Versigent (NYSE:VGNT) Stock Bumped Down to Strong Sell by Zacks Research

Key Points

• Zacks Research downgraded Versigent from “hold” to “strong sell,” despite the broader analyst consensus remaining “Moderate Buy” with an average price target of $54.
• Versigent shares traded at $44.17, while the company reported quarterly earnings of $1.92 per share and revenue of $2.44 billion, both exceeding analyst expectations.
• Insiders sold 220,000 shares worth approximately $10.1 million in the last quarter, including a director’s sale of 47,761 shares; several institutional investors also established new positions.

Versigent (NYSE:VGNT - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Thursday, Zacks reports.

A number of other equities research analysts also recently weighed in on the company. Argus lifted their price objective on Versigent from $50.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, August 13th. The Goldman Sachs Group lowered their price objective on Versigent from $59.00 to $58.00 and set a "buy" rating on the stock in a research note on Tuesday, October 6th. Royal Bank Of Canada increased their target price on Versigent from $52.00 to $53.00 and gave the stock an "outperform" rating in a report on Monday. Oppenheimer set a $50.00 target price on Versigent in a research report on Tuesday, July 21st. Finally, Fox Advisors downgraded Versigent from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Versigent presently has an average rating of "Moderate Buy" and an average target price of $54.00.

Versigent Stock Performance

Shares of NYSE:VGNT traded up $0.46 during midday trading on Thursday, reaching $44.17. 794,704 shares of the company's stock were exchanged, compared to its average volume of 772,663. The business has a 50 day moving average price of $46.33. The stock has a market cap of $3.13 billion and a price-to-earnings ratio of 23.01. Versigent has a 12 month low of $26.34 and a 12 month high of $50.88. The company has a debt-to-equity ratio of 7.29, a current ratio of 1.40 and a quick ratio of 1.09.

Versigent (NYSE:VGNT - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $1.92 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.34. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.29 billion. On average, research analysts anticipate that Versigent will post 7.23 earnings per share for the current year.

Insider Activity at Versigent

In other news, Director Kevin Clark sold 47,761 shares of the stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $44.36, for a total transaction of $2,118,677.96. Following the sale, the director owned 27,571 shares in the company, valued at approximately $1,223,049.56. This represents a 63.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 220,000 shares of company stock worth $10,065,848 in the last quarter.

Institutional Trading of Versigent

Hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP bought a new position in Versigent in the 2nd quarter worth approximately $940,000. Raiffeisen Bank International AG acquired a new position in Versigent during the 2nd quarter worth $1,182,000. HBK Investments L P acquired a new position in Versigent during the 2nd quarter worth $14,439,000. Steamboat Capital Partners LLC acquired a new position in Versigent during the 2nd quarter worth $10,385,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Versigent in the 2nd quarter valued at $2,417,000.

Versigent Company Profile

Versigent PLC is involved in the design, manufacturing and delivery of low and high voltage power electrical architectures. Versigent PLC is based in SCHAFFHAUSEN, Switzerland.

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