1,301,398 Shares in Azenta, Inc. $AZTA Acquired by Front Street Capital Management Inc.

Key Points

• Front Street Capital Management acquired 1,301,398 Azenta shares worth approximately $33.2 million, giving it a 2.97% stake and making Azenta 3.8% of its portfolio.
• Institutional ownership remains very high at 99.08%, with several other funds—including Millennium Management and UBS Asset Management—also increasing their positions.
• Azenta exceeded quarterly expectations, reporting $0.16 in adjusted EPS versus $0.11 expected and revenue of $161.18 million versus $149.31 million expected. Analysts’ average rating is “Hold,” with a consensus price target of $41.20.

Front Street Capital Management Inc. acquired a new position in shares of Azenta, Inc. (NASDAQ:AZTA - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 1,301,398 shares of the company's stock, valued at approximately $33,212,000. Azenta accounts for 3.8% of Front Street Capital Management Inc.'s investment portfolio, making the stock its 9th biggest position. Front Street Capital Management Inc. owned about 2.97% of Azenta as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new position in Azenta during the 1st quarter valued at about $435,000. Millennium Management LLC raised its position in shares of Azenta by 214.8% in the 1st quarter. Millennium Management LLC now owns 340,580 shares of the company's stock worth $11,798,000 after acquiring an additional 232,405 shares in the last quarter. Empowered Funds LLC raised its position in shares of Azenta by 10.5% in the 1st quarter. Empowered Funds LLC now owns 6,482 shares of the company's stock worth $225,000 after acquiring an additional 618 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Azenta by 17.8% during 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 worth $6,974,000 after purchasing an additional 30,492 shares during the last quarter. Finally, Creative Planning bought a new stake in Azenta during the second quarter valued at about $270,000. 99.08% of the stock is owned by institutional investors.

Azenta Stock Performance

Shares of AZTA stock opened at $32.88 on Tuesday. Azenta, Inc. has a fifty-two week low of $15.93 and a fifty-two week high of $41.73. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -11.91 and a beta of 1.37. The stock's 50-day simple moving average is $28.12 and its 200-day simple moving average is $25.03.

Azenta (NASDAQ:AZTA - Get Free Report) last released its earnings results on Tuesday, August 4th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.11 by $0.05. Azenta had a negative net margin of 20.63% and a positive return on equity of 1.18%. The company had revenue of $161.18 million during the quarter, compared to analysts' expectations of $149.31 million.

Analyst Ratings Changes

Several equities analysts have issued reports on AZTA shares. Weiss Ratings lowered Azenta from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Tuesday, August 11th. Needham & Company LLC raised their price target on shares of Azenta from $33.00 to $37.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Azenta presently has an average rating of "Hold" and a consensus price target of $41.20.

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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