Zacks Investment Research Upgrades Allscripts Healthcare Solutions Inc. (MDRX) to “Hold”
Allscripts Healthcare Solutions Inc. (NASDAQ:MDRX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Intensifying market competition is a major dampener for Allscripts as large companies like Cerner, compete against Allscripts with a far simpler rationale for their products. Additionally, the Optum partnership is expected to have a cost-heavy impact on the revenues. Allscripts’ products have a long sales cycle which involves decision-making at different managerial levels. This increases the company’s operating expenses and might result in cancellation of orders. Additionally, the company’s continued reliance on mergers and acquisition activities presents a substantial integration risk for the company. On a positive note, Allscripts has been reporting regular contract wins and addition of new domestic and international clients, which is expected to boost bookings in the coming quarters.”
MDRX has been the subject of a number of other reports. Morgan Stanley reissued a “buy” rating on shares of Allscripts Healthcare Solutions in a research note on Thursday, August 25th. Canaccord Genuity restated a “buy” rating and set a $19.00 target price on shares of Allscripts Healthcare Solutions in a research report on Sunday, September 11th. Argus upgraded shares of Allscripts Healthcare Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, August 25th. Cowen and Company lowered shares of Allscripts Healthcare Solutions from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $17.00 to $14.00 in a research report on Thursday, September 8th. Finally, Leerink Swann restated an “outperform” rating and set a $17.00 target price on shares of Allscripts Healthcare Solutions in a research report on Friday, September 23rd. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Allscripts Healthcare Solutions presently has an average rating of “Hold” and a consensus target price of $15.97.
Allscripts Healthcare Solutions (NASDAQ:MDRX) opened at 10.00 on Wednesday. The stock’s market cap is $1850.91 billion. Allscripts Healthcare Solutions has a 12 month low of $9.80 and a 12 month high of $15.78. The company has a 50-day moving average of $12.41 and a 200-day moving average of $13.05.
Allscripts Healthcare Solutions (NASDAQ:MDRX) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.14 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.01. The firm earned $392.40 million during the quarter, compared to analysts’ expectations of $414.92 million. Allscripts Healthcare Solutions had a positive return on equity of 5.79% and a negative net margin of 0.14%. The business’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the company earned $0.13 earnings per share. On average, equities analysts forecast that Allscripts Healthcare Solutions will post $0.57 EPS for the current fiscal year.
In other Allscripts Healthcare Solutions news, SVP James Hewitt sold 17,500 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $13.00, for a total transaction of $227,500.00. Following the transaction, the senior vice president now owns 158,104 shares of the company’s stock, valued at approximately $2,055,352. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Paul Black sold 15,000 shares of the firm’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $13.00, for a total transaction of $195,000.00. Following the transaction, the chief executive officer now directly owns 1,177,009 shares in the company, valued at approximately $15,301,117. The disclosure for this sale can be found here. 0.75% of the stock is currently owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Seven Eight Capital LLC acquired a new position in Allscripts Healthcare Solutions during the first quarter worth approximately $102,000. Riverhead Capital Management LLC increased its position in Allscripts Healthcare Solutions by 63.7% in the third quarter. Riverhead Capital Management LLC now owns 8,500 shares of the company’s stock worth $112,000 after buying an additional 3,308 shares during the period. Harbour Capital Advisors LLC acquired a new position in Allscripts Healthcare Solutions during the second quarter worth approximately $136,000. Springbok Capital Management LLC increased its position in Allscripts Healthcare Solutions by 13.4% in the first quarter. Springbok Capital Management LLC now owns 11,800 shares of the company’s stock worth $156,000 after buying an additional 1,397 shares during the period. Finally, LS Investment Advisors LLC increased its position in Allscripts Healthcare Solutions by 65.2% in the second quarter. LS Investment Advisors LLC now owns 12,246 shares of the company’s stock worth $156,000 after buying an additional 4,833 shares during the period.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions, Inc delivers information technology (IT) and services to help healthcare organizations in clinical, financial and operational results. The Company operates through two segments: Clinical and Financial Solutions, and Population Health. The Clinical and Financial Solutions segment includes the sale of integrated clinical software applications and financial and information solutions, which primarily include electronic health record (EHR)-related software, financial and practice management software, related installation, support and maintenance, outsourcing, hosting, revenue cycle management, training and electronic claims administration services.
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