Azenta (NASDAQ:AZTA) Price Target Raised to $37.00

Key Points

• Needham raised Azenta’s price target to $37 from $33 and maintained a “Buy” rating, implying approximately 20.38% upside from the reported share price.
• Azenta exceeded quarterly expectations, reporting adjusted earnings of $0.16 per share versus the $0.11 consensus estimate and revenue of $161.18 million versus $149.31 million expected.
• Analyst sentiment remains mixed, with an overall “Hold” rating and average price target of $41.20; institutional investors own approximately 99.08% of the company’s shares.

Azenta (NASDAQ:AZTA - Get Free Report) had its target price raised by research analysts at Needham & Company LLC from $33.00 to $37.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Needham & Company LLC's target price points to a potential upside of 20.38% from the company's current price.

Separately, Weiss Ratings raised Azenta from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, July 15th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $41.20.

Azenta Price Performance

NASDAQ AZTA traded up $0.60 during trading on Wednesday, hitting $30.73. The company's stock had a trading volume of 405,615 shares, compared to its average volume of 929,152. Azenta has a fifty-two week low of $15.93 and a fifty-two week high of $41.73. The business's 50 day simple moving average is $25.07 and its 200-day simple moving average is $25.60. The company has a market cap of $1.42 billion, a PE ratio of -7.77 and a beta of 1.37.

Azenta (NASDAQ:AZTA - Get Free Report) last issued 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. The company had revenue of $161.18 million during the quarter, compared to the consensus estimate of $149.31 million. Azenta had a negative net margin of 30.49% and a positive return on equity of 1.23%.

Institutional Investors Weigh In On Azenta

Hedge funds and other institutional investors have recently modified their holdings of the stock. Conestoga Capital Advisors LLC raised its stake in shares of Azenta by 116.1% during the first quarter. Conestoga Capital Advisors LLC now owns 2,844,546 shares of the company's stock valued at $60,105,000 after acquiring an additional 1,528,145 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new stake in Azenta in the 4th quarter worth approximately $36,803,000. Front Street Capital Management Inc. increased its stake in shares of Azenta by 211.7% during the first quarter. Front Street Capital Management Inc. now owns 889,009 shares of the company's stock valued at $18,785,000 after buying an additional 603,757 shares during the period. Millennium Management LLC raised its holdings in shares of Azenta by 41.6% during the third quarter. Millennium Management LLC now owns 1,698,562 shares of the company's stock valued at $48,783,000 after acquiring an additional 499,216 shares in the last quarter. Finally, Scopia Capital Management LP purchased a new position in Azenta during the 3rd quarter valued at $14,026,000. Institutional investors own 99.08% of the company's stock.

Azenta Company Profile

Azenta, Inc NASDAQ: AZTA is a life sciences technology company specializing in sample management, cryogenic storage and genomic services for research and clinical applications. Formerly the Life Sciences division of Brooks Automation, Azenta provides integrated solutions that enable customers to store, track and analyze biological samples with high levels of automation, data integrity and efficiency. Its offerings span automated storage systems, biorepository management software and end‐to‐end sample tracking workflows.

In addition to hardware and informatics platforms for sample storage, Azenta's Genomics business delivers next‐generation sequencing (NGS), DNA synthesis, and molecular biology services.

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