Zacks Investment Research upgraded shares of Abiomed Inc. (NASDAQ:ABMD) from a hold rating to a strong-buy rating in a report issued on Wednesday morning. The brokerage currently has $146.00 target price on the stock.
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.”
A number of other brokerages have also commented on ABMD. Jefferies Group boosted their price objective on shares of Abiomed from $130.00 to $145.00 and gave the stock a buy rating in a research report on Tuesday, August 9th. Leerink Swann reissued an outperform rating and issued a $125.00 price objective on shares of Abiomed in a research report on Wednesday, September 28th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $116.59.
Shares of Abiomed (NASDAQ:ABMD) traded up 0.92% during mid-day trading on Wednesday, reaching $128.62. 114,225 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $122.33 and its 200-day moving average is $109.01. Abiomed has a 52-week low of $67.81 and a 52-week high of $131.16. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 136.83 and a beta of 0.75.
Abiomed (NASDAQ:ABMD) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.06. The business had revenue of $103 million for the quarter, compared to analyst estimates of $97.23 million. Abiomed had a net margin of 11.75% and a return on equity of 11.86%. The firm’s revenue for the quarter was up 40.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 earnings per share. On average, equities analysts expect that Abiomed will post $1.17 EPS for the current year.
In other Abiomed news, VP Michael G. Howley sold 17,853 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $119.20, for a total value of $2,128,077.60. Following the transaction, the vice president now directly owns 65,558 shares in the company, valued at $7,814,513.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Henri A. Termeer sold 25,866 shares of the company’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $118.70, for a total transaction of $3,070,294.20. Following the completion of the transaction, the director now owns 325,778 shares in the company, valued at $38,669,848.60. The disclosure for this sale can be found here. 10.00% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its position in 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. Renaissance Technologies LLC increased its position in Abiomed by 152.5% in the first quarter. Renaissance Technologies LLC now owns 287,100 shares of the company’s stock valued at $27,220,000 after buying an additional 173,400 shares in the last quarter. BNP Paribas Arbitrage SA increased its position in Abiomed by 2,409.7% in the second quarter. BNP Paribas Arbitrage SA now owns 16,062 shares of the company’s stock valued at $1,755,000 after buying an additional 15,422 shares in the last quarter. GSA Capital Partners LLP increased its position in Abiomed by 132.6% in the second quarter. GSA Capital Partners LLP now owns 18,051 shares of the company’s stock valued at $1,973,000 after buying an additional 10,289 shares in the last quarter. Finally, Granahan Investment Management Inc. MA increased its position in Abiomed by 11.6% in the first quarter. Granahan Investment Management Inc. MA now owns 322,383 shares of the company’s stock valued at $30,565,000 after buying an additional 33,400 shares in the last quarter. Hedge funds and other institutional investors own 93.65% of the company’s stock.
ABIOMED, Inc is a provider of temporary percutaneous mechanical circulatory support devices. The Company offers care to heart failure patients. The Company operates in the segment of the research, development and sale of medical devices to assist or replace the pumping function of the failing heart. The Company develops, manufactures and markets products that are designed to enable the heart to rest, heal and recover by improving blood flow to the coronary arteries and end-organs and/or temporarily performing the pumping function of the heart.
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