Abiomed Inc. (ABMD) Upgraded to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Abiomed Inc. (NASDAQ:ABMD) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning. The firm currently has $146.00 price objective on the stock.
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.”
Several other brokerages have also commented on ABMD. Jefferies Group increased their price target on shares of Abiomed from $130.00 to $145.00 and gave the stock a buy rating in a research note on Tuesday, August 9th. Leerink Swann restated an outperform rating and set a $125.00 price target on shares of Abiomed in a research note on Wednesday, September 28th. Two equities research analysts have rated the stock with a hold rating, six have given 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 price target of $116.59.
Shares of Abiomed (NASDAQ:ABMD) traded up 0.92% during midday trading on Wednesday, hitting $128.62. 114,225 shares of the stock were exchanged. The firm has a market cap of $5.51 billion, a P/E ratio of 136.83 and a beta of 0.75. Abiomed has a 12-month low of $67.81 and a 12-month high of $131.16. The stock’s 50 day moving average is $122.33 and its 200 day moving average is $109.01.
Abiomed (NASDAQ:ABMD) last released its earnings results on Thursday, July 28th. The company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.06. Abiomed had a net margin of 11.75% and a return on equity of 11.86%. The company earned $103 million during the quarter, compared to the consensus estimate of $97.23 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The company’s revenue was up 40.3% compared to the same quarter last year. On average, equities research analysts forecast that Abiomed will post $1.17 earnings per share for the current fiscal year.
In other Abiomed news, Director Dorothy E. Puhy sold 3,900 shares of the stock in a transaction on 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 directly owns 33,811 shares of the company’s stock, valued at approximately $4,135,423.41. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Michael G. Howley sold 17,853 shares of the stock in a transaction on Monday, August 8th. The shares were sold at an average price of $119.20, for a total transaction of $2,128,077.60. Following the completion of the sale, the vice president now directly owns 65,558 shares of the company’s stock, valued at $7,814,513.60. The disclosure for this sale can be found here. 10.00% of the stock is currently owned by company insiders.
A number of hedge funds have recently modified their holdings of ABMD. Cypress Capital Management LLC WY bought a new stake in shares of Abiomed during the second quarter worth $106,000. Bessemer Group Inc. increased its stake in shares of 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. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Abiomed by 28.8% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,243 shares of the company’s stock worth $136,000 after buying an additional 278 shares during the period. Affinity Wealth Management bought a new stake in shares of Abiomed during the first quarter worth $200,000. Finally, Advisor Group Inc. bought a new stake in shares of Abiomed during the second quarter worth $204,000. 93.65% of the stock is owned by hedge funds and other institutional investors.
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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