HealthStream (NASDAQ:HSTM) Given New $28.00 Price Target at Canaccord Genuity Group

Key Points

• Analysts at Canaccord Genuity Group have lowered HealthStream's price target from $29.00 to $28.00, maintaining a "hold" rating on the stock.
• The company's stock experienced a slight decline, trading at $25.94 with a market capitalization of approximately $791.69 million.
• HealthStream announced a stock buyback program, allowing repurchase of up to $25 million worth of shares, signaling confidence in its stock valuation.

HealthStream (NASDAQ:HSTM - Get Free Report) had its price objective cut by equities researchers at Canaccord Genuity Group from $29.00 to $28.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a "hold" rating on the technology company's stock. Canaccord Genuity Group's price objective indicates a potential upside of 7.55% from the company's previous close.

HealthStream Price Performance

Shares of HSTM stock traded up $0.06 during trading hours on Thursday, hitting $26.04. The stock had a trading volume of 8,517 shares, compared to its average volume of 178,190. HealthStream has a one year low of $25.36 and a one year high of $34.24. The stock's 50-day moving average price is $27.16 and its two-hundred day moving average price is $30.02. The stock has a market capitalization of $794.72 million, a price-to-earnings ratio of 38.68, a PEG ratio of 3.31 and a beta of 0.43.

HealthStream (NASDAQ:HSTM - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The technology company reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.16 by $0.02. HealthStream had a net margin of 6.89% and a return on equity of 5.70%. The company had revenue of $74.40 million during the quarter, compared to the consensus estimate of $74.39 million. As a group, equities research analysts predict that HealthStream will post 0.63 earnings per share for the current fiscal year.

HealthStream announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 8th that authorizes the company to repurchase $25.00 million in shares. This repurchase authorization authorizes the technology company to purchase up to 3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Copeland Capital Management LLC lifted its holdings in shares of HealthStream by 101.3% in the first quarter. Copeland Capital Management LLC now owns 763,690 shares of the technology company's stock valued at $24,576,000 after purchasing an additional 384,384 shares in the last quarter. Cerity Partners LLC lifted its holdings in shares of HealthStream by 3,889.2% in the fourth quarter. Cerity Partners LLC now owns 300,070 shares of the technology company's stock valued at $9,534,000 after purchasing an additional 292,548 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of HealthStream by 162.1% in the second quarter. Robeco Institutional Asset Management B.V. now owns 380,604 shares of the technology company's stock valued at $10,531,000 after purchasing an additional 235,382 shares in the last quarter. Norges Bank purchased a new position in shares of HealthStream during the fourth quarter valued at approximately $3,649,000. Finally, Bridgeway Capital Management LLC purchased a new position in shares of HealthStream during the first quarter valued at approximately $3,228,000. 69.58% of the stock is currently owned by institutional investors and hedge funds.

HealthStream Company Profile

HealthStream, Inc provides Software-as-a-Service (SaaS) based applications for healthcare organizations in the United States. The company's solutions help healthcare organizations in meeting their ongoing clinical development, talent management, training, education, assessment, competency management, safety and compliance, and scheduling, as well as provider credentialing, privileging, and enrollment needs.