Pinnacle Associates Ltd. Has $8.49 Million Stock Holdings in Stratasys, Ltd. (NASDAQ:SSYS)

Key Points

• Pinnacle Associates Ltd. reduced its stake in Stratasys, Ltd. by 2.8% in the first quarter, owning approximately 866,696 shares valued at $8.49 million.
• Migdal Insurance & Financial Holdings Ltd. significantly increased its holdings in Stratasys by 84.7%, owning over 2.13 million shares worth about $20.86 million.
• Analysts recently upgraded Stratasys from a "hold" to a "buy" rating, with an average target price of $12.20 per share, amidst mixed quarterly earnings results.

Pinnacle Associates Ltd. lessened its stake in Stratasys, Ltd. (NASDAQ:SSYS - Free Report) by 2.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 866,696 shares of the technology company's stock after selling 25,040 shares during the period. Pinnacle Associates Ltd. owned about 1.21% of Stratasys worth $8,485,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Formidable Asset Management LLC increased its stake in shares of Stratasys by 4.1% in the fourth quarter. Formidable Asset Management LLC now owns 24,545 shares of the technology company's stock worth $218,000 after buying an additional 965 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Stratasys by 10.4% during the fourth quarter. Hsbc Holdings PLC now owns 16,664 shares of the technology company's stock valued at $148,000 after acquiring an additional 1,564 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Stratasys by 12.1% during the fourth quarter. Point72 Asset Management L.P. now owns 28,371 shares of the technology company's stock valued at $252,000 after acquiring an additional 3,071 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Stratasys by 1.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 206,249 shares of the technology company's stock valued at $1,832,000 after acquiring an additional 3,797 shares during the period. Finally, Legal & General Group Plc boosted its holdings in shares of Stratasys by 0.6% during the fourth quarter. Legal & General Group Plc now owns 941,407 shares of the technology company's stock valued at $8,369,000 after acquiring an additional 5,541 shares during the period. Institutional investors own 75.77% of the company's stock.

Stratasys Stock Performance

Shares of NASDAQ SSYS traded up $0.15 during trading hours on Monday, hitting $11.02. The stock had a trading volume of 157,495 shares, compared to its average volume of 528,109. The company has a market capitalization of $935.86 million, a P/E ratio of -7.35 and a beta of 1.53. The firm's 50-day moving average price is $10.89 and its two-hundred day moving average price is $10.38. Stratasys, Ltd. has a 52 week low of $6.05 and a 52 week high of $12.88.

Stratasys (NASDAQ:SSYS - Get Free Report) last announced its earnings results on Thursday, May 8th. The technology company reported $0.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.01. The firm had revenue of $136.05 million during the quarter, compared to analysts' expectations of $134.11 million. Stratasys had a negative return on equity of 1.86% and a negative net margin of 19.02%. The company's revenue was down 5.6% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.02) earnings per share. As a group, analysts expect that Stratasys, Ltd. will post -0.4 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Wall Street Zen raised shares of Stratasys from a "hold" rating to a "buy" rating in a report on Thursday, May 15th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $12.20.

About Stratasys

Stratasys Ltd. provides connected polymer-based 3D printing solutions. It offers range of 3D printing systems, which includes polyjet printer, Fused Deposition Modeling (FDM) printers, stereolithography printing systems, origin P3 printers, and selective absorption fusion printer for additive manufacturing, and tooling and rapid prototyping for various vertical markets, such as automotive, aerospace, consumer products and healthcare.