Neogen (NASDAQ:NEOG) Given New $17.00 Price Target at Piper Sandler

Neogen (NASDAQ:NEOG) had its price objective trimmed by Piper Sandler from $19.00 to $17.00 in a research report report published on Monday, Benzinga reports. They currently have a neutral rating on the stock.

Neogen Stock Performance

NASDAQ NEOG opened at $12.14 on Monday. The stock has a market cap of $2.63 billion, a P/E ratio of 1,214.00 and a beta of 1.13. The company’s 50-day simple moving average is $15.61 and its 200 day simple moving average is $16.58. Neogen has a twelve month low of $11.74 and a twelve month high of $24.09. The company has a quick ratio of 2.66, a current ratio of 3.82 and a debt-to-equity ratio of 0.28.

Neogen (NASDAQ:NEOG) last posted its earnings results on Tuesday, April 9th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The business had revenue of $228.80 million during the quarter, compared to the consensus estimate of $230.01 million. Neogen had a net margin of 0.17% and a return on equity of 3.35%. The business’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.12 EPS. As a group, research analysts forecast that Neogen will post 0.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director James C. Borel acquired 7,500 shares of the firm’s stock in a transaction on Thursday, April 11th. The shares were purchased at an average cost of $13.06 per share, with a total value of $97,950.00. Following the completion of the purchase, the director now owns 21,392 shares of the company’s stock, valued at $279,379.52. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CEO John Edward Adent purchased 23,000 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were acquired at an average cost of $12.36 per share, with a total value of $284,280.00. Following the completion of the purchase, the chief executive officer now directly owns 152,389 shares of the company’s stock, valued at $1,883,528.04. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James C. Borel purchased 7,500 shares of the firm’s stock in a transaction dated Thursday, April 11th. The shares were bought at an average cost of $13.06 per share, for a total transaction of $97,950.00. Following the completion of the purchase, the director now directly owns 21,392 shares of the company’s stock, valued at $279,379.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 53,000 shares of company stock valued at $662,205. 0.71% of the stock is currently owned by insiders.

Institutional Trading of Neogen

Hedge funds have recently modified their holdings of the stock. Steward Partners Investment Advisory LLC bought a new stake in shares of Neogen during the first quarter valued at approximately $29,000. O Dell Group LLC acquired a new position in Neogen in the fourth quarter valued at approximately $37,000. State of Tennessee Treasury Department acquired a new position in Neogen in the first quarter valued at approximately $45,000. International Assets Investment Management LLC acquired a new position in Neogen in the third quarter valued at approximately $49,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in Neogen by 416.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 3,033 shares of the company’s stock valued at $56,000 after buying an additional 2,446 shares during the period. 96.73% of the stock is owned by institutional investors.

About Neogen

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.