Envestnet Asset Management Inc. Sells 55,347 Shares of AngioDynamics, Inc. (NASDAQ:ANGO)

Key Points

• Envestnet Asset Management Inc. reduced its stake in AngioDynamics by 18.7%, selling 55,347 shares and now holds 240,836 shares valued at approximately $2.26 million.
• Despite selling, other investors like Ameriprise Financial Inc. and GAMMA Investing LLC significantly increased their positions, with GAMMA's investment up by 1,281.4%.
• AngioDynamics reported a revenue increase of 13.0% year-over-year, reaching $80.16 million in its latest quarter, surpassing analyst expectations.

Envestnet Asset Management Inc. lessened its position in AngioDynamics, Inc. (NASDAQ:ANGO - Free Report) by 18.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 240,836 shares of the medical instruments supplier's stock after selling 55,347 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.59% of AngioDynamics worth $2,261,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. American Century Companies Inc. increased its stake in shares of AngioDynamics by 22.1% during the 4th quarter. American Century Companies Inc. now owns 67,942 shares of the medical instruments supplier's stock worth $622,000 after purchasing an additional 12,306 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in AngioDynamics by 46.0% in the 4th quarter. JPMorgan Chase & Co. now owns 807,483 shares of the medical instruments supplier's stock valued at $7,397,000 after purchasing an additional 254,322 shares during the period. Orion Portfolio Solutions LLC boosted its holdings in AngioDynamics by 7.4% in the 4th quarter. Orion Portfolio Solutions LLC now owns 179,897 shares of the medical instruments supplier's stock valued at $1,648,000 after purchasing an additional 12,383 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in AngioDynamics by 293.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 352,544 shares of the medical instruments supplier's stock valued at $3,229,000 after purchasing an additional 263,034 shares during the period. Finally, StoneX Group Inc. bought a new position in shares of AngioDynamics during the 4th quarter worth about $981,000. Hedge funds and other institutional investors own 89.43% of the company's stock.

AngioDynamics Stock Down 1.9%

Shares of ANGO stock traded down $0.16 during trading on Friday, reaching $8.70. The company's stock had a trading volume of 140,486 shares, compared to its average volume of 653,735. The business has a fifty day moving average price of $9.79 and a 200-day moving average price of $9.96. The company has a market cap of $353.32 million, a price-to-earnings ratio of -10.46 and a beta of 0.60. AngioDynamics, Inc. has a one year low of $5.83 and a one year high of $13.50.

AngioDynamics (NASDAQ:ANGO - Get Free Report) last posted its quarterly earnings results on Tuesday, July 15th. The medical instruments supplier reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.09. AngioDynamics had a negative net margin of 11.62% and a negative return on equity of 3.20%. The firm had revenue of $80.16 million for the quarter, compared to analyst estimates of $74.26 million. During the same period in the prior year, the firm posted ($0.06) earnings per share. The company's quarterly revenue was up 13.0% compared to the same quarter last year. Research analysts anticipate that AngioDynamics, Inc. will post -0.37 EPS for the current year.

Wall Street Analysts Forecast Growth

ANGO has been the subject of several analyst reports. Canaccord Genuity Group lifted their price target on shares of AngioDynamics from $15.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Lake Street Capital initiated coverage on shares of AngioDynamics in a research report on Wednesday, July 16th. They set a "buy" rating and a $24.00 price target for the company. Finally, HC Wainwright restated a "buy" rating and set a $16.00 price objective on shares of AngioDynamics in a report on Wednesday, July 16th.

AngioDynamics Company Profile

AngioDynamics, Inc, a medical technology company, engages in the design, manufacture, and sale of medical, surgical, and diagnostic devices for the use in treating peripheral vascular disease, and oncology and surgical settings in the United States and internationally. The company offers Auryon Atherectomy system that is designed to deliver an optimized wavelength, pulse width, and amplitude to remove lesions while preserving vessel wall endothelium.