SVB Leerink Trims Abiomed (NASDAQ:ABMD) Target Price to $335.00

Abiomed (NASDAQ:ABMD) had its price target cut by equities researchers at SVB Leerink from $355.00 to $335.00 in a research note issued to investors on Tuesday, Analyst Price Targets reports. The firm currently has a “market perform” rating on the medical equipment provider’s stock. SVB Leerink’s price target suggests a potential upside of 3.76% from the company’s previous close.

Separately, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Abiomed in a report on Friday, June 18th. They set a “buy” rating and a $360.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. Abiomed currently has a consensus rating of “Hold” and an average price target of $341.25.

Shares of Abiomed stock opened at $322.85 on Tuesday. The company has a market cap of $14.64 billion, a price-to-earnings ratio of 65.49, a PEG ratio of 4.78 and a beta of 1.31. The firm’s 50 day moving average is $303.96. Abiomed has a 1 year low of $242.73 and a 1 year high of $387.40.

Abiomed (NASDAQ:ABMD) last announced its quarterly earnings results on Wednesday, April 28th. The medical equipment provider reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.14. The company had revenue of $241.30 million for the quarter, compared to analyst estimates of $231.13 million. Abiomed had a net margin of 26.61% and a return on equity of 14.99%. The firm’s revenue was up 16.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.70 EPS. As a group, analysts expect that Abiomed will post 4.39 EPS for the current fiscal year.

In related news, CEO Michael R. Minogue sold 25,000 shares of Abiomed stock in a transaction that occurred on Monday, June 21st. The shares were sold at an average price of $325.35, for a total transaction of $8,133,750.00. Following the sale, the chief executive officer now directly owns 236,635 shares in the company, valued at approximately $76,989,197.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.00% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Marathon Asset Management LLP boosted its position in Abiomed by 60.8% during the 2nd quarter. Marathon Asset Management LLP now owns 158,930 shares of the medical equipment provider’s stock worth $49,602,000 after buying an additional 60,071 shares during the period. Brookstone Capital Management acquired a new position in shares of Abiomed in the 2nd quarter worth approximately $539,000. IFM Investors Pty Ltd lifted its position in shares of Abiomed by 23.8% in the 2nd quarter. IFM Investors Pty Ltd now owns 6,021 shares of the medical equipment provider’s stock worth $1,879,000 after purchasing an additional 1,157 shares during the period. New Mexico Educational Retirement Board lifted its position in shares of Abiomed by 7.0% in the 2nd quarter. New Mexico Educational Retirement Board now owns 3,050 shares of the medical equipment provider’s stock worth $952,000 after purchasing an additional 200 shares during the period. Finally, Patten & Patten Inc. TN lifted its position in shares of Abiomed by 2.5% in the 2nd quarter. Patten & Patten Inc. TN now owns 2,920 shares of the medical equipment provider’s stock worth $911,000 after purchasing an additional 70 shares during the period. Institutional investors and hedge funds own 90.16% of the company’s stock.

Abiomed Company Profile

Abiomed, Inc engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It also provides a continuum of care to heart failure patients. The company offers Impella 2.5, a percutaneous micro heart pump with integrated motor and sensors; and Impella CP, a device for use by interventional cardiologists to support patients in the cath lab, as well as by cardiac surgeons in the heart surgery suite.

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