CONMED's (CNMD) "Buy" Rating Reiterated at Needham & Company LLC

CONMED (NYSE:CNMD - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Needham & Company LLC in a report issued on Monday, Benzinga reports. They currently have a $107.00 target price on the stock. Needham & Company LLC's price objective would indicate a potential upside of 51.13% from the stock's previous close.

A number of other equities research analysts also recently weighed in on the stock. Piper Sandler dropped their price target on shares of CONMED from $100.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday, April 25th. Wells Fargo & Company dropped their target price on shares of CONMED from $98.00 to $77.00 and set an "equal weight" rating for the company in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. reduced their price target on CONMED from $115.00 to $75.00 and set an "overweight" rating on the stock in a research report on Thursday, April 25th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $107.86.

CONMED Price Performance

Shares of CNMD stock traded down $0.96 during trading hours on Monday, reaching $70.80. 381,936 shares of the company were exchanged, compared to its average volume of 591,435. CONMED has a fifty-two week low of $61.05 and a fifty-two week high of $138.47. The company has a debt-to-equity ratio of 1.16, a current ratio of 2.18 and a quick ratio of 1.08. The stock's fifty day moving average is $76.85 and its two-hundred day moving average is $92.47. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 27.31, a P/E/G ratio of 0.68 and a beta of 1.37.

CONMED (NYSE:CNMD - Get Free Report) last released its earnings results on Wednesday, April 24th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.74 by $0.05. CONMED had a return on equity of 13.78% and a net margin of 6.53%. The company had revenue of $312.27 million during the quarter, compared to analysts' expectations of $307.06 million. Sell-side analysts forecast that CONMED will post 4.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Pat Beyer bought 3,000 shares of CONMED stock in a transaction that occurred on Tuesday, April 30th. The stock was purchased at an average cost of $68.30 per share, with a total value of $204,900.00. Following the purchase, the chief operating officer now owns 10,807 shares in the company, valued at $738,118.10. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.80% of the company's stock.

Hedge Funds Weigh In On CONMED

Several institutional investors and hedge funds have recently made changes to their positions in CNMD. GAMMA Investing LLC bought a new position in shares of CONMED during the fourth quarter worth approximately $40,000. Principal Securities Inc. bought a new position in CONMED during the 4th quarter worth $46,000. Headlands Technologies LLC acquired a new position in CONMED in the 3rd quarter valued at $64,000. AdvisorNet Financial Inc lifted its position in shares of CONMED by 70.6% during the 1st quarter. AdvisorNet Financial Inc now owns 1,800 shares of the company's stock valued at $144,000 after acquiring an additional 745 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in shares of CONMED by 44.2% during the 4th quarter. Quadrant Capital Group LLC now owns 1,631 shares of the company's stock worth $179,000 after purchasing an additional 500 shares in the last quarter.

CONMED Company Profile

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.