567,030 Shares of Heartflow, Inc. $HTFL Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 567,030 Heartflow shares worth approximately $16.6 million, giving it a 0.66% stake at the end of the second quarter. Several other institutional investors also initiated or increased positions.
• Heartflow reported quarterly revenue of $64.08 million, up 47.7% year over year, and adjusted its loss to $0.07 per share versus analysts’ expected $0.22 loss. Despite improving revenue, the company remains unprofitable with a negative 55.82% net margin.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $46.25. Meanwhile, company insiders sold 287,767 shares worth $12.9 million over the past 90 days under pre-arranged trading plans.

Bank of America Corp DE acquired a new position in shares of Heartflow, Inc. (NASDAQ:HTFL - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 567,030 shares of the company's stock, valued at approximately $16,637,000. Bank of America Corp DE owned about 0.66% of Heartflow at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in HTFL. Essential Partners LLC bought a new stake in Heartflow in the first quarter worth $57,000. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Heartflow in the fourth quarter valued at $72,000. Strs Ohio lifted its holdings in shares of Heartflow by 35.3% in the 1st quarter. Strs Ohio now owns 4,600 shares of the company's stock worth $112,000 after acquiring an additional 1,200 shares during the last quarter. Bessemer Group Inc. purchased a new position in shares of Heartflow during the 1st quarter worth about $126,000. Finally, Brandywine Managers LLC bought a new position in Heartflow during the 2nd quarter valued at about $294,000.

Insiders Place Their Bets

In other news, CFO Vikram Verghese sold 16,766 shares of the stock in a transaction on Friday, September 18th. The stock was sold at an average price of $50.75, for a total transaction of $850,874.50. Following the transaction, the chief financial officer owned 155,183 shares of the company's stock, valued at approximately $7,875,537.25. This represents a 9.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO John Farquhar sold 3,890 shares of the firm's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $50.00, for a total value of $194,500.00. Following the transaction, the chief executive officer owned 321,914 shares in the company, valued at approximately $16,095,700. This represents a 1.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 287,767 shares of company stock worth $12,871,623. 7.70% of the stock is currently owned by company insiders.

Heartflow Price Performance

Heartflow stock opened at $48.66 on Friday. The stock has a market cap of $4.23 billion and a price-to-earnings ratio of -26.59. The firm has a 50-day moving average of $39.59 and a two-hundred day moving average of $32.46. Heartflow, Inc. has a 1 year low of $20.13 and a 1 year high of $52.22.

Heartflow (NASDAQ:HTFL - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.22) by $0.15. The business had revenue of $64.08 million for the quarter. Heartflow had a negative net margin of 55.82% and a negative return on equity of 23.52%. The firm's revenue was up 47.7% compared to the same quarter last year. Research analysts expect that Heartflow, Inc. will post -0.75 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Heartflow from $37.00 to $39.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Benchmark reaffirmed a "buy" rating on shares of Heartflow in a research note on Friday, August 14th. Canaccord Genuity Group raised their price target on Heartflow from $45.00 to $56.00 and gave the stock a "buy" rating in a research note on Tuesday. UBS Group initiated coverage on Heartflow in a report on Wednesday, September 9th. They set a "neutral" rating and a $55.00 price objective for the company. Finally, Robert W. Baird set a $45.00 price objective on Heartflow in a research report on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $46.25.

About Heartflow

Heartflow, Inc is a medical technology company that develops artificial intelligence and imaging solutions for the diagnosis and management of coronary artery disease. Its platform analyzes data from coronary computed tomography angiography (CCTA) scans to create personalized, three-dimensional models of a patient's coronary arteries.

The company's primary offering, Heartflow Analysis, is designed to provide noninvasive estimates of fractional flow reserve derived from computed tomography (FFR^CT).

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