Medpace (NASDAQ:MEDP) Updates FY 2024 Earnings Guidance

Medpace (NASDAQ:MEDP) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of 10.790-11.470 for the period, compared to the consensus estimate of 10.610. The company issued revenue guidance of $2.2 billion-$2.2 billion, compared to the consensus revenue estimate of $2.2 billion. Medpace also updated its FY24 guidance to $10.79-11.47 EPS.

Medpace Stock Up 0.4 %

Medpace stock traded up $1.66 during mid-day trading on Wednesday, hitting $408.81. The company’s stock had a trading volume of 94,293 shares, compared to its average volume of 247,060. The stock has a market capitalization of $12.66 billion, a P/E ratio of 41.50, a P/E/G ratio of 1.99 and a beta of 1.38. Medpace has a twelve month low of $189.30 and a twelve month high of $421.00. The stock’s fifty day moving average price is $397.68 and its two-hundred day moving average price is $323.14.

Medpace (NASDAQ:MEDP) last issued its earnings results on Monday, April 22nd. The company reported $3.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.45 by $0.75. The company had revenue of $511.00 million during the quarter, compared to analyst estimates of $512.39 million. Medpace had a net margin of 15.92% and a return on equity of 65.98%. The company’s revenue for the quarter was up 17.7% on a year-over-year basis. During the same quarter last year, the business posted $2.27 EPS. Equities analysts expect that Medpace will post 10.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MEDP. StockNews.com upgraded shares of Medpace from a hold rating to a buy rating in a research report on Tuesday. Robert W. Baird boosted their price target on shares of Medpace from $446.00 to $454.00 and gave the company an outperform rating in a research report on Wednesday. UBS Group upgraded shares of Medpace from a neutral rating to a buy rating and boosted their price target for the company from $282.00 to $452.00 in a research report on Thursday, February 15th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Medpace in a research report on Monday, March 18th. They set a hold rating and a $395.00 target price on the stock. Finally, Jefferies Financial Group upgraded shares of Medpace from a hold rating to a buy rating and upped their target price for the stock from $340.00 to $450.00 in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Medpace presently has a consensus rating of Moderate Buy and an average price target of $404.80.

Insider Buying and Selling

In other Medpace news, VP Susan E. Burwig sold 102 shares of Medpace stock in a transaction on Friday, March 15th. The shares were sold at an average price of $403.00, for a total value of $41,106.00. Following the sale, the vice president now directly owns 15,181 shares in the company, valued at approximately $6,117,943. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Medpace news, Director Ashley M. Keating sold 250 shares of Medpace stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $409.87, for a total value of $102,467.50. Following the sale, the director now directly owns 250 shares in the company, valued at approximately $102,467.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Susan E. Burwig sold 102 shares of Medpace stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $403.00, for a total transaction of $41,106.00. Following the completion of the transaction, the vice president now directly owns 15,181 shares of the company’s stock, valued at approximately $6,117,943. The disclosure for this sale can be found here. Insiders have sold a total of 189,340 shares of company stock worth $76,651,647 over the last ninety days. Company insiders own 20.30% of the company’s stock.

About Medpace

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.