Hologic (NASDAQ:HOLX) Receives “Buy” Rating from Needham & Company LLC

Hologic (NASDAQ:HOLX)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They presently have a $90.00 price target on the medical equipment provider’s stock. Needham & Company LLC’s target price would indicate a potential upside of 25.93% from the company’s current price.

Several other analysts also recently weighed in on the company. Royal Bank of Canada upped their price target on Hologic from $86.00 to $89.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 5th. Mizuho reduced their price target on Hologic from $90.00 to $87.00 and set an “outperform” rating for the company in a report on Tuesday, November 5th. Citigroup lowered Hologic from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $95.00 to $85.00 in a research report on Tuesday, October 1st. Wolfe Research assumed coverage on shares of Hologic in a research note on Friday, December 13th. They set a “peer perform” rating for the company. Finally, BNP Paribas raised shares of Hologic to a “strong-buy” rating in a report on Tuesday, December 10th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $89.50.

Hologic Price Performance

HOLX opened at $71.47 on Thursday. Hologic has a 12-month low of $70.24 and a 12-month high of $84.67. The company has a market cap of $16.22 billion, a price-to-earnings ratio of 21.46, a price-to-earnings-growth ratio of 2.38 and a beta of 0.96. The company has a current ratio of 3.69, a quick ratio of 3.03 and a debt-to-equity ratio of 0.49. The stock has a fifty day simple moving average of $78.84 and a two-hundred day simple moving average of $78.57.

Hologic (NASDAQ:HOLX) last issued its quarterly earnings results on Monday, November 4th. The medical equipment provider reported $1.01 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.01. The company had revenue of $987.90 million during the quarter, compared to analysts’ expectations of $978.25 million. Hologic had a net margin of 19.59% and a return on equity of 19.79%. Hologic’s revenue was up 4.5% on a year-over-year basis. During the same period last year, the company posted $0.89 EPS. Research analysts predict that Hologic will post 4.28 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Essex D. Mitchell sold 24,856 shares of the company’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $76.34, for a total value of $1,897,507.04. Following the completion of the sale, the chief operating officer now directly owns 27,957 shares in the company, valued at $2,134,237.38. This represents a 47.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 1.75% of the company’s stock.

Hedge Funds Weigh In On Hologic

Several institutional investors and hedge funds have recently bought and sold shares of HOLX. Innealta Capital LLC purchased a new stake in Hologic in the second quarter worth about $25,000. Wolff Wiese Magana LLC bought a new position in shares of Hologic during the 3rd quarter valued at approximately $25,000. Groupama Asset Managment increased its holdings in Hologic by 9.9% in the 3rd quarter. Groupama Asset Managment now owns 33,177 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 2,999 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in Hologic during the 2nd quarter worth approximately $37,000. Finally, First Horizon Advisors Inc. lifted its holdings in Hologic by 38.3% during the third quarter. First Horizon Advisors Inc. now owns 484 shares of the medical equipment provider’s stock valued at $39,000 after purchasing an additional 134 shares in the last quarter. 94.73% of the stock is currently owned by hedge funds and other institutional investors.

About Hologic

Hologic, Inc develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment. The company operates through four segments: Diagnostics, Breast Health, GYN Surgical, and Skeletal Health. It provides Aptima molecular diagnostic assays to detect the infectious microorganisms; Aptima viral load assays for Hepatitis B virus, Hepatitis C virus, human immunodeficiency virus, and human cytomegalo virus; Aptima bacterial vaginosis and candida vaginitis assays for the diagnosis of vaginitis; Aptima SARS-CoV-2 and Panther Fusion SARS-CoV-2 assays to detect SARS-CoV-2; ThinPrep System for cytology applications; and Rapid Fetal Fibronectin Test that assists physicians in assessing the risk of pre-term birth.