SurModics’ (SRDX) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of SurModics (NASDAQ:SRDX) in a research report released on Friday morning. Needham & Company LLC currently has a $74.00 target price on the stock.

“SRDX beat consensus F4Q18 revenue and EPS. Management provided FY19 revenue guidance that was above consensus while adjusted EPS guidance was below consensus. Revenue growth slowed to 14.9% in in F3Q18. SRDX’s 3Q18 gross margin was down 120 bps Y/Y and its non-GAAP operating margin was down 1,130 bps Y/Y. Given FY19 revenue guidance that we think is achievable and likely conservative and continued progress with SRDX’s DCB program, we reiterate our Buy rating.”,” Needham & Company LLC’s analyst wrote.

SRDX has been the subject of a number of other research reports. BidaskClub raised SurModics from a hold rating to a buy rating in a research report on Friday, October 19th. Barrington Research raised their price objective on SurModics to $73.00 and gave the stock an outperform rating in a research report on Tuesday, August 7th. Finally, Lake Street Capital raised their price objective on SurModics to $90.00 and gave the stock a buy rating in a research report on Tuesday, August 7th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $71.75.

Shares of SurModics stock traded down $2.63 during trading on Friday, reaching $64.00. The company’s stock had a trading volume of 126,780 shares, compared to its average volume of 79,854. The stock has a market capitalization of $890.15 million, a price-to-earnings ratio of 125.49, a PEG ratio of 222.23 and a beta of 0.90. SurModics has a 1-year low of $25.00 and a 1-year high of $82.35.

SurModics (NASDAQ:SRDX) last posted its quarterly earnings data on Friday, November 9th. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.06. The firm had revenue of $23.04 million during the quarter, compared to analysts’ expectations of $22.54 million. SurModics had a positive return on equity of 7.53% and a negative net margin of 2.94%. As a group, equities research analysts forecast that SurModics will post 0.43 EPS for the current year.

In related news, Director Susan E. Knight sold 6,000 shares of SurModics stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $72.93, for a total value of $437,580.00. Following the completion of the transaction, the director now owns 19,728 shares in the company, valued at approximately $1,438,763.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Gary R. Maharaj sold 5,000 shares of SurModics stock in a transaction dated Thursday, November 1st. The shares were sold at an average price of $62.21, for a total value of $311,050.00. Following the completion of the transaction, the chief executive officer now owns 166,086 shares of the company’s stock, valued at approximately $10,332,210.06. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,824 shares of company stock valued at $1,847,681. 7.70% of the stock is owned by company insiders.

Institutional investors have recently made changes to their positions in the stock. O Shaughnessy Asset Management LLC purchased a new position in shares of SurModics in the 3rd quarter valued at about $101,000. Piedmont Investment Advisors LLC purchased a new position in shares of SurModics in the 2nd quarter valued at about $170,000. CAPROCK Group Inc. acquired a new stake in SurModics in the 3rd quarter worth about $210,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in SurModics in the 3rd quarter worth about $238,000. Finally, Teachers Retirement System of The State of Kentucky boosted its holdings in SurModics by 77.9% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 3,198 shares of the company’s stock worth $239,000 after buying an additional 1,400 shares during the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

SurModics Company Profile

Surmodics, Inc, together with its subsidiaries, provides medical devices and in vitro diagnostic technologies to the healthcare industry in the United States and Ireland. It operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment offers surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device for the coronary, peripheral, neuro-vascular, urology, and other markets.

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