Medpace (NASDAQ:MEDP) Releases Quarterly Earnings Results, Beats Estimates By $0.75 EPS

Medpace (NASDAQ:MEDP - Get Free Report) released its quarterly earnings results on Monday. The company reported $3.20 earnings per share for the quarter, topping analysts' consensus estimates of $2.45 by $0.75, Briefing.com reports. The business had revenue of $511.00 million during the quarter, compared to analysts' expectations of $512.39 million. Medpace had a return on equity of 63.98% and a net margin of 15.00%. The company's revenue was up 17.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.27 EPS. Medpace updated its FY24 guidance to $10.79-11.47 EPS and its FY 2024 guidance to 10.790-11.470 EPS.

Medpace Trading Up 8.2 %

Medpace stock traded up $30.89 during midday trading on Tuesday, reaching $407.15. 807,932 shares of the stock traded hands, compared to its average volume of 249,150. The company has a 50-day simple moving average of $396.82 and a two-hundred day simple moving average of $322.00. Medpace has a 12-month low of $187.03 and a 12-month high of $419.42. The firm has a market cap of $12.61 billion, a PE ratio of 45.59, a price-to-earnings-growth ratio of 1.97 and a beta of 1.38.

Insider Buying and Selling at Medpace

In other Medpace news, VP Susan E. Burwig sold 102 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $403.00, for a total value of $41,106.00. Following the sale, the vice president now owns 15,181 shares of the company's stock, valued at approximately $6,117,943. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Medpace news, VP Susan E. Burwig sold 102 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $403.00, for a total value of $41,106.00. Following the sale, the vice president now owns 15,181 shares of the company's stock, valued at approximately $6,117,943. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ashley M. Keating sold 250 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $409.87, for a total value of $102,467.50. Following the completion of the sale, the director now directly owns 250 shares in the company, valued at approximately $102,467.50. The disclosure for this sale can be found here. Insiders have sold 189,340 shares of company stock valued at $76,651,647 in the last quarter. Corporate insiders own 20.30% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Medpace in a report on Monday, March 18th. They set a "hold" rating and a $395.00 price target for the company. UBS Group upgraded Medpace from a "neutral" rating to a "buy" rating and increased their price target for the stock from $282.00 to $452.00 in a report on Thursday, February 15th. Robert W. Baird increased their price target on Medpace from $312.00 to $408.00 and gave the stock an "outperform" rating in a report on Wednesday, February 14th. Jefferies Financial Group upgraded Medpace from a "hold" rating to a "buy" rating and raised their target price for the company from $340.00 to $450.00 in a report on Tuesday. Finally, StockNews.com cut Medpace from a "buy" rating to a "hold" rating in a report on Saturday, March 23rd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $395.60.

About Medpace

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.