Envestnet Asset Management Inc. Boosts Stock Position in Guardant Health, Inc. (NASDAQ:GH)

Key Points

• Envestnet Asset Management Inc. significantly increased its stake in Guardant Health by 136.6% in Q1, owning 27,497 shares valued at approximately $1.17 million.
• CEO Amirali Talasaz sold 100,000 shares valued at over $5 million on July 1, decreasing his ownership by 4.83% to approximately 1.97 million shares.
• Research firms reaffirmed a positive outlook, with multiple analysts raising their price targets for Guardant Health to $60.00, indicating a consensus rating of "Buy."

Envestnet Asset Management Inc. grew its holdings in Guardant Health, Inc. (NASDAQ:GH - Free Report) by 136.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,497 shares of the company's stock after acquiring an additional 15,877 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Guardant Health were worth $1,171,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. NewEdge Advisors LLC grew its stake in Guardant Health by 13.5% in the fourth quarter. NewEdge Advisors LLC now owns 1,929 shares of the company's stock valued at $59,000 after purchasing an additional 230 shares in the last quarter. Summit Investment Advisors Inc. lifted its position in shares of Guardant Health by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 12,346 shares of the company's stock valued at $377,000 after buying an additional 391 shares during the last quarter. GF Fund Management CO. LTD. lifted its position in shares of Guardant Health by 22.0% in the first quarter. GF Fund Management CO. LTD. now owns 3,164 shares of the company's stock valued at $135,000 after buying an additional 570 shares during the last quarter. TD Waterhouse Canada Inc. lifted its holdings in Guardant Health by 126.2% during the 4th quarter. TD Waterhouse Canada Inc. now owns 2,929 shares of the company's stock worth $89,000 after purchasing an additional 1,634 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Guardant Health during the 4th quarter worth approximately $61,000. 92.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GH has been the topic of a number of recent research reports. Evercore ISI upgraded Guardant Health to a "strong-buy" rating in a research note on Monday, July 14th. Raymond James Financial lifted their price target on Guardant Health from $59.00 to $61.00 and gave the company an "outperform" rating in a research note on Thursday. Mizuho boosted their price objective on Guardant Health from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Piper Sandler restated an "overweight" rating and set a $60.00 price objective (up previously from $50.00) on shares of Guardant Health in a research report on Tuesday, May 6th. Finally, Canaccord Genuity Group lifted their target price on Guardant Health from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Nineteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $54.95.

Insiders Place Their Bets

In related news, CEO Amirali Talasaz sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $50.88, for a total value of $5,088,000.00. Following the transaction, the chief executive officer owned 1,971,830 shares in the company, valued at approximately $100,326,710.40. This represents a 4.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Musa Tariq sold 3,213 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $49.47, for a total value of $158,947.11. Following the completion of the transaction, the director owned 7,190 shares in the company, valued at approximately $355,689.30. The trade was a 30.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 235,516 shares of company stock valued at $11,848,754 in the last quarter. 6.10% of the stock is currently owned by company insiders.

Guardant Health Stock Performance

GH traded up $2.77 during midday trading on Monday, reaching $44.19. 2,888,034 shares of the company were exchanged, compared to its average volume of 2,394,706. The company has a market cap of $5.51 billion, a price-to-earnings ratio of -13.19 and a beta of 1.43. The company's fifty day moving average price is $47.33 and its 200 day moving average price is $45.05. Guardant Health, Inc. has a one year low of $20.14 and a one year high of $53.42.

Guardant Health (NASDAQ:GH - Get Free Report) last released its earnings results on Wednesday, July 30th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.08. The business had revenue of $232.09 million during the quarter, compared to the consensus estimate of $211.19 million. The business's revenue was up 31.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.84) earnings per share. As a group, sell-side analysts anticipate that Guardant Health, Inc. will post -2.9 earnings per share for the current fiscal year.

Guardant Health Profile

Guardant Health, Inc, a precision oncology company, provides blood and tissue tests, data sets, and analytics in the United States and internationally. The company provides Guardant360; Guardant360 LDT; Guardant360 CDx Test; Guardant360 Response Test; Guardant360 TissueNext Test; GuardantINFINITY Test; GuardantConnect, an integrated software-based solution designed for clinical and biopharmaceutical customers to connect patients tested with assays with actionable alterations with potentially relevant clinical studies; GuardantOMNI Test for advanced stage cancer; and GuardantINFORM, an in-silico research platform for tumor evolution and treatment resistance across various biomarker-driven cancers.