Piper Sandler Cuts Neogen (NASDAQ:NEOG) Price Target to $17.00

Neogen (NASDAQ:NEOG) had its target price trimmed by Piper Sandler from $19.00 to $17.00 in a research note issued to investors on Monday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Neogen Price Performance

Shares of NASDAQ NEOG opened at $12.01 on Monday. The firm has a market cap of $2.60 billion, a PE ratio of 1,202.20 and a beta of 1.13. The company has a current ratio of 3.82, a quick ratio of 2.66 and a debt-to-equity ratio of 0.28. Neogen has a 1-year low of $11.94 and a 1-year high of $24.09. The company has a fifty day moving average price of $15.75 and a 200 day moving average price of $16.65.

Neogen (NASDAQ:NEOG) last announced its earnings results on Tuesday, April 9th. The company reported $0.12 earnings per share for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The company had revenue of $228.80 million during the quarter, compared to analyst estimates of $230.01 million. Neogen had a return on equity of 3.35% and a net margin of 0.17%. Neogen’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.12 earnings per share. Research analysts predict that Neogen will post 0.5 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Neogen news, CEO John Edward Adent acquired 23,000 shares of Neogen stock in a transaction dated Wednesday, April 10th. The stock was bought at an average cost of $12.36 per share, for a total transaction of $284,280.00. Following the purchase, the chief executive officer now directly owns 152,389 shares in the company, valued at approximately $1,883,528.04. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other Neogen news, Director James C. Borel acquired 7,500 shares of Neogen stock in a transaction dated Thursday, April 11th. The stock was bought at an average cost of $13.06 per share, for a total transaction of $97,950.00. Following the purchase, the director now directly owns 21,392 shares in the company, valued at approximately $279,379.52. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John Edward Adent bought 23,000 shares of the company’s stock in a transaction dated Wednesday, April 10th. The stock was purchased at an average cost of $12.36 per share, for a total transaction of $284,280.00. Following the completion of the acquisition, the chief executive officer now owns 152,389 shares in the company, valued at approximately $1,883,528.04. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 43,000 shares of company stock valued at $538,605. Company insiders own 0.71% of the company’s stock.

Institutional Investors Weigh In On Neogen

A number of institutional investors and hedge funds have recently modified their holdings of the company. Northwest Investment Counselors LLC raised its holdings in shares of Neogen by 1.1% in the 1st quarter. Northwest Investment Counselors LLC now owns 71,621 shares of the company’s stock valued at $1,130,000 after purchasing an additional 809 shares during the period. Bridge City Capital LLC raised its holdings in shares of Neogen by 0.8% in the 1st quarter. Bridge City Capital LLC now owns 177,204 shares of the company’s stock valued at $2,796,000 after purchasing an additional 1,389 shares during the period. Moody National Bank Trust Division bought a new stake in shares of Neogen in the 1st quarter valued at about $161,000. Napatree Capital LLC bought a new stake in shares of Neogen in the 4th quarter valued at about $788,000. Finally, Vanguard Group Inc. raised its holdings in shares of Neogen by 9.3% in the 4th quarter. Vanguard Group Inc. now owns 19,546,737 shares of the company’s stock valued at $393,085,000 after purchasing an additional 1,663,125 shares during the period. 96.73% of the stock is owned by institutional investors.

Neogen Company Profile

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.