ARK Investment Management LLC Sells 335,258 Shares of Schrodinger, Inc. $SDGR

Key Points

• ARK Investment Management LLC reduced its holdings in Schrodinger, Inc. by 14.6%, selling 335,258 shares and owning 1,959,261 shares post-sale, valued at approximately $39.4 million.
• Recent hedge fund activities showed a significant increase in positions, including 347.4% increase by Farther Finance Advisors LLC and new investments from both Bayforest Capital Ltd and ANTIPODES PARTNERS Ltd.
• Analysts have mixed ratings with Barclays setting a target price of $25.00, while Morgan Stanley lowered its target from $28.00 to $19.00, reflecting varying market sentiments on Schrodinger's stock performance.

ARK Investment Management LLC trimmed its holdings in Schrodinger, Inc. (NASDAQ:SDGR - Free Report) by 14.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,959,261 shares of the company's stock after selling 335,258 shares during the quarter. ARK Investment Management LLC owned 2.67% of Schrodinger worth $39,420,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of SDGR. Farther Finance Advisors LLC lifted its position in Schrodinger by 347.4% in the second quarter. Farther Finance Advisors LLC now owns 1,284 shares of the company's stock worth $26,000 after purchasing an additional 997 shares during the period. Bayforest Capital Ltd bought a new position in Schrodinger in the second quarter worth $30,000. ANTIPODES PARTNERS Ltd bought a new position in Schrodinger in the first quarter worth $37,000. PNC Financial Services Group Inc. lifted its position in Schrodinger by 29.9% in the first quarter. PNC Financial Services Group Inc. now owns 2,956 shares of the company's stock worth $58,000 after purchasing an additional 680 shares during the period. Finally, GAMMA Investing LLC lifted its position in Schrodinger by 118.5% in the first quarter. GAMMA Investing LLC now owns 6,109 shares of the company's stock worth $121,000 after purchasing an additional 3,313 shares during the period. 79.05% of the stock is owned by institutional investors.

Insider Buying and Selling at Schrodinger

In other news, insider Margaret Dugan sold 1,395 shares of the firm's stock in a transaction on Thursday, October 16th. The stock was sold at an average price of $21.07, for a total value of $29,392.65. Following the completion of the sale, the insider directly owned 24,574 shares in the company, valued at approximately $517,774.18. This trade represents a 5.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 21.00% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Barclays assumed coverage on Schrodinger in a research report on Thursday, August 14th. They issued an "overweight" rating and a $25.00 target price for the company. Morgan Stanley reduced their target price on Schrodinger from $28.00 to $19.00 and set an "equal weight" rating for the company in a research report on Monday, August 18th. The Goldman Sachs Group initiated coverage on Schrodinger in a research report on Monday, September 29th. They issued a "neutral" rating and a $19.00 target price for the company. Wall Street Zen lowered Schrodinger from a "hold" rating to a "sell" rating in a research note on Saturday, October 4th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Schrodinger in a research note on Tuesday, October 14th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Schrodinger presently has an average rating of "Hold" and an average price target of $26.29.

Schrodinger Price Performance

Schrodinger stock opened at $20.87 on Wednesday. The stock has a fifty day moving average price of $19.71 and a two-hundred day moving average price of $21.38. Schrodinger, Inc. has a 52-week low of $16.60 and a 52-week high of $28.47. The firm has a market capitalization of $1.54 billion, a P/E ratio of -8.42 and a beta of 1.74.

Schrodinger (NASDAQ:SDGR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported ($0.59) earnings per share for the quarter, beating analysts' consensus estimates of ($0.83) by $0.24. Schrodinger had a negative return on equity of 45.70% and a negative net margin of 76.22%.The company had revenue of $54.76 million during the quarter, compared to analyst estimates of $52.03 million. During the same period last year, the company posted ($0.66) earnings per share. The firm's quarterly revenue was up 15.7% compared to the same quarter last year. On average, equities research analysts predict that Schrodinger, Inc. will post -2.37 EPS for the current fiscal year.

About Schrodinger

Schrödinger, Inc, together with its subsidiaries, develops physics-based computational platform that enables discovery of novel molecules for drug development and materials applications. The company operates in two segments, Software and Drug Discovery. The Software segment is focused on licensing its software to transform molecular discovery for life sciences and materials science industries.

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