Medpace Holdings, Inc. (NASDAQ:MEDP - Get Free Report)'s stock price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $308.88, but opened at $445.59. Medpace shares last traded at $475.14, with a volume of 1,264,945 shares.
The company reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.10. Medpace had a return on equity of 54.36% and a net margin of 19.31%. The business had revenue of $603.31 million for the quarter, compared to analysts' expectations of $537.70 million. During the same quarter last year, the firm earned $2.75 earnings per share. The business's revenue was up 14.2% on a year-over-year basis.
Analysts Set New Price Targets
MEDP has been the topic of several research reports. Mizuho cut their target price on Medpace from $400.00 to $355.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 9th. TD Cowen lowered Medpace from a "buy" rating to a "hold" rating and cut their price objective for the company from $370.00 to $328.00 in a research report on Monday, April 14th. Leerink Partnrs raised Medpace to a "hold" rating in a research report on Monday, March 24th. Leerink Partners initiated coverage on Medpace in a research report on Monday, March 24th. They issued a "market perform" rating and a $330.00 price objective on the stock. Finally, Truist Financial cut their price objective on Medpace from $333.00 to $300.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Twelve equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $344.82.
Check Out Our Latest Report on Medpace
Insiders Place Their Bets
In other news, Director Fred B. Davenport, Jr. sold 1,712 shares of the business's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $301.82, for a total transaction of $516,715.84. Following the transaction, the director directly owned 2,998 shares in the company, valued at $904,856.36. The trade was a 36.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 20.30% of the company's stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently bought and sold shares of the company. Mawer Investment Management Ltd. acquired a new position in Medpace in the first quarter worth about $212,131,000. Invesco Ltd. raised its position in Medpace by 91.8% in the fourth quarter. Invesco Ltd. now owns 1,084,753 shares of the company's stock worth $360,387,000 after purchasing an additional 519,186 shares in the last quarter. Vulcan Value Partners LLC raised its position in Medpace by 221.6% in the first quarter. Vulcan Value Partners LLC now owns 325,916 shares of the company's stock worth $99,159,000 after purchasing an additional 224,578 shares in the last quarter. Norges Bank acquired a new position in Medpace in the fourth quarter worth about $69,859,000. Finally, Fundsmith LLP bought a new stake in Medpace during the fourth quarter worth about $42,372,000. Institutional investors and hedge funds own 77.98% of the company's stock.
Medpace Price Performance
The stock has a market capitalization of $13.40 billion, a P/E ratio of 35.54, a PEG ratio of 5.64 and a beta of 1.47. The company's 50 day simple moving average is $307.47 and its two-hundred day simple moving average is $317.86.
Medpace Company Profile
(
Get Free Report)
Medpace Holdings, Inc engages in the provision of outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. Its services include medical department, clinical trial management, data-driven feasibility, study-start-up, clinical monitoring, regulatory affairs, patient recruitment and retention, medical writing, biometrics and data sciences, pharmacovigilance, core laboratory, laboratories, clinics, and quality assurance.
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