Canaccord Genuity Group Issues Positive Forecast for Guardant Health (NASDAQ:GH) Stock Price

Key Points

• Canaccord Genuity Group has raised its price target for Guardant Health's stock from $65.00 to $75.00, indicating a potential upside of 24.63% from the previous close.
• Guardant Health reported a quarterly revenue of $232.09 million, exceeding analysts' expectations and reflecting a 31.0% year-over-year increase in revenue.
• Insider trading activities included significant stock sales by CEOs, with Amirali Talasaz and Helmy Eltoukhy selling 100,000 and 300,000 shares, respectively, affecting their ownership stakes in the company.

Guardant Health (NASDAQ:GH - Get Free Report) had its price objective raised by equities researchers at Canaccord Genuity Group from $65.00 to $75.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price indicates a potential upside of 24.63% from the company's previous close.

GH has been the subject of a number of other research reports. Evercore ISI upgraded shares of Guardant Health to a "strong-buy" rating in a report on Monday, July 14th. JPMorgan Chase & Co. increased their target price on shares of Guardant Health from $60.00 to $70.00 and gave the company an "overweight" rating in a report on Thursday. Cowen reiterated a "buy" rating on shares of Guardant Health in a research report on Thursday. UBS Group upped their price target on Guardant Health from $70.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Guggenheim raised their price objective on Guardant Health from $56.00 to $67.00 and gave the company a "buy" rating in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating and twenty-two have issued a Buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $65.25.

Guardant Health Stock Up 4.4%

NASDAQ GH opened at $60.18 on Friday. The stock has a market capitalization of $7.51 billion, a P/E ratio of -17.96 and a beta of 1.46. Guardant Health has a 52-week low of $20.14 and a 52-week high of $68.00. The firm has a 50-day moving average price of $55.34 and a 200 day moving average price of $48.72.

Guardant Health (NASDAQ:GH - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.52) by $0.08. The business had revenue of $232.09 million for the quarter, compared to analysts' expectations of $211.19 million. During the same period last year, the company posted ($0.84) earnings per share. The business's quarterly revenue was up 31.0% on a year-over-year basis. Guardant Health has set its FY 2025 guidance at EPS. On average, equities research analysts expect that Guardant Health will post -2.9 earnings per share for the current fiscal year.

Insider Buying and Selling at Guardant Health

In other Guardant Health news, CEO Amirali Talasaz sold 100,000 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $50.88, for a total transaction of $5,088,000.00. Following the completion of the transaction, the chief executive officer owned 1,971,830 shares of the company's stock, valued at approximately $100,326,710.40. This trade represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Helmy Eltoukhy sold 300,000 shares of the business's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of $59.45, for a total value of $17,835,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,123,499 shares of the company's stock, valued at approximately $126,242,015.55. This trade represents a 12.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 402,691 shares of company stock worth $23,069,965. 6.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Guardant Health

A number of hedge funds and other institutional investors have recently modified their holdings of GH. Driehaus Capital Management LLC acquired a new position in shares of Guardant Health in the first quarter valued at approximately $82,349,000. ARK Investment Management LLC raised its holdings in Guardant Health by 100.4% in the 2nd quarter. ARK Investment Management LLC now owns 2,823,497 shares of the company's stock valued at $146,935,000 after acquiring an additional 1,414,381 shares during the last quarter. Invesco Ltd. raised its holdings in Guardant Health by 100.9% in the 1st quarter. Invesco Ltd. now owns 2,794,667 shares of the company's stock valued at $119,053,000 after acquiring an additional 1,403,670 shares during the last quarter. Norges Bank purchased a new position in shares of Guardant Health during the 2nd quarter worth $64,136,000. Finally, Franklin Resources Inc. boosted its holdings in shares of Guardant Health by 78.2% during the second quarter. Franklin Resources Inc. now owns 2,319,947 shares of the company's stock worth $120,730,000 after purchasing an additional 1,018,144 shares during the last quarter. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

About Guardant Health

Guardant Health, Inc, a precision oncology company, provides blood and tissue tests, data sets, and analytics in the United States and internationally. The company provides Guardant360; Guardant360 LDT; Guardant360 CDx Test; Guardant360 Response Test; Guardant360 TissueNext Test; GuardantINFINITY Test; GuardantConnect, an integrated software-based solution designed for clinical and biopharmaceutical customers to connect patients tested with assays with actionable alterations with potentially relevant clinical studies; GuardantOMNI Test for advanced stage cancer; and GuardantINFORM, an in-silico research platform for tumor evolution and treatment resistance across various biomarker-driven cancers.

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