JPMorgan Chase & Co. Boosts Silk Road Medical (NASDAQ:SILK) Price Target to $21.00

Silk Road Medical (NASDAQ:SILK) had its target price raised by JPMorgan Chase & Co. from $19.00 to $21.00 in a report released on Wednesday morning, Benzinga reports. They currently have a neutral rating on the stock.

Other equities analysts have also recently issued research reports about the company. Piper Sandler upped their target price on Silk Road Medical from $18.00 to $20.00 and gave the stock a neutral rating in a report on Wednesday. Lake Street Capital started coverage on Silk Road Medical in a research report on Wednesday, January 3rd. They issued a buy rating and a $20.00 price target on the stock. Stifel Nicolaus upped their price target on Silk Road Medical from $20.00 to $23.00 and gave the company a buy rating in a research report on Thursday, February 29th. Finally, Argus upgraded Silk Road Medical from a hold rating to a buy rating and set a $24.00 price target on the stock in a research report on Thursday, March 7th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $22.55.

Silk Road Medical Price Performance

Shares of SILK opened at $20.28 on Wednesday. Silk Road Medical has a 12-month low of $6.08 and a 12-month high of $43.51. The business has a 50-day simple moving average of $17.73 and a two-hundred day simple moving average of $13.61. The company has a quick ratio of 6.97, a current ratio of 7.95 and a debt-to-equity ratio of 0.50. The stock has a market cap of $799.84 million, a PE ratio of -14.80 and a beta of 1.43.

Silk Road Medical (NASDAQ:SILK) last issued its earnings results on Tuesday, April 30th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.04. Silk Road Medical had a negative return on equity of 35.12% and a negative net margin of 29.02%. The business had revenue of $48.50 million during the quarter, compared to analysts’ expectations of $44.67 million. During the same quarter in the prior year, the firm earned ($0.43) EPS. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. Analysts anticipate that Silk Road Medical will post -1.39 earnings per share for the current fiscal year.

Insider Activity at Silk Road Medical

In related news, insider Andrew S. Davis sold 5,481 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total transaction of $94,108.77. Following the sale, the insider now owns 287,773 shares in the company, valued at approximately $4,941,062.41. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CAO Marie L. Jones sold 2,602 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $44,676.34. Following the completion of the sale, the chief accounting officer now directly owns 76,894 shares of the company’s stock, valued at $1,320,269.98. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Andrew S. Davis sold 5,481 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $94,108.77. Following the completion of the sale, the insider now directly owns 287,773 shares of the company’s stock, valued at $4,941,062.41. The disclosure for this sale can be found here. Insiders have sold a total of 20,457 shares of company stock worth $351,247 in the last 90 days. Corporate insiders own 6.70% of the company’s stock.

Institutional Trading of Silk Road Medical

A number of institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets increased its position in shares of Silk Road Medical by 11.1% during the first quarter. BNP Paribas Financial Markets now owns 130,279 shares of the company’s stock valued at $2,387,000 after acquiring an additional 12,968 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Silk Road Medical during the first quarter valued at approximately $801,000. Wasatch Advisors LP increased its position in shares of Silk Road Medical by 12.4% during the first quarter. Wasatch Advisors LP now owns 4,549,742 shares of the company’s stock valued at $83,351,000 after acquiring an additional 500,581 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Silk Road Medical by 1,293.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,523 shares of the company’s stock valued at $31,000 after acquiring an additional 2,342 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Silk Road Medical by 707.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,010,983 shares of the company’s stock valued at $24,675,000 after acquiring an additional 1,762,048 shares during the last quarter.

About Silk Road Medical

Silk Road Medical, Inc operates as a medical device company in the United States. The company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization (TCAR). Its products comprise ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and establish temporary blood flow reversal; ENROUTE Transcarotid Stent System for transcarotid access; ENHANCE Transcarotid Peripheral Access Kit, which is used to gain initial access to the common carotid artery; ENROUTE 0.014 Guidewire for atraumatic vessel navigation and target lesion crossing for delivery of interventional devices; and ENROUTE Enflate Transcarotid RX Balloon Dilation Catheter, a transcarotid rapid exchange balloon for the TCAR procedure.