Guardant Health (NASDAQ:GH) Price Target Raised to $60.00

Key Points

• Guardant Health's price target was raised from $57.00 to $60.00 by Scotiabank, indicating a potential upside of 40.57% based on the company's current share price.
• Multiple research firms have increased their price targets for Guardant Health, with Mizuho and Canaccord Genuity setting targets at $65.00, and Raymond James at $61.00, reinforcing a consensus rating of "Buy" among analysts.
• Guardant Health recently reported a revenue of $203.47 million for the quarter, surpassing expectations and showing a year-over-year increase of 20.8%.

Guardant Health (NASDAQ:GH - Get Free Report) had its price target raised by equities research analysts at Scotiabank from $57.00 to $60.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the stock. Scotiabank's price target would suggest a potential upside of 40.57% from the company's current price.

A number of other research firms also recently weighed in on GH. Mizuho boosted their target price on Guardant Health from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Friday, June 13th. Raymond James Financial upped their price objective on shares of Guardant Health from $59.00 to $61.00 and gave the company an "outperform" rating in a research note on Thursday. Canaccord Genuity Group lifted their target price on shares of Guardant Health from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Evercore ISI upgraded shares of Guardant Health to a "strong-buy" rating in a research report on Monday, July 14th. Finally, Stifel Nicolaus lifted their price objective on Guardant Health from $53.00 to $60.00 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 assigned a strong buy rating to the company. According to MarketBeat.com, Guardant Health presently has a consensus rating of "Buy" and an average price target of $54.95.

Guardant Health Stock Performance

NASDAQ GH traded down $2.51 during trading on Thursday, hitting $42.68. 6,193,918 shares of the company's stock traded hands, compared to its average volume of 2,292,903. The stock has a market capitalization of $5.29 billion, a price-to-earnings ratio of -12.73 and a beta of 1.44. Guardant Health has a 12-month low of $20.14 and a 12-month high of $53.42. The business has a 50 day moving average of $46.90 and a 200-day moving average of $44.85.

Guardant Health (NASDAQ:GH - Get Free Report) last posted its earnings results on Wednesday, April 30th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.57) by $0.08. The firm had revenue of $203.47 million during the quarter, compared to analysts' expectations of $189.91 million. The business's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.46) earnings per share. On average, analysts expect that Guardant Health will post -2.9 EPS for the current year.

Insider Buying and Selling

In other news, Director Ian T. Clark sold 6,672 shares of the business's stock in a transaction on Tuesday, June 17th. The stock was sold at an average price of $48.38, for a total value of $322,791.36. Following the completion of the transaction, the director owned 9,851 shares in the company, valued at $476,591.38. The trade was a 40.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Meghan V. Joyce sold 3,337 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $47.22, for a total transaction of $157,573.14. Following the sale, the director directly owned 11,150 shares of the company's stock, valued at $526,503. The trade was a 23.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 235,516 shares of company stock valued at $11,848,754 over the last 90 days. 6.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Guardant Health by 3.0% during the 4th quarter. Vanguard Group Inc. now owns 12,052,551 shares of the company's stock worth $368,205,000 after buying an additional 350,606 shares in the last quarter. Deep Track Capital LP lifted its stake in Guardant Health by 7.0% in the fourth quarter. Deep Track Capital LP now owns 6,419,566 shares of the company's stock worth $196,118,000 after acquiring an additional 419,006 shares during the period. ARK Investment Management LLC grew its holdings in Guardant Health by 100.4% during the 2nd quarter. ARK Investment Management LLC now owns 2,823,497 shares of the company's stock worth $146,935,000 after acquiring an additional 1,414,381 shares in the last quarter. Invesco Ltd. increased its position in Guardant Health by 100.9% during the 1st quarter. Invesco Ltd. now owns 2,794,667 shares of the company's stock valued at $119,053,000 after purchasing an additional 1,403,670 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Guardant Health by 6.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,777,040 shares of the company's stock valued at $118,302,000 after purchasing an additional 164,263 shares in the last quarter. Hedge funds and other institutional investors own 92.60% of the company's stock.

Guardant Health Company 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.

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