Azenta (NASDAQ:AZTA) Issues Quarterly Earnings Results

Key Points

• Azenta (NASDAQ:AZTA) reported a quarterly earnings per share (EPS) of $0.19, exceeding the consensus estimate of $0.13. However, the company also experienced a negative net margin of 10.31%.
• Following the earnings report, Azenta's stock price dropped by 17.9%, closing at $26.61, with significant trading volume of over 1.3 million shares.
• Analyst ratings have been downgraded, with Needham & Company reducing their target price from $59.00 to $40.00 while maintaining a "buy" rating.

Azenta (NASDAQ:AZTA - Get Free Report) issued its earnings results on Tuesday. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.06, Zacks reports. Azenta had a negative net margin of 10.31% and a positive return on equity of 1.30%. During the same quarter in the previous year, the business posted $0.14 EPS. The company's revenue for the quarter was up .0% compared to the same quarter last year.

Azenta Trading Down 17.9%

Shares of NASDAQ:AZTA traded down $5.80 during trading on Tuesday, reaching $26.61. The stock had a trading volume of 1,357,213 shares, compared to its average volume of 768,989. Azenta has a one year low of $23.91 and a one year high of $60.60. The company has a market capitalization of $1.22 billion, a P/E ratio of -19.16 and a beta of 1.59. The firm's 50-day simple moving average is $31.03 and its 200 day simple moving average is $34.91.

Analyst Ratings Changes

AZTA has been the topic of several recent research reports. Needham & Company LLC dropped their target price on shares of Azenta from $59.00 to $40.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Evercore ISI dropped their target price on shares of Azenta from $35.00 to $33.00 and set an "in-line" rating on the stock in a report on Tuesday. Finally, Stephens initiated coverage on shares of Azenta in a report on Tuesday, July 22nd. They set an "equal weight" rating and a $35.00 target price on the stock.

Institutional Trading of Azenta

A number of institutional investors have recently modified their holdings of AZTA. Empowered Funds LLC boosted its holdings in shares of 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 in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Azenta in the 1st quarter valued at about $435,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of 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 in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Azenta by 214.8% in the 1st quarter. Millennium Management LLC now owns 340,580 shares of the company's stock valued at $11,798,000 after buying an additional 232,405 shares in the last quarter. 99.08% of the stock is currently owned by institutional investors.

About Azenta

Azenta, Inc provides biological and chemical compound sample exploration and management solutions for the life sciences market in North America, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally. The company operates in two reportable segments, Life Sciences Products and Life Sciences Services.

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