Guggenheim Cuts Neogen (NASDAQ:NEOG) Price Target to $10.00

Neogen (NASDAQ:NEOG - Get Free Report) had its price target dropped by equities researchers at Guggenheim from $13.00 to $10.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Guggenheim's target price points to a potential upside of 111.42% from the company's previous close.

Separately, Piper Sandler lowered their price objective on shares of Neogen from $6.40 to $5.00 and set a "neutral" rating on the stock in a report on Tuesday, April 22nd.

Neogen Stock Down 1.3%

NEOG stock opened at $4.73 on Monday. The stock's 50 day simple moving average is $5.58 and its 200 day simple moving average is $8.47. The company has a market cap of $1.03 billion, a P/E ratio of -2.12 and a beta of 1.84. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.45 and a current ratio of 3.91. Neogen has a fifty-two week low of $3.87 and a fifty-two week high of $18.58.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a negative net margin of 53.56% and a positive return on equity of 2.69%. The firm had revenue of $221.00 million for the quarter, compared to the consensus estimate of $225.27 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The company's revenue was down 3.4% compared to the same quarter last year. On average, research analysts expect that Neogen will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Neogen

In related news, Director Aashima Gupta bought 16,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were bought at an average price of $6.25 per share, for a total transaction of $100,000.00. Following the completion of the acquisition, the director now directly owns 21,917 shares of the company's stock, valued at $136,981.25. This trade represents a 270.41% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James C. Borel bought 35,000 shares of the business's stock in a transaction that occurred on Thursday, April 24th. The shares were bought at an average cost of $4.89 per share, for a total transaction of $171,150.00. Following the transaction, the director now owns 60,474 shares of the company's stock, valued at $295,717.86. The trade was a 137.39% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 83,500 shares of company stock worth $431,525. Insiders own 1.13% of the company's stock.

Hedge Funds Weigh In On Neogen

A number of hedge funds have recently bought and sold shares of NEOG. Harbour Investments Inc. purchased a new stake in shares of Neogen in the fourth quarter valued at about $27,000. Versant Capital Management Inc grew its position in Neogen by 1,495.4% in the 1st quarter. Versant Capital Management Inc now owns 3,127 shares of the company's stock worth $27,000 after purchasing an additional 2,931 shares in the last quarter. Johnson Financial Group Inc. bought a new stake in Neogen in the 4th quarter worth about $43,000. Covestor Ltd increased its stake in Neogen by 41.4% in the 4th quarter. Covestor Ltd now owns 4,103 shares of the company's stock valued at $50,000 after buying an additional 1,202 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in shares of Neogen by 388.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 10,071 shares of the company's stock worth $87,000 after buying an additional 8,010 shares in the last quarter. 96.73% of the stock is owned by hedge funds and other institutional investors.

About Neogen

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.

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