Haemonetics (NYSE:HAE) Price Target Lowered to $68.00 at Needham & Company LLC

Key Points

• Needham & Company LLC has lowered its price target for Haemonetics from $84.00 to $68.00, indicating a potential upside of 19.71% from the previous close despite maintaining a "buy" rating.
• Shares of Haemonetics experienced a significant drop, trading down $18.97 to $56.80, and the company reported a net margin of 12.32% with a revenue decrease of 4.4% compared to the same quarter last year.
• Currently, Haemonetics has a consensus rating of "Moderate Buy" with a prevailing price target of $95.70, supported by multiple analysts, although one analyst has rated the stock as a sell.

Haemonetics (NYSE:HAE - Get Free Report) had its price objective cut by Needham & Company LLC from $84.00 to $68.00 in a note issued to investors on Thursday, MarketBeat reports. The firm presently has a "buy" rating on the medical instruments supplier's stock. Needham & Company LLC's price objective suggests a potential upside of 26.21% from the company's previous close.

Other equities analysts have also issued reports about the stock. Raymond James Financial restated a "strong-buy" rating and issued a $105.00 price target (down from $115.00) on shares of Haemonetics in a research report on Friday, May 9th. JMP Securities restated a "market outperform" rating and issued a $100.00 price target on shares of Haemonetics in a research report on Tuesday, May 20th. Citigroup upgraded shares of Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 price target on the stock in a research report on Wednesday, July 9th. Wall Street Zen downgraded shares of Haemonetics from a "buy" rating to a "hold" rating in a research note on Tuesday, May 13th. Finally, Barrington Research reaffirmed an "outperform" rating and issued a $95.00 target price on shares of Haemonetics in a research note on Friday, July 11th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $87.64.

Haemonetics Price Performance

Shares of Haemonetics stock opened at $53.88 on Thursday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.99 and a current ratio of 1.72. The firm's 50-day simple moving average is $72.88 and its 200-day simple moving average is $67.39. Haemonetics has a twelve month low of $53.25 and a twelve month high of $94.99. The firm has a market cap of $2.59 billion, a P/E ratio of 16.48, a price-to-earnings-growth ratio of 0.87 and a beta of 0.40.

Haemonetics (NYSE:HAE - Get Free Report) last issued its earnings results on Thursday, August 7th. The medical instruments supplier reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.09. The business had revenue of $321.39 million for the quarter, compared to analyst estimates of $305.12 million. Haemonetics had a net margin of 12.14% and a return on equity of 26.64%. The firm's revenue was down 4.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.02 EPS. As a group, research analysts expect that Haemonetics will post 4.55 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of HAE. Parkside Financial Bank & Trust boosted its holdings in shares of Haemonetics by 11.6% in the second quarter. Parkside Financial Bank & Trust now owns 1,461 shares of the medical instruments supplier's stock valued at $109,000 after buying an additional 152 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Haemonetics by 59.4% in the second quarter. GAMMA Investing LLC now owns 443 shares of the medical instruments supplier's stock valued at $33,000 after buying an additional 165 shares during the period. Quarry LP boosted its holdings in Haemonetics by 63.4% during the first quarter. Quarry LP now owns 495 shares of the medical instruments supplier's stock worth $31,000 after purchasing an additional 192 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Haemonetics by 1.4% during the first quarter. Louisiana State Employees Retirement System now owns 14,100 shares of the medical instruments supplier's stock worth $896,000 after purchasing an additional 200 shares during the last quarter. Finally, CWC Advisors LLC. lifted its stake in Haemonetics by 7.4% in the fourth quarter. CWC Advisors LLC. now owns 3,083 shares of the medical instruments supplier's stock valued at $241,000 after acquiring an additional 212 shares during the last quarter. Institutional investors and hedge funds own 99.67% of the company's stock.

Haemonetics Company Profile

Haemonetics Corporation, a healthcare company, provides suite of medical products and solutions in the United States and internationally. The company offers automated plasma collection systems, donor management software, and supporting software solutions including NexSys PCS and PCS2 plasmapheresis equipment and related disposables and solutions, as well as integrated information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system and Donor360 app.