SurModics’ (SRDX) “Buy” Rating Reaffirmed at Needham & Company LLC

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Needham & Company LLC reaffirmed their buy rating on shares of SurModics (NASDAQ:SRDX) in a report released on Friday morning. The brokerage currently has a $74.00 price objective on the stock.

“SRDX beat consensus F4Q18 revenue and EPS. Management provided FY19 revenue guidance that was above consensus while adjusted EPS guidance was below consensus. Revenue growth slowed to 14.9% in in F3Q18. SRDX’s 3Q18 gross margin was down 120 bps Y/Y and its non-GAAP operating margin was down 1,130 bps Y/Y. Given FY19 revenue guidance that we think is achievable and likely conservative and continued progress with SRDX’s DCB program, we reiterate our Buy rating.”,” Needham & Company LLC’s analyst wrote.

Other analysts have also issued research reports about the company. Lake Street Capital upped their price objective on SurModics to $90.00 and gave the stock a buy rating in a research report on Tuesday, August 7th. BidaskClub lowered SurModics from a strong-buy rating to a buy rating in a research report on Tuesday, July 31st. Finally, Barrington Research upped their price objective on SurModics to $73.00 and gave the stock an outperform rating in a research report on Tuesday, August 7th. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $71.75.

Shares of SurModics stock traded down $2.63 during trading hours on Friday, reaching $64.00. 126,780 shares of the company were exchanged, compared to its average volume of 79,854. SurModics has a 1 year low of $25.00 and a 1 year high of $82.35. The firm has a market capitalization of $890.15 million, a P/E ratio of 125.49, a P/E/G ratio of 222.23 and a beta of 0.90.

SurModics (NASDAQ:SRDX) last posted its quarterly earnings data on Friday, November 9th. The company reported $0.05 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.06. SurModics had a positive return on equity of 7.53% and a negative net margin of 2.94%. The business had revenue of $23.04 million for the quarter, compared to analyst estimates of $22.54 million. On average, equities research analysts expect that SurModics will post 0.43 EPS for the current year.

In related news, VP Gregg S. Sutton sold 14,824 shares of the stock in a transaction on Thursday, August 23rd. The stock was sold at an average price of $74.14, for a total value of $1,099,051.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Gary R. Maharaj sold 5,000 shares of the stock in a transaction on Thursday, November 1st. The shares were sold at an average price of $62.21, for a total value of $311,050.00. Following the completion of the transaction, the chief executive officer now directly owns 166,086 shares in the company, valued at approximately $10,332,210.06. The disclosure for this sale can be found here. Insiders sold 25,824 shares of company stock worth $1,847,681 in the last three months. 7.70% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. O Shaughnessy Asset Management LLC acquired a new position in SurModics in the third quarter valued at $101,000. Piedmont Investment Advisors LLC acquired a new position in SurModics in the second quarter valued at $170,000. CAPROCK Group Inc. acquired a new position in SurModics in the third quarter valued at $210,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in SurModics in the third quarter valued at $238,000. Finally, Teachers Retirement System of The State of Kentucky boosted its stake in SurModics by 77.9% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 3,198 shares of the company’s stock valued at $239,000 after acquiring an additional 1,400 shares in the last quarter. 84.85% of the stock is currently owned by hedge funds and other institutional investors.

About SurModics

Surmodics, Inc, together with its subsidiaries, provides medical devices and in vitro diagnostic technologies to the healthcare industry in the United States and Ireland. It operates through two segments, Medical Device and In Vitro Diagnostics. The Medical Device segment offers surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices, as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device for the coronary, peripheral, neuro-vascular, urology, and other markets.

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