensus estimate of $0.26 by $0.05. Abaxis had a net margin of 10.51% and a return on equity of 10.09%. The company had revenue of $59.70 million during the quarter, compared to analysts’ expectations of $59.37 million. During the same period last year, the company posted $0.30 earnings per share. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. equities research analysts forecast that Abaxis will post 1.16 earnings per share for the current fiscal year.

Abaxis announced that its board has initiated a share repurchase program on Tuesday, October 24th that authorizes the company to repurchase $21.00 million in shares. This repurchase authorization authorizes the medical research company to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

In related news, VP Craig Tockman sold 1,650 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $74.33, for a total transaction of $122,644.50. Following the transaction, the vice president now owns 10,866 shares of the company’s stock, valued at $807,669.78. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Prithipal Singh sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $74.63, for a total transaction of $149,260.00. Following the transaction, the director now directly owns 44,000 shares in the company, valued at approximately $3,283,720. The disclosure for this sale can be found here. 4.30% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC raised its position in Abaxis by 11.9% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,504,059 shares of the medical research company’s stock valued at $156,457,000 after acquiring an additional 371,942 shares in the last quarter. Vanguard Group Inc. raised its position in Abaxis by 0.9% during the second quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock valued at $104,119,000 after acquiring an additional 16,676 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Abaxis by 1.7% during the third quarter. Dimensional Fund Advisors LP now owns 683,986 shares of the medical research company’s stock valued at $30,540,000 after acquiring an additional 11,757 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of Abaxis by 1.1% in the third quarter. Wells Fargo & Company MN now owns 635,103 shares of the medical research company’s stock valued at $28,357,000 after purchasing an additional 6,974 shares during the period. Finally, State Street Corp raised its position in shares of Abaxis by 1.0% in the second quarter. State Street Corp now owns 569,671 shares of the medical research company’s stock valued at $30,203,000 after purchasing an additional 5,672 shares during the period. 97.74% of the stock is currently owned by hedge funds and other institutional investors.

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Abaxis Company Profile

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.

Analyst Recommendations for Abaxis (NASDAQ:ABAX)

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