Azenta (NASDAQ:AZTA) Shares Gap Up on Strong Earnings

Azenta, Inc. (NASDAQ:AZTA) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $30.00, but opened at $34.00. Azenta shares last traded at $32.6290, with a volume of 429,310 shares trading hands.

The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.01. The company had revenue of $159.19 million for the quarter, compared to the consensus estimate of $156.76 million. Azenta had a negative net margin of 18.45% and a positive return on equity of 1.35%. Azenta’s revenue was up 5.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 EPS.

Analysts Set New Price Targets

Several brokerages have recently issued reports on AZTA. Raymond James Financial upgraded Azenta from a “market perform” rating to an “outperform” rating and set a $35.00 price objective for the company in a research note on Wednesday, August 6th. Jefferies Financial Group upgraded shares of Azenta from a “hold” rating to a “buy” rating and lifted their price objective for the company from $30.00 to $38.00 in a research note on Thursday, October 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Azenta in a research note on Wednesday, October 8th. Finally, Evercore ISI set a $33.00 price target on shares of Azenta and gave the company an “in-line” rating in a report on Tuesday, August 5th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $36.20.

Hedge Funds Weigh In On Azenta

A number of hedge funds have recently bought and sold shares of AZTA. Mechanics Financial Corp lifted its position in shares of Azenta by 77.6% during the 2nd quarter. Mechanics Financial Corp now owns 870 shares of the company’s stock valued at $27,000 after buying an additional 380 shares in the last quarter. Bessemer Group Inc. raised its position in Azenta by 249.5% during the third quarter. Bessemer Group Inc. now owns 1,017 shares of the company’s stock worth $29,000 after acquiring an additional 726 shares during the period. Osaic Holdings Inc. lifted its holdings in Azenta by 44.9% during the second quarter. Osaic Holdings Inc. now owns 1,242 shares of the company’s stock valued at $39,000 after purchasing an additional 385 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of Azenta by 41.6% in the second quarter. Farther Finance Advisors LLC now owns 1,371 shares of the company’s stock valued at $42,000 after purchasing an additional 403 shares during the period. Finally, Quantbot Technologies LP purchased a new stake in shares of Azenta during the third quarter worth about $57,000. Hedge funds and other institutional investors own 99.08% of the company’s stock.

Azenta Trading Up 9.9%

The firm’s 50-day moving average is $30.59 and its two-hundred day moving average is $30.22. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of -13.54 and a beta of 1.65.

Azenta Company Profile

Azenta, Inc provides biological and chemical compound sample exploration and management solutions for the life sciences market in North America, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally. The company operates in two reportable segments, Life Sciences Products and Life Sciences Services.