13,833 Guardant Health, Inc. $GH Shares Sold by NewEdge Advisors LLC

Key Points

• NewEdge Advisors cut its Guardant Health stake by 83.6% in the second quarter, selling 13,833 shares and retaining 2,715 shares valued at approximately $407,000.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $188.12. Recent firms raised targets as high as $210, while institutional investors own 92.6% of the stock.
• Guardant Health reported better-than-expected quarterly results, including a loss of $0.42 per share versus expectations of $0.76 and revenue of $334.98 million, up 44.3% year over year. However, insiders sold 321,783 shares worth about $51.7 million during the last quarter.

NewEdge Advisors LLC trimmed its position in Guardant Health, Inc. (NASDAQ:GH - Free Report) by 83.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,715 shares of the company's stock after selling 13,833 shares during the quarter. NewEdge Advisors LLC's holdings in Guardant Health were worth $407,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Franklin Resources Inc. grew its holdings in shares of Guardant Health by 14.9% in the fourth quarter. Franklin Resources Inc. now owns 3,361,547 shares of the company's stock valued at $343,348,000 after purchasing an additional 435,232 shares in the last quarter. Geode Capital Management LLC raised its holdings in Guardant Health by 9.4% during the 4th quarter. Geode Capital Management LLC now owns 3,213,657 shares of the company's stock valued at $328,297,000 after buying an additional 277,001 shares during the period. The Manufacturers Life Insurance Company bought a new stake in Guardant Health in the second quarter worth $208,592,000. William Blair Investment Management LLC bought a new stake in Guardant Health in the second quarter worth about $196,737,000. Finally, Norges Bank purchased a new position in shares of Guardant Health during the fourth quarter valued at approximately $128,499,000. Hedge funds and other institutional investors own 92.60% of the company's stock.

Analyst Ratings Changes

A number of research firms recently issued reports on GH. Wolfe Research assumed coverage on Guardant Health in a report on Tuesday, June 2nd. They set an "outperform" rating and a $150.00 price objective for the company. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $210.00 price target on shares of Guardant Health in a research report on Friday, July 31st. Stifel Nicolaus lifted their price objective on shares of Guardant Health from $130.00 to $180.00 and gave the company a "buy" rating in a report on Friday, July 31st. Morgan Stanley boosted their price target on Guardant Health from $175.00 to $185.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Finally, Mizuho raised their price objective on Guardant Health from $175.00 to $200.00 and gave the company an "outperform" rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $188.12.

Insiders Place Their Bets

In other Guardant Health news, Director Steve E. Krognes sold 6,674 shares of Guardant Health stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $175.74, for a total value of $1,172,888.76. Following the completion of the transaction, the director owned 7,906 shares of the company's stock, valued at approximately $1,389,400.44. The trade was a 45.78% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Terilyn J. Monroe sold 46,300 shares of the stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $165.12, for a total transaction of $7,645,056.00. Following the sale, the insider directly owned 22,979 shares in the company, valued at approximately $3,794,292.48. The trade was a 66.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 321,783 shares of company stock worth $51,715,100. Corporate insiders own 5.60% of the company's stock.

Guardant Health Stock Performance

Shares of GH opened at $177.25 on Friday. The stock has a 50-day moving average of $162.87 and a two-hundred day moving average of $130.40. The stock has a market cap of $23.79 billion, a P/E ratio of -50.79 and a beta of 1.57. Guardant Health, Inc. has a one year low of $59.03 and a one year high of $183.51.

Guardant Health (NASDAQ:GH - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.76) by $0.34. The business had revenue of $334.98 million for the quarter, compared to analysts' expectations of $314.23 million. The business's quarterly revenue was up 44.3% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.44) earnings per share. Analysts predict that Guardant Health, Inc. will post -2.98 EPS for the current fiscal year.

About Guardant Health

Guardant Health, Inc NASDAQ: GH is a precision oncology company that develops blood-based diagnostic tests designed to help detect cancer, guide treatment decisions and monitor patients over time. Its liquid biopsy technologies analyze tumor-related signals in blood, reducing the need for tissue biopsies in certain clinical and research settings.

The company's products include Guardant360 tests, which profile advanced cancers and can help identify potentially actionable genomic alterations; Guardant Reveal, which is used to assess residual disease and recurrence risk; and Guardant Shield, a blood-based screening test for colorectal cancer.

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