Hologic (NASDAQ:HOLX) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Hologic (NASDAQ:HOLX) in a report published on Friday morning, Benzinga reports. They currently have a $90.00 target price on the medical equipment provider’s stock.

A number of other analysts have also recently commented on the company. William Blair reiterated an outperform rating on shares of Hologic in a research report on Friday, February 2nd. Citigroup upgraded Hologic from a neutral rating to a buy rating and lifted their target price for the company from $80.00 to $95.00 in a research report on Wednesday, April 3rd. Raymond James upped their price target on Hologic from $85.00 to $88.00 and gave the stock an outperform rating in a research report on Friday, February 2nd. StockNews.com downgraded Hologic from a buy rating to a hold rating in a research note on Friday, March 8th. Finally, UBS Group boosted their price objective on Hologic from $78.00 to $79.00 and gave the company a neutral rating in a research note on Friday, February 2nd. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Hologic has a consensus rating of Moderate Buy and an average price target of $84.56.

Hologic Stock Performance

NASDAQ:HOLX traded down $0.61 during mid-day trading on Friday, reaching $75.93. The company’s stock had a trading volume of 1,520,649 shares, compared to its average volume of 1,751,851. The company has a current ratio of 3.97, a quick ratio of 3.29 and a debt-to-equity ratio of 0.52. The stock has a market cap of $17.82 billion, a P/E ratio of 39.05, a PEG ratio of 2.55 and a beta of 1.01. The firm’s fifty day moving average price is $76.13 and its two-hundred day moving average price is $73.09. Hologic has a 12-month low of $64.02 and a 12-month high of $86.74.

Hologic (NASDAQ:HOLX) last released its quarterly earnings data on Thursday, May 2nd. The medical equipment provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.05. Hologic had a net margin of 11.78% and a return on equity of 18.91%. The firm had revenue of $1.02 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the company earned $1.06 earnings per share. The firm’s quarterly revenue was down .8% on a year-over-year basis. On average, equities analysts forecast that Hologic will post 4.08 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Scott T. Garrett sold 16,441 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $75.50, for a total value of $1,241,295.50. Following the completion of the transaction, the director now directly owns 48,611 shares of the company’s stock, valued at $3,670,130.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Charles J. Dockendorff sold 1,465 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $76.21, for a total transaction of $111,647.65. Following the transaction, the director now directly owns 1,572 shares in the company, valued at approximately $119,802.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Scott T. Garrett sold 16,441 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $75.50, for a total transaction of $1,241,295.50. Following the completion of the sale, the director now directly owns 48,611 shares of the company’s stock, valued at approximately $3,670,130.50. The disclosure for this sale can be found here. Corporate insiders own 1.75% of the company’s stock.

Institutional Investors Weigh In On Hologic

Several hedge funds and other institutional investors have recently modified their holdings of the business. SPC Financial Inc. purchased a new stake in Hologic in the first quarter worth $1,005,000. Mediolanum International Funds Ltd bought a new stake in Hologic during the 1st quarter valued at about $1,793,000. Chevy Chase Trust Holdings LLC boosted its position in Hologic by 3.7% in the 1st quarter. Chevy Chase Trust Holdings LLC now owns 168,375 shares of the medical equipment provider’s stock valued at $13,127,000 after buying an additional 6,077 shares during the period. Central Pacific Bank Trust Division bought a new position in Hologic in the 1st quarter worth about $77,000. Finally, Jennison Associates LLC increased its position in shares of Hologic by 13.6% during the first quarter. Jennison Associates LLC now owns 478,101 shares of the medical equipment provider’s stock worth $37,273,000 after acquiring an additional 57,120 shares during the period. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

About Hologic

Hologic, Inc develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment. The company operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. It provides Aptima molecular diagnostic assays to detect the infectious microorganisms; Aptima viral load assays for Hepatitis B virus, Hepatitis C virus, human immunodeficiency virus, and human cytomegalo virus; Aptima bacterial vaginosis and candida vaginitis assays for the diagnosis of vaginitis; Aptima SARS-CoV-2 and Panther Fusion SARS-CoV-2 assays to detect SARS-CoV-2; ThinPrep System for cytology applications; and Rapid Fetal Fibronectin Test that assists physicians in assessing the risk of pre-term birth.