Surmodics (NASDAQ:SRDX) Price Target Cut to $43.00

Surmodics (NASDAQ:SRDX) had its target price reduced by Needham & Company LLC from $47.00 to $43.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Separately, StockNews.com cut shares of Surmodics from a strong-buy rating to a buy rating in a research report on Wednesday, April 24th.

Surmodics Price Performance

Shares of NASDAQ SRDX opened at $32.49 on Wednesday. The firm has a market cap of $463.31 million, a PE ratio of 34.20 and a beta of 1.04. The firm has a fifty day moving average of $28.63 and a 200 day moving average of $31.67. The company has a debt-to-equity ratio of 0.24, a quick ratio of 3.97 and a current ratio of 4.39. Surmodics has a one year low of $16.79 and a one year high of $39.41.

Surmodics (NASDAQ:SRDX) last announced its earnings results on Wednesday, May 1st. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.36) by $0.43. Surmodics had a net margin of 9.44% and a return on equity of 13.30%. The company had revenue of $31.96 million for the quarter, compared to analysts’ expectations of $28.79 million. During the same quarter in the previous year, the company posted ($0.40) EPS. As a group, research analysts predict that Surmodics will post -0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SRDX. Vanguard Group Inc. lifted its position in Surmodics by 2.4% in the third quarter. Vanguard Group Inc. now owns 846,164 shares of the company’s stock valued at $27,153,000 after buying an additional 19,635 shares during the last quarter. Acadian Asset Management LLC lifted its position in Surmodics by 18.8% in the third quarter. Acadian Asset Management LLC now owns 354,738 shares of the company’s stock valued at $11,377,000 after buying an additional 56,012 shares during the last quarter. Salem Investment Counselors Inc. lifted its position in Surmodics by 1.3% in the fourth quarter. Salem Investment Counselors Inc. now owns 129,940 shares of the company’s stock valued at $4,723,000 after buying an additional 1,700 shares during the last quarter. Russell Investments Group Ltd. lifted its position in Surmodics by 6.4% in the fourth quarter. Russell Investments Group Ltd. now owns 67,845 shares of the company’s stock valued at $2,466,000 after buying an additional 4,066 shares during the last quarter. Finally, Panagora Asset Management Inc. lifted its position in Surmodics by 109.8% in the fourth quarter. Panagora Asset Management Inc. now owns 44,664 shares of the company’s stock valued at $1,624,000 after buying an additional 23,379 shares during the last quarter. Institutional investors and hedge funds own 96.63% of the company’s stock.

Surmodics Company Profile

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).