Piper Sandler Trims Fulgent Genetics (NASDAQ:FLGT) Target Price to $70.00

Fulgent Genetics (NASDAQ:FLGTGet Rating) had its price objective dropped by analysts at Piper Sandler from $85.00 to $70.00 in a note issued to investors on Sunday, The Fly reports. Piper Sandler’s price target indicates a potential upside of 28.56% from the stock’s previous close.

A number of other research firms have also commented on FLGT. Oppenheimer cut their price objective on Fulgent Genetics from $141.00 to $125.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 25th. StockNews.com began coverage on shares of Fulgent Genetics in a research report on Thursday, March 31st. They set a “hold” rating for the company. Finally, Zacks Investment Research cut shares of Fulgent Genetics from a “buy” rating to a “hold” rating in a research report on Monday, May 9th.

NASDAQ:FLGT traded up $2.85 during mid-day trading on Friday, hitting $54.45. 347,198 shares of the company’s stock were exchanged, compared to its average volume of 383,401. The firm has a market capitalization of $1.65 billion, a P/E ratio of 3.68 and a beta of 1.55. Fulgent Genetics has a fifty-two week low of $47.65 and a fifty-two week high of $112.00. The company has a 50 day simple moving average of $58.00 and a 200-day simple moving average of $71.96.

Fulgent Genetics (NASDAQ:FLGTGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The company reported $5.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.86 by $1.22. The business had revenue of $320.30 million during the quarter, compared to the consensus estimate of $300.50 million. Fulgent Genetics had a return on equity of 41.13% and a net margin of 48.32%. Fulgent Genetics’s quarterly revenue was down 10.9% on a year-over-year basis. During the same period in the prior year, the business posted $6.51 earnings per share. On average, analysts forecast that Fulgent Genetics will post 5.95 earnings per share for the current year.

In other news, CFO Paul Kim sold 454 shares of the business’s stock in a transaction dated Thursday, March 3rd. The stock was sold at an average price of $56.31, for a total value of $25,564.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 29.50% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC raised its holdings in shares of Fulgent Genetics by 1,533.3% during the first quarter. Renaissance Technologies LLC now owns 102,900 shares of the company’s stock valued at $6,422,000 after purchasing an additional 96,600 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Fulgent Genetics by 2.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 144,024 shares of the company’s stock valued at $8,989,000 after acquiring an additional 3,771 shares during the period. Permian Investment Partners LP grew its stake in Fulgent Genetics by 54.5% in the first quarter. Permian Investment Partners LP now owns 17,000 shares of the company’s stock valued at $1,061,000 after acquiring an additional 6,000 shares during the period. First Trust Advisors LP grew its stake in Fulgent Genetics by 4.1% in the first quarter. First Trust Advisors LP now owns 50,928 shares of the company’s stock valued at $3,178,000 after acquiring an additional 1,995 shares during the period. Finally, Prudential Financial Inc. grew its stake in Fulgent Genetics by 64.8% in the first quarter. Prudential Financial Inc. now owns 52,629 shares of the company’s stock valued at $3,284,000 after acquiring an additional 20,688 shares during the period. Hedge funds and other institutional investors own 37.61% of the company’s stock.

Fulgent Genetics Company Profile (Get Rating)

Fulgent Genetics, Inc, together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally. The company offers genetic tests comprising Focus and Comprehensive oncology panels tests; Beacon carrier screening panels test for inherited conditions; solid tumor molecular profiling for somatic cancer testing; rapid whole genome testing for children in NICU and PICU; newborn genetic analysis panel; single front-line test to detect ataxia-related variants and repeat expansions through sequencing; picture genetics, a patient-initiated genetic testing; whole exome and clinical exome panel tests; whole genome, mutation, and repeat expansion testing services, as well as research service tests.

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