State of Michigan Retirement System Buys 120,000 Shares of Stratasys Ltd. (NASDAQ:SSYS)

State of Michigan Retirement System lifted its stake in shares of Stratasys Ltd. (NASDAQ:SSYS) by 17.2% in the second quarter, according to its most recent filing with the SEC. The fund owned 817,503 shares of the technology company’s stock after acquiring an additional 120,000 shares during the period. State of Michigan Retirement System owned approximately 1.17% of Stratasys worth $6,859,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. New York State Common Retirement Fund raised its position in Stratasys by 49.0% in the 4th quarter. New York State Common Retirement Fund now owns 32,690 shares of the technology company’s stock worth $467,000 after purchasing an additional 10,747 shares during the period. Levin Capital Strategies L.P. increased its position in shares of Stratasys by 64.5% during the fourth quarter. Levin Capital Strategies L.P. now owns 62,500 shares of the technology company’s stock valued at $892,000 after buying an additional 24,500 shares during the period. Formidable Asset Management LLC boosted its stake in Stratasys by 21.1% during the fourth quarter. Formidable Asset Management LLC now owns 21,252 shares of the technology company’s stock worth $303,000 after acquiring an additional 3,705 shares in the last quarter. Norges Bank bought a new stake in Stratasys during the fourth quarter worth about $6,706,000. Finally, Millrace Asset Group Inc. boosted its stake in Stratasys by 26.1% during the fourth quarter. Millrace Asset Group Inc. now owns 127,635 shares of the technology company’s stock worth $1,823,000 after acquiring an additional 26,450 shares in the last quarter. 75.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SSYS has been the topic of several analyst reports. Craig Hallum dropped their target price on shares of Stratasys from $16.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday, July 1st. Needham & Company LLC reduced their target price on shares of Stratasys from $16.00 to $12.00 and set a “buy” rating for the company in a report on Thursday, May 30th. StockNews.com started coverage on shares of Stratasys in a report on Sunday. They set a “buy” rating for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 price objective on shares of Stratasys in a research note on Thursday, May 30th.

Stratasys Stock Performance

NASDAQ:SSYS opened at $7.71 on Wednesday. Stratasys Ltd. has a one year low of $7.04 and a one year high of $15.03. The firm has a market cap of $537.08 million, a P/E ratio of -4.21 and a beta of 1.21. The firm has a 50-day simple moving average of $8.27 and a 200-day simple moving average of $9.81.

Stratasys (NASDAQ:SSYS) last released its earnings results on Wednesday, May 29th. The technology company reported ($0.15) earnings per share for the quarter, hitting the consensus estimate of ($0.15). The company had revenue of $144.05 million for the quarter, compared to the consensus estimate of $147.53 million. Stratasys had a negative net margin of 20.38% and a negative return on equity of 2.68%. On average, research analysts predict that Stratasys Ltd. will post -0.28 EPS for the current fiscal year.

Stratasys Company Profile

Stratasys Ltd. provides connected polymer-based 3D printing solutions. It offers range of 3D printing systems, which includes polyjet printer, Fused Deposition Modeling (FDM) printers, stereolithography printing systems, origin P3 printers, and selective absorption fusion printer for additive manufacturing, and tooling and rapid prototyping for various vertical markets, such as automotive, aerospace, consumer products and healthcare.