Azenta (NASDAQ:AZTA) Shares Gap Down on Analyst Downgrade

Azenta, Inc. (NASDAQ:AZTA) gapped down before the market opened on Thursday after Needham & Company LLC lowered their price target on the stock from $75.00 to $69.00. The stock had previously closed at $54.07, but opened at $51.15. Needham & Company LLC currently has a buy rating on the stock. Azenta shares last traded at $49.53, with a volume of 87,243 shares changing hands.

A number of other analysts have also commented on the stock. Evercore ISI decreased their price target on shares of Azenta from $64.00 to $60.00 and set an “in-line” rating for the company in a research note on Thursday, April 4th. B. Riley upped their target price on shares of Azenta from $61.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, February 1st. Jefferies Financial Group started coverage on Azenta in a research note on Thursday, April 4th. They set a “hold” rating and a $64.00 price target for the company. Finally, Stephens reissued an “equal weight” rating and set a $70.00 price objective on shares of Azenta in a report on Thursday, February 8th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $68.40.

Hedge Funds Weigh In On Azenta

A number of hedge funds and other institutional investors have recently modified their holdings of AZTA. Trillium Asset Management LLC increased its position in shares of Azenta by 3.7% during the first quarter. Trillium Asset Management LLC now owns 47,198 shares of the company’s stock valued at $2,845,000 after acquiring an additional 1,700 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in shares of Azenta by 6.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 74,608 shares of the company’s stock valued at $4,497,000 after purchasing an additional 4,739 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Azenta by 9.5% during the 1st quarter. Russell Investments Group Ltd. now owns 4,698 shares of the company’s stock worth $283,000 after purchasing an additional 409 shares during the period. Headlands Technologies LLC raised its stake in shares of Azenta by 384.5% during the 1st quarter. Headlands Technologies LLC now owns 4,278 shares of the company’s stock worth $258,000 after purchasing an additional 3,395 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Azenta in the 1st quarter worth about $615,000. Hedge funds and other institutional investors own 99.08% of the company’s stock.

Azenta Stock Down 2.9 %

The company has a market cap of $2.93 billion, a P/E ratio of -169.38 and a beta of 1.51. The company’s 50-day moving average is $57.43 and its two-hundred day moving average is $59.17.

Azenta (NASDAQ:AZTA) last released its earnings results on Wednesday, May 8th. The company reported $0.05 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. The firm had revenue of $159.13 million during the quarter, compared to the consensus estimate of $159.89 million. Azenta had a negative net margin of 2.92% and a positive return on equity of 0.49%. The company’s revenue was up 7.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) EPS. On average, analysts anticipate that Azenta, Inc. will post 0.27 EPS for the current fiscal year.

About Azenta

Azenta, Inc provides biological and chemical compound sample exploration and management solutions for the life sciences market in North America, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally. The company operates in two reportable segments, Life Sciences Products and Life Sciences Services.