NextGen Healthcare, Inc. (NASDAQ:NXGN) Sees Significant Drop in Short Interest

NextGen Healthcare, Inc. (NASDAQ:NXGNGet Rating) saw a large decrease in short interest during the month of March. As of March 31st, there was short interest totalling 745,900 shares, a decrease of 26.1% from the March 15th total of 1,010,000 shares. Based on an average trading volume of 394,200 shares, the days-to-cover ratio is currently 1.9 days. Currently, 1.4% of the company’s shares are short sold.

Shares of NASDAQ:NXGN traded down $0.61 during midday trading on Friday, hitting $21.11. The stock had a trading volume of 358,164 shares, compared to its average volume of 364,032. NextGen Healthcare has a 12 month low of $13.64 and a 12 month high of $21.87. The business’s 50-day simple moving average is $19.98 and its 200-day simple moving average is $17.87. The company has a market cap of $1.41 billion, a P/E ratio of 2,113.11, a PEG ratio of 5.69 and a beta of 1.18.

NextGen Healthcare (NASDAQ:NXGNGet Rating) last released its earnings results on Tuesday, January 25th. The company reported $0.13 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.01). NextGen Healthcare had a net margin of 0.12% and a return on equity of 10.60%. The firm had revenue of $149.72 million during the quarter, compared to the consensus estimate of $146.32 million. During the same period in the prior year, the business posted $0.17 earnings per share. NextGen Healthcare’s quarterly revenue was up 5.6% compared to the same quarter last year. On average, research analysts predict that NextGen Healthcare will post 0.7 EPS for the current year.

A number of research firms have recently issued reports on NXGN. Piper Sandler lifted their price objective on shares of NextGen Healthcare from $23.00 to $24.00 in a report on Wednesday, January 26th. StockNews.com began coverage on shares of NextGen Healthcare in a report on Thursday, March 31st. They issued a “strong-buy” rating on the stock. Guggenheim began coverage on shares of NextGen Healthcare in a report on Wednesday. They issued a “neutral” rating on the stock. Finally, SVB Leerink upgraded shares of NextGen Healthcare from a “market perform” rating to an “outperform” rating and set a $22.00 price objective on the stock in a report on Thursday, January 6th. One analyst has rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, NextGen Healthcare has a consensus rating of “Buy” and an average target price of $21.50.

In related news, CAO David Ahmadzai sold 6,250 shares of the stock in a transaction that occurred on Tuesday, March 15th. The stock was sold at an average price of $19.55, for a total transaction of $122,187.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Craig A. Barbarosh sold 3,500 shares of the firm’s stock in a transaction that occurred on Friday, April 1st. The stock was sold at an average price of $21.27, for a total transaction of $74,445.00. Following the transaction, the director now directly owns 74,683 shares of the company’s stock, valued at $1,588,507.41. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,896 shares of company stock valued at $1,520,490. 18.50% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the stock. Advisor Group Holdings Inc. boosted its position in NextGen Healthcare by 12.0% during the fourth quarter. Advisor Group Holdings Inc. now owns 5,127 shares of the company’s stock worth $92,000 after purchasing an additional 548 shares during the period. Lazard Asset Management LLC boosted its position in NextGen Healthcare by 66.9% during the fourth quarter. Lazard Asset Management LLC now owns 5,231 shares of the company’s stock worth $93,000 after purchasing an additional 2,097 shares during the period. Royal Bank of Canada boosted its position in NextGen Healthcare by 214.9% during the second quarter. Royal Bank of Canada now owns 5,617 shares of the company’s stock worth $93,000 after purchasing an additional 3,833 shares during the period. IFP Advisors Inc bought a new position in NextGen Healthcare during the fourth quarter worth $106,000. Finally, ACG Wealth bought a new position in NextGen Healthcare during the third quarter worth $162,000. 79.73% of the stock is owned by institutional investors and hedge funds.

About NextGen Healthcare (Get Rating)

NextGen Healthcare, Inc provides software and services for ambulatory healthcare services in the United States. The company offers patient engagement solutions, comprising of NextGen PxP Portal, NextGen Patient Self Scheduling, NextGen Pay, and NextGen Virtual Visits; clinical care solutions, including NextGen Enterprise HER, NextGen Mobile, NextGen Office, NextGen Behavioral Health Suite, NextGen Orthopedic Suite, and QSIDental Web and QSIDental PM; and financial management solutions, such as NextGen Enterprise PM and NextGen Clearinghouse Solutions.

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