Abiomed Inc. (ABMD) Stock Rating Upgraded by Zacks Investment Research
Abiomed Inc. (NASDAQ:ABMD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The brokerage presently has a $138.00 price objective on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 10.31% from the company’s previous close.
According to Zacks, “Abiomed’s Impella utilization is accelerating at a remarkable pace with an increasing number of hospitals and customer sites purchasing the same. We believe that flagship Impella product line is a significant growth catalyst for the company. The company reported impressive first quarter 2017 results beating the Zacks Consensus Estimate on both lines. The revenue guidance was also positive, which will drive the stock price in the near term. The expanding product pipeline and continuing investments on capacity expansion are key growth catalysts. Anticipated regulatory approval in Japan is also growth driver, in our view. However, intensifying competition may hurt pricing power going forward.”
Separately, Jefferies Group lifted their price objective on Abiomed from $125.00 to $130.00 and gave the stock a “buy” rating in a research note on Friday, July 29th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $115.59.
Abiomed (NASDAQ:ABMD) opened at 125.10 on Friday. The firm has a 50-day moving average price of $120.39 and a 200-day moving average price of $105.61. Abiomed has a 12-month low of $67.81 and a 12-month high of $127.10. The company has a market cap of $5.36 billion, a P/E ratio of 133.09 and a beta of 0.89.
Abiomed (NASDAQ:ABMD) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.06. Abiomed had a return on equity of 11.86% and a net margin of 11.75%. The business had revenue of $103 million for the quarter, compared to the consensus estimate of $97.23 million. During the same quarter in the previous year, the company posted $0.20 EPS. The company’s revenue was up 40.3% compared to the same quarter last year. On average, equities research analysts forecast that Abiomed will post $1.17 earnings per share for the current fiscal year.
In other Abiomed news, VP Michael G. Howley sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 29th. The stock was sold at an average price of $106.58, for a total value of $1,065,800.00. Following the completion of the sale, the vice president now directly owns 65,558 shares in the company, valued at approximately $6,987,171.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dorothy E. Puhy sold 5,160 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $123.94, for a total value of $639,530.40. Following the completion of the sale, the director now owns 24,749 shares of the company’s stock, valued at $3,067,391.06. The disclosure for this sale can be found here. Corporate insiders own 10.00% of the company’s stock.
Several large investors have recently modified their holdings of ABMD. 1832 Asset Management L.P. purchased a new stake in shares of Abiomed during the first quarter valued at $121,655,000. Norges Bank purchased a new stake in shares of Abiomed during the fourth quarter valued at $46,385,000. State Street Corp boosted its stake in shares of Abiomed by 56.3% in the first quarter. State Street Corp now owns 1,316,168 shares of the company’s stock valued at $124,787,000 after buying an additional 474,209 shares in the last quarter. Columbia Wanger Asset Management LLC boosted its stake in shares of Abiomed by 182.4% in the second quarter. Columbia Wanger Asset Management LLC now owns 388,958 shares of the company’s stock valued at $42,509,000 after buying an additional 251,241 shares in the last quarter. Finally, Sectoral Asset Management Inc. boosted its stake in shares of Abiomed by 456.6% in the second quarter. Sectoral Asset Management Inc. now owns 298,338 shares of the company’s stock valued at $32,605,000 after buying an additional 244,738 shares in the last quarter. Institutional investors and hedge funds own 94.52% of the company’s stock.
Abiomed Company Profile
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