Needham & Company LLC Reiterates “Buy” Rating for Hologic (NASDAQ:HOLX)

Needham & Company LLC restated their buy rating on shares of Hologic (NASDAQ:HOLX) in a report released on Tuesday morning, Benzinga reports. The firm currently has a $90.00 price target on the medical equipment provider’s stock.

A number of other brokerages also recently commented on HOLX. Stephens reissued an overweight rating and issued a $92.00 price objective on shares of Hologic in a research report on Tuesday, July 30th. Royal Bank of Canada reiterated a sector perform rating and issued a $82.00 target price on shares of Hologic in a research note on Friday, August 16th. JPMorgan Chase & Co. boosted their price target on Hologic from $91.00 to $95.00 and gave the stock an overweight rating in a research report on Tuesday, July 30th. StockNews.com raised Hologic from a buy rating to a strong-buy rating in a research report on Tuesday, September 10th. Finally, Evercore ISI lifted their target price on Hologic from $76.00 to $78.00 and gave the stock an in-line rating in a research note on Tuesday, July 30th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $87.60.

Hologic Stock Performance

HOLX opened at $81.39 on Tuesday. The business’s 50-day simple moving average is $80.74 and its 200 day simple moving average is $77.05. Hologic has a 52-week low of $64.02 and a 52-week high of $84.67. The company has a debt-to-equity ratio of 0.51, a quick ratio of 3.32 and a current ratio of 3.99. The firm has a market capitalization of $18.99 billion, a PE ratio of 41.53, a PEG ratio of 2.53 and a beta of 0.98.

Hologic (NASDAQ:HOLX) last posted its quarterly earnings results on Monday, July 29th. The medical equipment provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.04. The firm had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Hologic had a return on equity of 19.53% and a net margin of 17.59%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.93 EPS. As a group, sell-side analysts expect that Hologic will post 4.09 earnings per share for the current fiscal year.

Insider Buying and Selling at Hologic

In other news, CEO Stephen P. Macmillan sold 3,672 shares of Hologic stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $80.13, for a total transaction of $294,237.36. Following the completion of the sale, the chief executive officer now owns 1,157,562 shares of the company’s stock, valued at $92,755,443.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Hologic news, CEO Stephen P. Macmillan sold 3,672 shares of the stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $80.13, for a total transaction of $294,237.36. Following the transaction, the chief executive officer now owns 1,157,562 shares in the company, valued at approximately $92,755,443.06. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Brandon Schnittker sold 476 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $83.11, for a total transaction of $39,560.36. Following the transaction, the insider now directly owns 3,735 shares in the company, valued at $310,415.85. The disclosure for this sale can be found here. Insiders have sold a total of 18,280 shares of company stock valued at $1,469,973 in the last ninety days. 1.75% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Hologic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in shares of Hologic by 77.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,297,197 shares of the medical equipment provider’s stock worth $490,931,000 after purchasing an additional 2,753,016 shares during the period. Norges Bank acquired a new stake in Hologic during the fourth quarter worth about $217,529,000. The Manufacturers Life Insurance Company increased its holdings in Hologic by 21.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,535,258 shares of the medical equipment provider’s stock valued at $188,243,000 after buying an additional 450,190 shares during the period. Black Creek Investment Management Inc. raised its position in shares of Hologic by 60.9% in the 2nd quarter. Black Creek Investment Management Inc. now owns 2,338,970 shares of the medical equipment provider’s stock valued at $173,669,000 after buying an additional 885,524 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Hologic by 5.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,326,992 shares of the medical equipment provider’s stock worth $172,780,000 after acquiring an additional 124,739 shares during the period. 94.73% of the stock is owned by institutional investors and hedge funds.

Hologic Company Profile

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.