Needham & Company LLC Cuts Surmodics (NASDAQ:SRDX) Price Target to $43.00

Surmodics (NASDAQ:SRDX) had its target price reduced by Needham & Company LLC from $47.00 to $43.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Separately, StockNews.com downgraded Surmodics from a strong-buy rating to a buy rating in a research note on Wednesday, April 24th.

Surmodics Stock Down 6.0 %

SRDX opened at $32.49 on Wednesday. Surmodics has a fifty-two week low of $16.79 and a fifty-two week high of $39.41. The company has a debt-to-equity ratio of 0.24, a quick ratio of 3.97 and a current ratio of 4.39. The company has a market capitalization of $462.66 million, a P/E ratio of 34.20 and a beta of 1.04. The stock has a fifty day moving average of $28.64 and a 200-day moving average of $31.65.

Surmodics (NASDAQ:SRDX) last posted its earnings results on Wednesday, May 1st. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.43. Surmodics had a return on equity of 13.30% and a net margin of 9.44%. The company had revenue of $31.96 million during the quarter, compared to the consensus estimate of $28.79 million. During the same quarter last year, the firm earned ($0.40) earnings per share. On average, equities analysts expect that Surmodics will post -0.9 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets raised its stake in Surmodics by 7.5% during the first quarter. BNP Paribas Financial Markets now owns 6,878 shares of the company’s stock worth $202,000 after acquiring an additional 481 shares in the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in Surmodics during the first quarter worth about $223,000. Quadrature Capital Ltd acquired a new position in Surmodics during the fourth quarter worth about $504,000. US Bancorp DE raised its stake in Surmodics by 61.9% during the fourth quarter. US Bancorp DE now owns 16,190 shares of the company’s stock worth $589,000 after acquiring an additional 6,193 shares in the last quarter. Finally, Hillsdale Investment Management Inc. grew its holdings in shares of Surmodics by 15.7% during the fourth quarter. Hillsdale Investment Management Inc. now owns 4,570 shares of the company’s stock worth $166,000 after purchasing an additional 620 shares during the last quarter. Institutional investors and hedge funds own 96.63% of the company’s stock.

Surmodics Company Profile

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).