Panagora Asset Management Inc. reduced its stake in shares of ABIOMED, Inc. (NASDAQ:ABMD) by 23.4% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 990 shares of the medical equipment provider’s stock after selling 303 shares during the quarter. Panagora Asset Management Inc.’s holdings in ABIOMED were worth $258,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of ABMD. Executive Wealth Management LLC boosted its stake in shares of ABIOMED by 100.0% during the second quarter. Executive Wealth Management LLC now owns 100 shares of the medical equipment provider’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Bremer Bank National Association purchased a new stake in shares of ABIOMED during the first quarter valued at $27,000. Tompkins Financial Corp purchased a new stake in shares of ABIOMED during the second quarter valued at $39,000. Meridian Wealth Management LLC purchased a new stake in shares of ABIOMED during the first quarter valued at $40,000. Finally, Cornerstone Advisors Inc. boosted its stake in shares of ABIOMED by 94.1% during the first quarter. Cornerstone Advisors Inc. now owns 165 shares of the medical equipment provider’s stock valued at $47,000 after purchasing an additional 80 shares during the period. 91.53% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have recently issued reports on ABMD. TheStreet lowered shares of ABIOMED from a “b-” rating to a “c+” rating in a research note on Thursday, August 22nd. BidaskClub downgraded ABIOMED from a “sell” rating to a “strong sell” rating in a report on Saturday, August 31st. BTIG Research downgraded ABIOMED from a “buy” rating to a “neutral” rating in a report on Thursday, August 1st. William Blair restated a “buy” rating on shares of ABIOMED in a report on Friday, August 2nd. Finally, Morgan Stanley downgraded ABIOMED from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $325.00 to $215.00 in a report on Thursday, August 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. ABIOMED has a consensus rating of “Hold” and a consensus price target of $316.50.
Shares of ABMD stock traded down $1.61 on Friday, hitting $186.41. The stock had a trading volume of 509,537 shares, compared to its average volume of 439,081. The business has a 50 day moving average price of $203.91 and a 200 day moving average price of $259.96. The company has a market cap of $8.46 billion, a PE ratio of 51.78, a P/E/G ratio of 1.70 and a beta of 0.45. ABIOMED, Inc. has a one year low of $180.00 and a one year high of $459.75.
ABIOMED (NASDAQ:ABMD) last released its quarterly earnings data on Thursday, August 1st. The medical equipment provider reported $1.00 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.01. The firm had revenue of $207.70 million during the quarter, compared to the consensus estimate of $210.96 million. ABIOMED had a return on equity of 19.84% and a net margin of 32.35%. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.95 earnings per share. On average, research analysts predict that ABIOMED, Inc. will post 4.28 earnings per share for the current fiscal year.
In other ABIOMED news, COO David M. Weber sold 8,095 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $206.26, for a total value of $1,669,674.70. Following the completion of the transaction, the chief operating officer now directly owns 132,913 shares in the company, valued at $27,414,635.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.40% of the company’s stock.
ABIOMED Company Profile
ABIOMED, Inc engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It also provides continuum of care to heart failure patients. The company offers Impella 2.5 catheter, a percutaneous micro heart pump with integrated motor and sensors for use in interventional cardiology; and Impella CP, a device used by interventional cardiologists to support patients in the cath lab and cardiac surgeons in the heart surgery suite.
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