Syneron Medical Ltd. (ELOS) Upgraded by Zacks Investment Research to “Buy”
Syneron Medical Ltd. (NASDAQ:ELOS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $8.00 price objective on the stock. Zacks Investment Research’s price objective points to a potential upside of 12.04% from the company’s previous close.
According to Zacks, “Syneron Medical Ltd. manufactures and distributes medical aesthetic devices that are powered by the proprietary, patented ELOS combined-energy technology of Bi-Polar Radio Frequency and Light. The Company’s innovative ELOS technology provides the foundation for highly effective, safe and cost-effective systems that enable physicians to provide advanced solutions for a broad range of medical-aesthetic applications. “
A number of other brokerages have also recently issued reports on ELOS. Brean Capital reissued a “buy” rating and issued a $13.00 price objective on shares of Syneron Medical in a research note on Monday, August 8th. Leerink Swann cut shares of Syneron Medical from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $9.40 to $7.80 in a research note on Friday, August 5th.
Syneron Medical (NASDAQ:ELOS) traded down 2.46% during mid-day trading on Tuesday, reaching $7.14. 37,034 shares of the company’s stock traded hands. Syneron Medical has a 12-month low of $6.10 and a 12-month high of $8.47. The stock has a 50-day moving average price of $6.81 and a 200-day moving average price of $7.06. The stock’s market capitalization is $251.86 million.
Syneron Medical (NASDAQ:ELOS) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.03. The firm earned $75 million during the quarter, compared to analysts’ expectations of $75.72 million. Syneron Medical had a negative net margin of 1.42% and a positive return on equity of 2.88%. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.07 earnings per share. Equities research analysts expect that Syneron Medical will post $0.27 EPS for the current year.
Institutional investors have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in Syneron Medical by 5.8% in the first quarter. Geode Capital Management LLC now owns 21,010 shares of the company’s stock valued at $152,000 after buying an additional 1,159 shares during the last quarter. Royce & Associates LP boosted its position in Syneron Medical by 7.5% in the first quarter. Royce & Associates LP now owns 713,159 shares of the company’s stock valued at $5,213,000 after buying an additional 50,000 shares during the last quarter. Brandes Investment Partners LP boosted its position in Syneron Medical by 8.5% in the second quarter. Brandes Investment Partners LP now owns 2,723,535 shares of the company’s stock valued at $20,944,000 after buying an additional 214,089 shares during the last quarter. Marshall Wace LLP bought a new position in Syneron Medical during the second quarter valued at $1,473,000. Finally, State Street Corp boosted its position in Syneron Medical by 112.1% in the second quarter. State Street Corp now owns 46,038 shares of the company’s stock valued at $354,000 after buying an additional 24,337 shares during the last quarter. 72.44% of the stock is owned by institutional investors.
About Syneron Medical
Syneron Medical Ltd. is engaged in the manufacture, research, development, marketing and sale of equipment for the aesthetic medical industry and systems for dermatologists, plastic surgeons and other qualified practitioners. The Company designs, develops and markets aesthetic medical products based on its various technologies, including Electro-Optical Synergy (ELOS) technology, which uses the synergy between electrical energy, including radiofrequency (RF) energy, and optical energy to provide aesthetic medical treatments.
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