Bank of America Corp DE Makes New $2.94 Million Investment in Schrodinger, Inc. $SDGR

Key Points

• Bank of America acquired 180,652 Schrodinger shares worth approximately $2.94 million in the second quarter, joining other institutional investors that recently initiated positions. Institutions collectively own 79.05% of SDGR.
• Schrodinger reported quarterly earnings of $0.08 per share, beating consensus estimates of a $0.41 loss, while revenue of $58.89 million exceeded estimates and increased 7.5% year over year.
• Analysts maintain a consensus “Hold” rating with an average price target of $20.80, below the stock’s reported $30.33 price; insider Karen Akinsanya also sold shares worth approximately $928,000 under a Rule 10b5-1 plan.

Bank of America Corp DE purchased a new stake in Schrodinger, Inc. (NASDAQ:SDGR - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 180,652 shares of the company's stock, valued at approximately $2,936,000. Bank of America Corp DE owned approximately 0.24% of Schrodinger at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Jupiter Topco LLC purchased a new position in Schrodinger in the 2nd quarter worth approximately $460,000. Legal & General Group Plc purchased a new position in shares of Schrodinger in the second quarter valued at $2,289,000. The Manufacturers Life Insurance Company purchased a new position in shares of Schrodinger in the second quarter valued at $255,000. Brandywine Managers LLC acquired a new stake in Schrodinger during the 2nd quarter valued at $462,000. Finally, Portland Investment Counsel Inc. acquired a new stake in Schrodinger during the 2nd quarter valued at $162,000. 79.05% of the stock is owned by hedge funds and other institutional investors.

Schrodinger Stock Performance

NASDAQ:SDGR opened at $30.33 on Wednesday. Schrodinger, Inc. has a 1 year low of $10.94 and a 1 year high of $31.59. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of -40.99 and a beta of 1.69. The business has a fifty day moving average of $20.48 and a 200-day moving average of $16.04.

Schrodinger (NASDAQ:SDGR - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of ($0.41) by $0.49. The firm had revenue of $58.89 million during the quarter, compared to the consensus estimate of $47.19 million. Schrodinger had a negative return on equity of 16.37% and a negative net margin of 20.98%.The firm's revenue for the quarter was up 7.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.65) earnings per share. On average, equities research analysts predict that Schrodinger, Inc. will post -1.5 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on SDGR. Weiss Ratings upgraded shares of Schrodinger from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 27th. Wall Street Zen upgraded Schrodinger from a "strong sell" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, UBS Group assumed coverage on Schrodinger in a research report on Friday, August 14th. They set a "neutral" rating and a $19.00 target price on the stock. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $20.80.

Insider Buying and Selling at Schrodinger

In related news, insider Karen Akinsanya sold 31,599 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $29.37, for a total transaction of $928,062.63. Following the completion of the sale, the insider directly owned 69,956 shares of the company's stock, valued at $2,054,607.72. This represents a 31.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 10.10% of the company's stock.

Schrodinger Company Profile

Schrödinger, Inc develops computational software designed to accelerate drug discovery and materials science research. Its platform uses physics-based modeling, machine learning and related computational methods to help scientists analyze molecular structures, predict interactions and identify potential compounds for further development.

The company's software products support a range of research activities, including molecular modeling, virtual screening, structure-based drug design, free-energy calculations and collaborative data management.

Want to see what other hedge funds are holding SDGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Schrodinger, Inc. (NASDAQ:SDGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.