Tocqueville Asset Management L.P. Cuts Holdings in Schrodinger, Inc. $SDGR

Key Points

• Tocqueville Asset Management L.P. reduced its stake in Schrodinger, Inc. by 2.1% during the first quarter, now holding approximately 1.54% of the company, worth about $22.2 million.
• Schrodinger reported a 15.7% increase in revenue year-over-year for the quarter, totaling $54.76 million, while earnings per share of ($0.59) beat expectations.
• Analyst ratings for Schrodinger show a consensus of "Moderate Buy," with price targets ranging from $20.00 to $32.00 across different brokerages.

Tocqueville Asset Management L.P. reduced its position in Schrodinger, Inc. (NASDAQ:SDGR - Free Report) by 2.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,124,480 shares of the company's stock after selling 23,590 shares during the period. Tocqueville Asset Management L.P. owned 1.54% of Schrodinger worth $22,197,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Hong Kong Ltd acquired a new position in Schrodinger in the 4th quarter valued at about $27,000. ANTIPODES PARTNERS Ltd acquired a new position in Schrodinger in the 1st quarter valued at about $37,000. PNC Financial Services Group Inc. increased its position in Schrodinger by 29.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,956 shares of the company's stock valued at $58,000 after acquiring an additional 680 shares during the period. GAMMA Investing LLC increased its position in Schrodinger by 118.5% in the 1st quarter. GAMMA Investing LLC now owns 6,109 shares of the company's stock valued at $121,000 after acquiring an additional 3,313 shares during the period. Finally, Federated Hermes Inc. increased its position in Schrodinger by 100.0% in the 1st quarter. Federated Hermes Inc. now owns 10,000 shares of the company's stock valued at $197,000 after acquiring an additional 5,000 shares during the period. 79.05% of the stock is owned by hedge funds and other institutional investors.

Schrodinger Stock Up 1.4%

Shares of SDGR traded up $0.28 during trading hours on Thursday, reaching $19.64. 220,545 shares of the company traded hands, compared to its average volume of 1,166,374. The stock has a market capitalization of $1.45 billion, a PE ratio of -7.92 and a beta of 1.67. The stock has a fifty day simple moving average of $20.75 and a 200 day simple moving average of $22.23. Schrodinger, Inc. has a fifty-two week low of $16.60 and a fifty-two week high of $28.47.

Schrodinger (NASDAQ:SDGR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported ($0.59) EPS for the quarter, topping analysts' consensus estimates of ($0.83) by $0.24. Schrodinger had a negative net margin of 76.22% and a negative return on equity of 45.70%. The business had revenue of $54.76 million during the quarter, compared to the consensus estimate of $52.03 million. During the same period in the previous year, the firm posted ($0.66) earnings per share. The company's quarterly revenue was up 15.7% compared to the same quarter last year. Research analysts predict that Schrodinger, Inc. will post -2.37 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently issued reports on SDGR. Citigroup cut Schrodinger from a "buy" rating to a "neutral" rating and dropped their price target for the company from $35.00 to $20.00 in a research report on Friday, August 15th. Barclays initiated coverage on Schrodinger in a research report on Thursday, August 14th. They set an "overweight" rating and a $25.00 target price on the stock. KeyCorp dropped their target price on Schrodinger from $32.00 to $30.00 and set an "overweight" rating on the stock in a research report on Monday, July 14th. Finally, Morgan Stanley dropped their target price on Schrodinger from $28.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Monday. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Schrodinger has a consensus rating of "Moderate Buy" and an average target price of $27.83.

About Schrodinger

Schrödinger, Inc, together with its subsidiaries, develops physics-based computational platform that enables discovery of novel molecules for drug development and materials applications. The company operates in two segments, Software and Drug Discovery. The Software segment is focused on licensing its software to transform molecular discovery for life sciences and materials science industries.