NextGen Healthcare (NASDAQ:NXGN) Sees Strong Trading Volume Following Analyst Upgrade

Shares of NextGen Healthcare, Inc. (NASDAQ:NXGN) saw strong trading volume on Thursday after Royal Bank of Canada raised their price target on the stock from $17.00 to $23.95. Royal Bank of Canada currently has a sector perform rating on the stock. 560,446 shares changed hands during trading, an increase of 5% from the previous session’s volume of 534,263 shares.The stock last traded at $23.59 and had previously closed at $23.56.

Other equities analysts also recently issued reports about the stock. 3M reissued a “maintains” rating on shares of NextGen Healthcare in a research report on Monday, June 12th. TheStreet downgraded NextGen Healthcare from a “b-” rating to a “c” rating in a research note on Tuesday, May 16th. Stephens cut NextGen Healthcare from an “overweight” rating to an “equal weight” rating in a research report on Wednesday. StockNews.com lowered shares of NextGen Healthcare from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Cantor Fitzgerald initiated coverage on shares of NextGen Healthcare in a report on Monday, August 28th. They set an “overweight” rating and a $21.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $21.56.

Institutional Trading of NextGen Healthcare

A number of hedge funds have recently bought and sold shares of NXGN. Tower Research Capital LLC TRC increased its position in shares of NextGen Healthcare by 146.4% during the first quarter. Tower Research Capital LLC TRC now owns 2,363 shares of the company’s stock valued at $41,000 after purchasing an additional 1,404 shares during the period. Altshuler Shaham Ltd raised its stake in shares of NextGen Healthcare by 98.7% in the 4th quarter. Altshuler Shaham Ltd now owns 3,205 shares of the company’s stock valued at $60,000 after buying an additional 1,592 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of NextGen Healthcare by 30.4% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,761 shares of the company’s stock worth $61,000 after acquiring an additional 877 shares during the period. Captrust Financial Advisors boosted its position in shares of NextGen Healthcare by 61.5% during the 1st quarter. Captrust Financial Advisors now owns 4,255 shares of the company’s stock valued at $89,000 after acquiring an additional 1,620 shares in the last quarter. Finally, Point72 Middle East FZE bought a new stake in NextGen Healthcare in the fourth quarter valued at about $97,000. 76.65% of the stock is owned by institutional investors.

NextGen Healthcare Price Performance

The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 787.00 and a beta of 0.99. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.65. The company’s 50-day moving average is $17.18 and its 200-day moving average is $16.99.

NextGen Healthcare (NASDAQ:NXGN) last released its quarterly earnings data on Monday, July 24th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The company had revenue of $178.21 million for the quarter, compared to analyst estimates of $173.45 million. NextGen Healthcare had a return on equity of 10.09% and a net margin of 0.35%. The company’s revenue was up 16.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.06 EPS. Equities research analysts expect that NextGen Healthcare, Inc. will post 0.69 earnings per share for the current fiscal year.

About NextGen Healthcare

NextGen Healthcare, Inc provides healthcare technology solutions in the United States. The company offers clinical care solutions, including NextGen Enterprise EHR; financial solutions, such as NextGen Enterprise PM; patient engagement solutions comprising NextGen Virtual Visits; integrated clinical care and financial solutions consisting of NextGen Office; interoperability solutions that include NextGen Share and Mirth Connect; data and analytics solutions, which comprise NextGen Health Data Hub; and value based care solutions, including NextGen Population Health Solutions.