Azenta's (AZTA) "Buy" Rating Reiterated at Needham & Company LLC

Key Points

• Needham reaffirmed its “Buy” rating on Azenta and maintained a $37 price target, implying 21.63% upside from the reported $30.42 share price. The broader analyst consensus is “Hold,” with an average target of $41.20.
• Azenta shares fell 1.4% in mid-day trading, while the company reported quarterly EPS of $0.16, beating estimates of $0.11, and revenue of $161.18 million versus expectations of $149.31 million.
• Institutional investors own 99.08% of Azenta’s stock. Millennium Management notably increased its position by 214.8% during the first quarter.

Azenta (NASDAQ:AZTA - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued on Monday, Benzinga reports. They presently have a $37.00 price target on the stock. Needham & Company LLC's price target points to a potential upside of 21.63% from the company's current price.

Separately, Weiss Ratings raised Azenta from a "sell (e+)" rating to a "sell (d-)" rating in a report on Wednesday, August 26th. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $41.20.

Azenta Trading Down 1.4%

Shares of NASDAQ AZTA traded down $0.43 during mid-day trading on Monday, reaching $30.42. The company had a trading volume of 38,317 shares, compared to its average volume of 905,658. The firm has a 50 day simple moving average of $30.22 and a two-hundred day simple moving average of $25.31. The stock has a market cap of $1.33 billion, a P/E ratio of -10.97 and a beta of 1.39. Azenta has a 52-week low of $15.93 and a 52-week high of $41.73.

Azenta (NASDAQ:AZTA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.11 by $0.05. Azenta had a negative net margin of 20.63% and a positive return on equity of 1.18%. The firm had revenue of $161.18 million during the quarter, compared to analysts' expectations of $149.31 million.

Institutional Trading of Azenta

Several institutional investors and hedge funds have recently added to or reduced their stakes in AZTA. Integrated Wealth Concepts LLC acquired a new position in shares of Azenta in the first quarter valued at approximately $435,000. Millennium Management LLC lifted its holdings in shares of Azenta by 214.8% during the first quarter. Millennium Management LLC now owns 340,580 shares of the company's stock worth $11,798,000 after purchasing an additional 232,405 shares during the period. Empowered Funds LLC grew its position in Azenta by 10.5% in the 1st quarter. Empowered Funds LLC now owns 6,482 shares of the company's stock valued at $225,000 after buying an additional 618 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Azenta by 17.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 201,337 shares of the company's stock valued at $6,974,000 after buying an additional 30,492 shares during the period. Finally, Creative Planning acquired a new position in Azenta in the 2nd quarter valued at $270,000. 99.08% of the stock is owned by hedge funds and other institutional investors.

Azenta Company Profile

Azenta, Inc NASDAQ: AZTA is a life sciences company that provides solutions for the management, storage, and analysis of biological samples. Its customers include pharmaceutical and biotechnology companies, academic and government research institutions, clinical research organizations, and other organizations involved in drug discovery, clinical research, and genomic analysis.

The company offers automated sample-management systems, ultra-low-temperature and cryogenic storage equipment, laboratory automation, consumables, and software for tracking and managing biological specimens.

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