Fulgent Genetics (NASDAQ:FLGT) Given a $21.00 Price Target by Piper Sandler Analysts

Key Points

• Piper Sandler has lowered its price target for Fulgent Genetics from $23.00 to $21.00, maintaining a "neutral" rating, suggesting a potential upside of 15.14% based on the current stock price.
• Raymond James Financial reiterated an "outperform" rating for the stock with a price target increase to $25.00.
• Fulgent Genetics reported earnings of $0.07 per share, significantly exceeding analysts' expectations, and experienced a 15.2% revenue increase compared to the previous year.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) received a $21.00 price objective from stock analysts at Piper Sandler in a research note issued to investors on Monday, Marketbeat reports. The firm presently has a "neutral" rating on the stock. Piper Sandler's target price points to a potential upside of 3.24% from the stock's current price.

Separately, Raymond James Financial reissued an "outperform" rating and set a $25.00 target price (up previously from $24.00) on shares of Fulgent Genetics in a research note on Monday, May 5th.

Fulgent Genetics Trading Down 0.3%

Shares of NASDAQ:FLGT traded down $0.07 on Monday, reaching $20.34. 59,373 shares of the company were exchanged, compared to its average volume of 364,320. The company has a 50-day moving average of $19.63 and a 200-day moving average of $18.42. The firm has a market cap of $622.64 million, a price-to-earnings ratio of -12.31 and a beta of 0.83. Fulgent Genetics has a 1-year low of $14.57 and a 1-year high of $24.61.

Fulgent Genetics (NASDAQ:FLGT - Get Free Report) last issued its earnings results on Friday, August 1st. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of ($0.23) by $0.30. The business had revenue of $81.80 million for the quarter, compared to the consensus estimate of $76.21 million. Fulgent Genetics had a negative net margin of 16.83% and a negative return on equity of 2.26%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.15 EPS. As a group, analysts forecast that Fulgent Genetics will post -0.85 earnings per share for the current year.

Insider Transactions at Fulgent Genetics

In other news, COO Jian Xie sold 1,873 shares of the company's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $20.54, for a total value of $38,471.42. Following the sale, the chief operating officer owned 372,631 shares of the company's stock, valued at approximately $7,653,840.74. This represents a 0.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 31.76% of the stock is owned by corporate insiders.

Institutional Trading of Fulgent Genetics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Millennium Management LLC grew its holdings in shares of Fulgent Genetics by 28.6% during the 1st quarter. Millennium Management LLC now owns 1,969,433 shares of the company's stock worth $33,283,000 after purchasing an additional 437,632 shares in the last quarter. Acadian Asset Management LLC raised its position in shares of Fulgent Genetics by 38.7% in the 2nd quarter. Acadian Asset Management LLC now owns 1,117,917 shares of the company's stock valued at $22,208,000 after buying an additional 311,976 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fulgent Genetics by 2.2% during the 4th quarter. Geode Capital Management LLC now owns 514,152 shares of the company's stock worth $9,499,000 after acquiring an additional 11,283 shares during the period. Ameriprise Financial Inc. increased its stake in Fulgent Genetics by 40.8% in the fourth quarter. Ameriprise Financial Inc. now owns 501,809 shares of the company's stock valued at $9,268,000 after acquiring an additional 145,518 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Fulgent Genetics by 39.4% during the fourth quarter. JPMorgan Chase & Co. now owns 471,259 shares of the company's stock worth $8,704,000 after purchasing an additional 133,215 shares during the last quarter. Institutional investors own 48.06% of the company's stock.

Fulgent Genetics Company Profile

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company's clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.