ABIOMED (ABMD) Downgraded to Buy at ValuEngine

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ValuEngine cut shares of ABIOMED (NASDAQ:ABMD) from a strong-buy rating to a buy rating in a report published on Saturday.

Other equities research analysts have also issued research reports about the company. BidaskClub lowered ABIOMED from a strong-buy rating to a buy rating in a research report on Monday, June 18th. Piper Jaffray Companies upped their price objective on ABIOMED from $360.00 to $480.00 and gave the stock an overweight rating in a research report on Friday, June 22nd. Zacks Investment Research lowered ABIOMED from a strong-buy rating to a hold rating in a research report on Tuesday, July 3rd. Jefferies Financial Group upped their price objective on ABIOMED to $460.00 and gave the stock a buy rating in a research report on Tuesday, May 29th. Finally, Morgan Stanley upped their price objective on ABIOMED from $259.00 to $320.00 and gave the stock an equal weight rating in a research report on Tuesday, May 1st. Four investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. ABIOMED presently has an average rating of Buy and a consensus target price of $374.88.

Shares of NASDAQ:ABMD opened at $358.82 on Friday. ABIOMED has a twelve month low of $144.01 and a twelve month high of $450.93. The company has a market capitalization of $16.96 billion, a P/E ratio of 146.46, a price-to-earnings-growth ratio of 4.06 and a beta of -0.02.

ABIOMED (NASDAQ:ABMD) last issued its quarterly earnings results on Thursday, July 26th. The medical equipment provider reported $1.95 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.80 by $1.15. ABIOMED had a net margin of 25.71% and a return on equity of 18.91%. The company had revenue of $180.01 million for the quarter, compared to the consensus estimate of $173.87 million. During the same quarter in the prior year, the company earned $0.82 EPS. ABIOMED’s quarterly revenue was up 35.9% on a year-over-year basis. analysts expect that ABIOMED will post 3.45 earnings per share for the current year.

In other ABIOMED news, Chairman Michael R. Minogue sold 105,000 shares of the company’s stock in a transaction that occurred on Thursday, June 21st. The stock was sold at an average price of $439.69, for a total value of $46,167,450.00. Following the sale, the chairman now owns 481,150 shares in the company, valued at approximately $211,556,843.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO David M. Weber sold 19,282 shares of the company’s stock in a transaction that occurred on Monday, July 30th. The stock was sold at an average price of $356.77, for a total value of $6,879,239.14. Following the completion of the sale, the chief operating officer now owns 167,124 shares in the company, valued at approximately $59,624,829.48. The disclosure for this sale can be found here. In the last 90 days, insiders sold 170,782 shares of company stock worth $73,628,984. Insiders own 3.50% of the company’s stock.

Several large investors have recently made changes to their positions in ABMD. Global X Management Co. LLC lifted its position in shares of ABIOMED by 669.9% during the 1st quarter. Global X Management Co. LLC now owns 3,480 shares of the medical equipment provider’s stock valued at $1,013,000 after buying an additional 3,028 shares in the last quarter. FDx Advisors Inc. purchased a new position in shares of ABIOMED during the 1st quarter valued at approximately $293,000. Biondo Investment Advisors LLC lifted its position in shares of ABIOMED by 4.4% during the 1st quarter. Biondo Investment Advisors LLC now owns 72,899 shares of the medical equipment provider’s stock valued at $21,213,000 after buying an additional 3,105 shares in the last quarter. Dupont Capital Management Corp purchased a new position in shares of ABIOMED during the 1st quarter valued at approximately $161,000. Finally, Comerica Bank lifted its position in shares of ABIOMED by 0.7% during the 1st quarter. Comerica Bank now owns 33,367 shares of the medical equipment provider’s stock valued at $10,225,000 after buying an additional 223 shares in the last quarter. Hedge funds and other institutional investors own 87.50% of the company’s stock.

About ABIOMED

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for ABIOMED (NASDAQ:ABMD)

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