Heartflow (NASDAQ:HTFL) Shares Gap Up on Strong Earnings

Shares of Heartflow, Inc. (NASDAQ:HTFL) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $31.01, but opened at $39.06. Heartflow shares last traded at $41.0730, with a volume of 1,793,589 shares traded.

The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.15. The business had revenue of $64.08 million for the quarter. Heartflow’s revenue for the quarter was up 47.7% compared to the same quarter last year.

Analysts Set New Price Targets

A number of research analysts recently commented on HTFL shares. Piper Sandler reaffirmed an “overweight” rating on shares of Heartflow in a research report on Friday. Robert W. Baird set a $45.00 target price on shares of Heartflow in a research note on Friday. Freedom Capital upgraded shares of Heartflow to a “strong-buy” rating in a report on Tuesday, June 30th. Canaccord Genuity Group dropped their price target on shares of Heartflow from $43.00 to $37.00 and set a “buy” rating on the stock in a research note on Friday, May 15th. Finally, William Blair assumed coverage on Heartflow in a research report on Monday, May 4th. They set an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $38.86.

Insider Activity at Heartflow

In other Heartflow news, insider Campbell Rogers sold 9,219 shares of Heartflow stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $28.34, for a total value of $261,266.46. Following the completion of the sale, the insider directly owned 78,731 shares in the company, valued at $2,231,236.54. The trade was a 10.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John C.M. Farquhar sold 38,900 shares of the stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $35.00, for a total transaction of $1,361,500.00. Following the transaction, the chief executive officer owned 457,935 shares in the company, valued at approximately $16,027,725. This trade represents a 7.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 115,805 shares of company stock worth $3,530,609. Insiders own 7.70% of the company’s stock.

Institutional Trading of Heartflow

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. XXEC Inc. acquired a new position in shares of Heartflow during the 2nd quarter valued at about $2,524,764,000. BlackRock Inc. bought a new stake in Heartflow during the second quarter worth approximately $152,502,000. Wellington Management Group LLP acquired a new position in Heartflow during the third quarter valued at approximately $164,263,000. Schusterman Interests LLC bought a new position in shares of Heartflow in the third quarter valued at approximately $65,274,000. Finally, Capricorn Investment Group LLC acquired a new stake in shares of Heartflow in the fourth quarter worth $48,178,000.

Heartflow Trading Up 31.5%

The company’s fifty day moving average is $28.80 and its 200-day moving average is $27.70. The firm has a market capitalization of $3.52 billion and a P/E ratio of -13.18.

About Heartflow

HeartFlow, Inc (NASDAQ: HTFL) is a medical technology company that develops non-invasive diagnostic solutions for coronary artery disease. The company’s core offering translates coronary CT angiography (CTA) data into a patient-specific, three-dimensional physiological model of the coronary arteries. Using advanced image processing and computational modeling, HeartFlow’s analysis estimates fractional flow reserve (FFR) values throughout the coronary tree to identify ischemia-producing lesions without the need for invasive pressure-wire measurements.

HeartFlow’s cloud-based service integrates with clinical workflows: clinicians submit coronary CTA images and receive a detailed, color-coded 3D map and report that highlights lesion-specific FFR values and physiological impact.