Azenta (NASDAQ:AZTA) Shares Down 9.3% - What's Next?

Key Points

• Azenta shares fell 9.3% to about $33.12 in Friday trading, with volume roughly half its average session level.
• Analyst sentiment remains mixed: the consensus rating is Hold, with an average price target of $41.20; Needham maintained a Buy rating and $37 target.
• Azenta recently exceeded quarterly expectations, reporting $0.16 in EPS versus $0.11 expected and revenue of $161.18 million versus $149.31 million forecast. Institutional investors own approximately 99.08% of the company.

Shares of Azenta, Inc. (NASDAQ:AZTA - Get Free Report) traded down 9.3% on Friday. The company traded as low as $33.20 and last traded at $33.1190. 462,967 shares traded hands during mid-day trading, a decline of 51% from the average session volume of 940,976 shares. The stock had previously closed at $36.52.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on AZTA. Wall Street Zen raised shares of Azenta from a "hold" rating to a "buy" rating in a research report on Saturday, October 10th. Weiss Ratings upgraded Azenta from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, August 26th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $37.00 target price on shares of Azenta in a report on Monday, September 14th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $41.20.

Azenta Trading Down 7.4%

The company has a 50-day simple moving average of $34.14 and a 200 day simple moving average of $27.40. The company has a market cap of $1.48 billion, a P/E ratio of -12.24 and a beta of 1.52.

Azenta (NASDAQ:AZTA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.11 by $0.05. The business had revenue of $161.18 million for the quarter, compared to the consensus estimate of $149.31 million. Azenta had a positive return on equity of 1.18% and a negative net margin of 20.63%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new position in Azenta in the 3rd quarter valued at $3,475,000. Legacy Wealth Asset Management LLC purchased a new position in Azenta during the third quarter worth approximately $246,000. GAMMA Investing LLC lifted its position in Azenta by 43.8% during the third quarter. GAMMA Investing LLC now owns 4,454 shares of the company's stock worth $155,000 after buying an additional 1,357 shares in the last quarter. Green Alpha Advisors LLC lifted its position in Azenta by 3.5% during the third quarter. Green Alpha Advisors LLC now owns 9,187 shares of the company's stock worth $321,000 after buying an additional 313 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new position in Azenta during the second quarter worth $39,000. Institutional investors and hedge funds own 99.08% of the company's stock.

Azenta Company Profile

Azenta, Inc NASDAQ: AZTA is a life sciences company that provides products and services for the management, storage, and analysis of biological and chemical samples. Its offerings support pharmaceutical and biotechnology companies, academic and government research institutions, clinical research organizations, and other laboratories.

The company's products include automated sample storage systems, laboratory automation equipment, sample-management software, consumables, and cold-storage solutions designed to preserve and track biological materials.

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