Maxim Group reaffirmed their buy rating on shares of Allscripts Healthcare Solutions (NASDAQ:MDRX) in a report issued on Tuesday morning. The firm currently has a $20.00 price target on the software maker’s stock.
“MDRX announced the acquisition of Practice Fusion, a provider of cloud- based electronic health record (EHR) platforms, for $100M in cash. The acquisition is expected to close in 1Q18. We believe Practice Fusion was sold at 1.0x-2.0x revenue, implying a $50M- $100M revenue run rate. It is expected to be marginally accretive in 2018. We estimate that the company’s recently-acquired Enterprise Information Systems (EIS) business is operating at a roughly $400M-$450M revenue run rate, significantly above our original estimate of $300M. We believe attrition in the EIS business may be lower than originally projected.”,” Maxim Group’s analyst wrote.
Several other equities research analysts also recently issued reports on the company. KeyCorp restated a hold rating on shares of Allscripts Healthcare Solutions in a report on Friday, October 27th. Zacks Investment Research downgraded Allscripts Healthcare Solutions from a buy rating to a hold rating in a report on Wednesday, November 8th. Robert W. Baird increased their price objective on Allscripts Healthcare Solutions from $16.00 to $17.00 and gave the stock an outperform rating in a report on Friday, November 3rd. Cowen upgraded Allscripts Healthcare Solutions from a market perform rating to an outperform rating and increased their price objective for the stock from $13.00 to $16.00 in a report on Monday, September 11th. Finally, SunTrust Banks reiterated a buy rating and set a $16.00 price objective on shares of Allscripts Healthcare Solutions in a report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus price target of $15.53.
In related news, SVP James Hewitt sold 36,796 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $14.11, for a total transaction of $519,191.56. Following the completion of the transaction, the senior vice president now directly owns 181,766 shares of the company’s stock, valued at $2,564,718.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Richard J. Poulton sold 15,000 shares of the stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $14.26, for a total value of $213,900.00. Following the transaction, the president now directly owns 1,351,773 shares of the company’s stock, valued at $19,276,282.98. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 56,796 shares of company stock valued at $804,842. 0.75% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MDRX. Fisher Asset Management LLC acquired a new position in Allscripts Healthcare Solutions during the third quarter valued at approximately $33,351,000. Dimensional Fund Advisors LP boosted its position in Allscripts Healthcare Solutions by 26.9% during the second quarter. Dimensional Fund Advisors LP now owns 9,171,285 shares of the software maker’s stock valued at $117,026,000 after purchasing an additional 1,943,496 shares during the last quarter. Systematic Financial Management LP boosted its position in Allscripts Healthcare Solutions by 1,215.3% during the third quarter. Systematic Financial Management LP now owns 1,853,300 shares of the software maker’s stock valued at $26,372,000 after purchasing an additional 1,712,395 shares during the last quarter. State Street Corp lifted its position in shares of Allscripts Healthcare Solutions by 28.6% in the second quarter. State Street Corp now owns 5,975,551 shares of the software maker’s stock valued at $76,251,000 after buying an additional 1,330,721 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Allscripts Healthcare Solutions by 70.8% in the second quarter. Northern Trust Corp now owns 2,930,365 shares of the software maker’s stock valued at $37,391,000 after buying an additional 1,215,020 shares during the last quarter.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions, Inc (Allscripts) delivers information technology (IT) solutions and services to help healthcare organizations. The Company operates through three segments: Clinical and Financial Solutions, Population Health, and Netsmart. The Clinical and Financial Solutions segment includes the sale of integrated clinical software applications and financial and information solutions.
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