STAAR Surgical (NASDAQ:STAA) Rating Increased to Buy at Zacks Investment Research

STAAR Surgical (NASDAQ:STAAGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday, Zacks.com reports. The brokerage currently has a $56.00 target price on the medical instruments supplier’s stock. Zacks Investment Research‘s price target suggests a potential upside of 3.34% from the stock’s previous close.

According to Zacks, “Staar Surgical Company has evolved to become a developer, manufacturer and global distributor of products used by ophthalmologists and other eye care professionals to improve or correct vision in patients suffering from refractive conditions, cataracts and glaucoma. “

A number of other analysts have also weighed in on STAA. Canaccord Genuity Group upped their price objective on shares of STAAR Surgical from $81.00 to $89.00 and gave the stock a “buy” rating in a research note on Tuesday, April 26th. StockNews.com initiated coverage on shares of STAAR Surgical in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Needham & Company LLC reissued a “buy” rating and set a $87.00 price objective on shares of STAAR Surgical in a report on Tuesday, May 3rd. BTIG Research reissued a “buy” rating and set a $98.00 price objective on shares of STAAR Surgical in a report on Saturday, April 23rd. Finally, Benchmark raised shares of STAAR Surgical from a “hold” rating to a “buy” rating and set a $97.00 price objective on the stock in a report on Monday, March 28th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $95.14.

NASDAQ STAA opened at $54.19 on Friday. The company’s 50-day moving average price is $67.54 and its 200-day moving average price is $82.23. The stock has a market cap of $2.59 billion, a PE ratio of 93.43 and a beta of 1.18. STAAR Surgical has a 12 month low of $49.03 and a 12 month high of $163.08.

STAAR Surgical (NASDAQ:STAAGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The medical instruments supplier reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.14. The firm had revenue of $63.20 million for the quarter, compared to analysts’ expectations of $60.53 million. STAAR Surgical had a net margin of 11.98% and a return on equity of 12.78%. The business’s revenue for the quarter was up 24.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.13 earnings per share. Research analysts forecast that STAAR Surgical will post 0.61 earnings per share for the current year.

In other STAAR Surgical news, VP James E. Francese sold 922 shares of STAAR Surgical stock in a transaction on Monday, March 21st. The shares were sold at an average price of $74.62, for a total value of $68,799.64. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.60% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently made changes to their positions in STAA. Norges Bank purchased a new stake in shares of STAAR Surgical during the fourth quarter valued at $37,178,000. TimesSquare Capital Management LLC grew its holdings in shares of STAAR Surgical by 141.4% during the fourth quarter. TimesSquare Capital Management LLC now owns 350,200 shares of the medical instruments supplier’s stock valued at $31,973,000 after buying an additional 205,140 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC purchased a new stake in shares of STAAR Surgical during the third quarter valued at $26,282,000. Barclays PLC grew its holdings in shares of STAAR Surgical by 224.3% during the fourth quarter. Barclays PLC now owns 245,332 shares of the medical instruments supplier’s stock valued at $22,400,000 after buying an additional 169,682 shares during the last quarter. Finally, Geneva Capital Management LLC grew its holdings in shares of STAAR Surgical by 21.1% during the first quarter. Geneva Capital Management LLC now owns 909,877 shares of the medical instruments supplier’s stock valued at $72,708,000 after buying an additional 158,452 shares during the last quarter. 89.93% of the stock is currently owned by hedge funds and other institutional investors.

STAAR Surgical Company Profile (Get Rating)

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides Visian implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia; and Hyperopic ICL, which treats far-sightedness.

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Analyst Recommendations for STAAR Surgical (NASDAQ:STAA)

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