Azenta (NASDAQ:AZTA) Trading 9.4% Higher - Here's Why

Key Points

• Azenta's stock increased by 9.4% on Wednesday, reaching a last traded price of $31.96, despite a significant decline in trading volume.
• Wall Street analysts have a consensus rating of "Hold" for Azenta, with target prices ranging from $33.00 to $40.00, indicating varying levels of confidence in the company’s growth potential.
• The company reported earnings of $0.19 per share, surpassing expectations, but had a revenue of $143.94 million, which was below the analysts' estimates.

Azenta, Inc. (NASDAQ:AZTA - Get Free Report)'s share price traded up 9.4% during trading on Wednesday . The company traded as high as $31.83 and last traded at $31.96. 266,414 shares traded hands during trading, a decline of 66% from the average session volume of 775,144 shares. The stock had previously closed at $29.21.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Needham & Company LLC decreased their price objective on Azenta from $59.00 to $40.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Evercore ISI set a $33.00 price target on Azenta and gave the stock an "in-line" rating in a research report on Tuesday, August 5th. Stephens initiated coverage on Azenta in a research note on Tuesday, July 22nd. They set an "equal weight" rating and a $35.00 price objective on the stock. Finally, Raymond James Financial raised shares of Azenta from a "market perform" rating to an "outperform" rating and set a $35.00 target price for the company in a research note on Wednesday, August 6th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $35.75.

Azenta Trading Up 0.1%

The company's 50 day moving average is $31.33 and its 200-day moving average is $33.19. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -12.57 and a beta of 1.59.

Azenta (NASDAQ:AZTA - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.13 by $0.06. The company had revenue of $143.94 million during the quarter, compared to the consensus estimate of $149.64 million. Azenta had a positive return on equity of 1.35% and a negative net margin of 18.45%. The firm's revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.14 EPS. Research analysts expect that Azenta, Inc. will post 0.53 EPS for the current year.

Hedge Funds Weigh In On Azenta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in shares of Azenta by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,033,171 shares of the company's stock valued at $151,659,000 after purchasing an additional 26,929 shares during the period. Conestoga Capital Advisors LLC grew its stake in Azenta by 21.4% in the 1st quarter. Conestoga Capital Advisors LLC now owns 1,915,556 shares of the company's stock valued at $66,355,000 after buying an additional 337,675 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Azenta by 35.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,345,250 shares of the company's stock valued at $42,725,000 after acquiring an additional 350,930 shares during the period. Geode Capital Management LLC raised its holdings in Azenta by 38.8% in the 2nd quarter. Geode Capital Management LLC now owns 1,064,464 shares of the company's stock valued at $32,769,000 after acquiring an additional 297,353 shares during the period. Finally, Lord Abbett & CO. LLC lifted its position in Azenta by 6.3% during the first quarter. Lord Abbett & CO. LLC now owns 1,006,900 shares of the company's stock worth $34,879,000 after acquiring an additional 59,892 shares during the last quarter. 99.08% of the stock is 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.