Abaxis (NASDAQ:ABAX) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Saturday.
Other research analysts also recently issued reports about the stock. TheStreet raised shares of Abaxis from a “c+” rating to a “b-” rating in a research report on Wednesday, November 29th. Northcoast Research raised shares of Abaxis from a “neutral” rating to a “buy” rating in a research report on Friday, January 5th. Aegis reissued a “hold” rating on shares of Abaxis in a research report on Friday, December 1st. Zacks Investment Research raised shares of Abaxis from a “strong sell” rating to a “hold” rating in a research report on Tuesday, December 26th. Finally, Canaccord Genuity reissued a “hold” rating and issued a $47.00 target price (up from $46.00) on shares of Abaxis in a research report on Friday, October 27th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $49.63.
Shares of Abaxis (NASDAQ ABAX) opened at $61.16 on Friday. Abaxis has a fifty-two week low of $43.66 and a fifty-two week high of $63.18. The company has a market cap of $1,388.15, a P/E ratio of 50.97 and a beta of 0.86.
Abaxis (NASDAQ:ABAX) last released its earnings results on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. The business had revenue of $58.90 million for the quarter, compared to the consensus estimate of $60.85 million. Abaxis had a net margin of 11.98% and a return on equity of 10.18%. The business’s revenue for the quarter was up .5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 EPS. sell-side analysts expect that Abaxis will post 1.11 EPS for the current year.
Abaxis declared that its board has authorized a stock repurchase program on Tuesday, October 24th that permits the company to repurchase $21.00 million in outstanding shares. This repurchase authorization permits the medical research company to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several institutional investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its position in shares of Abaxis by 21.7% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 111,019 shares of the medical research company’s stock worth $5,498,000 after acquiring an additional 19,780 shares in the last quarter. Bank of Montreal Can grew its position in Abaxis by 44.3% during the fourth quarter. Bank of Montreal Can now owns 5,629 shares of the medical research company’s stock valued at $278,000 after purchasing an additional 1,727 shares in the last quarter. Cetera Investment Advisers purchased a new position in Abaxis during the third quarter valued at approximately $263,000. Stifel Financial Corp grew its position in Abaxis by 12.2% during the third quarter. Stifel Financial Corp now owns 26,512 shares of the medical research company’s stock valued at $1,183,000 after purchasing an additional 2,878 shares in the last quarter. Finally, OxFORD Asset Management LLP purchased a new position in Abaxis during the third quarter valued at approximately $357,000. 97.66% of the stock is currently owned by institutional investors and hedge funds.
Abaxis Company Profile
Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.
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