Palisade Capital Management LP Takes $7.55 Million Position in Azenta, Inc. $AZTA

Key Points

• Palisade Capital Management acquired 295,898 Azenta shares worth approximately $7.55 million, representing about 0.68% of the company. Institutional investors collectively own 99.08% of Azenta.
• Azenta exceeded quarterly expectations, reporting EPS of $0.16 versus the $0.11 consensus and revenue of $161.18 million compared with estimates of $149.31 million.
• Analyst sentiment remains mixed: Needham raised its price target to $37 and maintained a Buy rating, while the overall consensus is Hold with a $41.20 price target.

Palisade Capital Management LP bought a new stake in shares of Azenta, Inc. (NASDAQ:AZTA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 295,898 shares of the company's stock, valued at approximately $7,551,000. Palisade Capital Management LP owned approximately 0.68% of Azenta as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new stake in Azenta during the first quarter valued at about $435,000. Millennium Management LLC grew its position in shares of Azenta by 214.8% during the first quarter. Millennium Management LLC now owns 340,580 shares of the company's stock worth $11,798,000 after purchasing an additional 232,405 shares in the last quarter. Empowered Funds LLC grew its position in shares of Azenta by 10.5% during the first quarter. Empowered Funds LLC now owns 6,482 shares of the company's stock worth $225,000 after purchasing an additional 618 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Azenta by 17.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 201,337 shares of the company's stock valued at $6,974,000 after purchasing an additional 30,492 shares during the period. Finally, Creative Planning bought a new stake in Azenta during the 2nd quarter valued at approximately $270,000. Institutional investors own 99.08% of the company's stock.

Azenta Price Performance

NASDAQ AZTA opened at $33.21 on Wednesday. Azenta, Inc. has a 1-year low of $15.93 and a 1-year high of $41.73. The business has a 50 day simple moving average of $28.32 and a two-hundred day simple moving average of $25.07. The stock has a market capitalization of $1.45 billion, a PE ratio of -12.03 and a beta of 1.37.

Azenta (NASDAQ:AZTA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.11 by $0.05. The business had revenue of $161.18 million for the quarter, compared to analysts' expectations of $149.31 million. Azenta had a positive return on equity of 1.18% and a negative net margin of 20.63%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on AZTA shares. Needham & Company LLC upped their price target on Azenta from $33.00 to $37.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Weiss Ratings downgraded shares of Azenta from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $41.20.

Azenta Profile

Azenta, Inc NASDAQ: AZTA is a life sciences technology company specializing in sample management, cryogenic storage and genomic services for research and clinical applications. Formerly the Life Sciences division of Brooks Automation, Azenta provides integrated solutions that enable customers to store, track and analyze biological samples with high levels of automation, data integrity and efficiency. Its offerings span automated storage systems, biorepository management software and end‐to‐end sample tracking workflows.

In addition to hardware and informatics platforms for sample storage, Azenta's Genomics business delivers next‐generation sequencing (NGS), DNA synthesis, and molecular biology services.

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