Needham & Company LLC Reiterates "Buy" Rating for Haemonetics (NYSE:HAE)

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)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, August 7th, MarketBeat Ratings reports. They presently have a $68.00 price objective on the medical instruments supplier's stock, down from their prior price objective of $84.00. Needham & Company LLC's price objective indicates a potential upside of 26.81% from the company's current price.

Several other research firms have also recently commented on HAE. Citigroup upgraded shares of Haemonetics from a "neutral" rating to a "buy" rating and set a $90.00 price target for the company in a report on Wednesday, July 9th. Robert W. Baird started coverage on shares of Haemonetics in a report on Thursday, June 26th. They set an "outperform" rating and a $87.00 price objective for the company. Wall Street Zen downgraded Haemonetics from a "buy" rating to a "hold" rating in a research report on Tuesday, May 13th. Barrington Research reaffirmed an "outperform" rating and set a $95.00 price objective on shares of Haemonetics in a research report on Friday, July 11th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $100.00 target price on shares of Haemonetics in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $85.18.

Haemonetics Price Performance

HAE stock opened at $53.63 on Thursday. Haemonetics has a 52-week low of $50.68 and a 52-week high of $94.99. The stock's fifty day simple moving average is $71.19 and its 200-day simple moving average is $66.77. The company has a quick ratio of 1.04, a current ratio of 1.72 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of 16.40, a price-to-earnings-growth ratio of 0.99 and a beta of 0.40.

Haemonetics (NYSE:HAE - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The medical instruments supplier reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.09. Haemonetics had a net margin of 12.14% and a return on equity of 26.64%. The company had revenue of $321.39 million for the quarter, compared to analysts' expectations of $305.12 million. During the same quarter in the previous year, the company posted $1.02 EPS. The business's revenue was down 4.4% compared to the same quarter last year. Equities research analysts expect that Haemonetics will post 4.55 EPS for the current year.

Hedge Funds Weigh In On Haemonetics

Hedge funds have recently added to or reduced their stakes in the stock. River Road Asset Management LLC grew its holdings in shares of Haemonetics by 18.7% in the 2nd quarter. River Road Asset Management LLC now owns 1,655,676 shares of the medical instruments supplier's stock valued at $122,586,000 after buying an additional 260,624 shares during the period. Geode Capital Management LLC boosted its position in shares of Haemonetics by 1.9% during the second quarter. Geode Capital Management LLC now owns 1,244,624 shares of the medical instruments supplier's stock worth $92,873,000 after buying an additional 23,257 shares during the period. Royce & Associates LP grew its stake in shares of Haemonetics by 0.7% during the 1st quarter. Royce & Associates LP now owns 1,161,296 shares of the medical instruments supplier's stock worth $73,800,000 after acquiring an additional 8,028 shares in the last quarter. Boston Trust Walden Corp grew its position in Haemonetics by 22.1% in the first quarter. Boston Trust Walden Corp now owns 1,118,331 shares of the medical instruments supplier's stock valued at $71,070,000 after purchasing an additional 202,609 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in Haemonetics by 2.3% in the 1st quarter. Royal Bank of Canada now owns 1,075,604 shares of the medical instruments supplier's stock valued at $68,355,000 after buying an additional 24,650 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.