Azenta (NASDAQ:AZTA) Upgraded at Zacks Research

Zacks Research upgraded shares of Azenta (NASDAQ:AZTA) from a strong sell rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen raised shares of Azenta from a “hold” rating to a “buy” rating in a research note on Saturday, January 3rd. TD Cowen restated a “hold” rating on shares of Azenta in a research note on Thursday, January 8th. Raymond James Financial upped their price target on Azenta from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 25th. Needham & Company LLC increased their price target on Azenta from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Friday, December 19th. Finally, Evercore ISI set a $50.00 price objective on Azenta in a report on Monday, January 5th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Azenta currently has an average rating of “Hold” and a consensus price target of $41.83.

Azenta Price Performance

Shares of NASDAQ:AZTA opened at $39.03 on Monday. Azenta has a 1 year low of $23.91 and a 1 year high of $55.63. The business’s 50-day moving average is $36.38 and its 200-day moving average is $32.73. The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -30.02 and a beta of 1.32.

Azenta (NASDAQ:AZTA) last released its earnings results on Friday, November 21st. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.20 by $0.01. Azenta had a positive return on equity of 1.40% and a negative net margin of 10.01%.The business had revenue of $159.19 million during the quarter, compared to analysts’ expectations of $156.76 million. During the same quarter last year, the firm posted $0.18 earnings per share. The firm’s revenue was up 5.7% on a year-over-year basis. Analysts anticipate that Azenta will post 0.53 EPS for the current year.

Azenta announced that its Board of Directors has approved a share repurchase program on Wednesday, December 10th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 14.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Assetmark Inc. raised its position in Azenta by 54.1% in the 4th quarter. Assetmark Inc. now owns 832 shares of the company’s stock valued at $28,000 after buying an additional 292 shares during the last quarter. Mechanics Financial Corp grew its stake in shares of Azenta by 77.6% in the 2nd quarter. Mechanics Financial Corp now owns 870 shares of the company’s stock worth $27,000 after acquiring an additional 380 shares in the last quarter. Bessemer Group Inc. raised its holdings in shares of Azenta by 249.5% in the third quarter. Bessemer Group Inc. now owns 1,017 shares of the company’s stock valued at $29,000 after purchasing an additional 726 shares during the last quarter. Osaic Holdings Inc. lifted its position in shares of Azenta by 44.9% during the second quarter. Osaic Holdings Inc. now owns 1,242 shares of the company’s stock valued at $39,000 after purchasing an additional 385 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in Azenta by 41.6% during the second quarter. Farther Finance Advisors LLC now owns 1,371 shares of the company’s stock worth $42,000 after purchasing an additional 403 shares during the last quarter. Hedge funds and other institutional investors own 99.08% of the company’s stock.

About Azenta

Azenta, Inc (NASDAQ: AZTA) is a life sciences technology company specializing in sample management, cryogenic storage and genomic services for research and clinical applications. Formerly the Life Sciences division of Brooks Automation, Azenta provides integrated solutions that enable customers to store, track and analyze biological samples with high levels of automation, data integrity and efficiency. Its offerings span automated storage systems, biorepository management software and end‐to‐end sample tracking workflows.

In addition to hardware and informatics platforms for sample storage, Azenta’s Genomics business delivers next‐generation sequencing (NGS), DNA synthesis, and molecular biology services.