Surmodics, Inc. (SRDX) Given Average Recommendation of “Hold” by Analysts
Shares of Surmodics, Inc. (NASDAQ:SRDX) have received an average recommendation of “Hold” from the eight ratings firms that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $36.50.
A number of brokerages have recently weighed in on SRDX. Lake Street Capital began coverage on Surmodics in a research report on Friday, July 14th. They issued a “buy” rating and a $40.00 price target for the company. Aegis began coverage on Surmodics in a research report on Tuesday, June 27th. They issued a “buy” rating for the company. ValuEngine cut Surmodics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 1st. Finally, BidaskClub upgraded Surmodics from a “sell” rating to a “hold” rating in a research report on Wednesday, August 23rd.
In related news, CEO Gary R. Maharaj sold 2,702 shares of the stock in a transaction on Monday, June 5th. The stock was sold at an average price of $25.09, for a total transaction of $67,793.18. Following the sale, the chief executive officer now owns 136,807 shares of the company’s stock, valued at $3,432,487.63. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gary R. Maharaj sold 5,000 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $28.03, for a total value of $140,150.00. Following the sale, the chief executive officer now directly owns 131,807 shares in the company, valued at approximately $3,694,550.21. The disclosure for this sale can be found here. In the last 90 days, insiders sold 14,928 shares of company stock valued at $392,469. Company insiders own 6.40% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Principal Financial Group Inc. raised its stake in Surmodics by 4.0% in the first quarter. Principal Financial Group Inc. now owns 102,916 shares of the company’s stock worth $2,475,000 after buying an additional 3,978 shares during the last quarter. State of Tennessee Treasury Department raised its stake in Surmodics by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 12,786 shares of the company’s stock worth $308,000 after buying an additional 1,930 shares during the last quarter. Trigran Investments Inc. raised its stake in Surmodics by 52.4% in the first quarter. Trigran Investments Inc. now owns 1,070,499 shares of the company’s stock worth $25,745,000 after buying an additional 368,212 shares during the last quarter. Renaissance Technologies LLC raised its stake in Surmodics by 4.0% in the first quarter. Renaissance Technologies LLC now owns 1,002,721 shares of the company’s stock worth $24,115,000 after buying an additional 38,683 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Surmodics by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 191,688 shares of the company’s stock worth $4,609,000 after buying an additional 6,327 shares during the last quarter. 84.85% of the stock is currently owned by institutional investors and hedge funds.
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Surmodics (NASDAQ:SRDX) opened at 25.70 on Thursday. The company has a market capitalization of $336.90 million, a price-to-earnings ratio of 55.99 and a beta of 0.88. The firm has a 50 day moving average of $26.36 and a 200-day moving average of $24.83. Surmodics has a 52-week low of $21.90 and a 52-week high of $30.75.
Surmodics (NASDAQ:SRDX) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.10. Surmodics had a return on equity of 7.28% and a net margin of 8.66%. The business had revenue of $17.80 million during the quarter, compared to analysts’ expectations of $15.98 million. During the same quarter last year, the business posted $0.37 earnings per share. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. Equities analysts expect that Surmodics will post $0.31 EPS for the current year.
Surmodics, Inc is a provider of medical device and in vitro diagnostic technologies to the healthcare industry. The Company operates through two segments: Medical Device and In Vitro Diagnostics. The Company’s Medical Device segment consists of surface modification coating technologies to improve access, deliverability and predictable deployment of medical devices; international cardiology and peripheral balloon design, development and manufacturing, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device.
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