Abaxis (NASDAQ:ABAX) Upgraded at UBS Group

UBS Group upgraded shares of Abaxis (NASDAQ:ABAX) from an underperform rating to a market perform rating in a research note released on Tuesday, January 9th, The Fly reports.

ABAX has been the subject of several other research reports. Aegis reaffirmed a hold rating on shares of Abaxis in a research note on Friday, December 1st. Canaccord Genuity reissued a hold rating and set a $47.00 target price (up previously from $46.00) on shares of Abaxis in a research note on Friday, October 27th. Zacks Investment Research downgraded shares of Abaxis from a hold rating to a sell rating in a research note on Thursday, October 26th. Raymond James Financial raised shares of Abaxis from an underperform rating to a market perform rating in a research note on Tuesday, January 9th. Finally, TheStreet upgraded shares of Abaxis from a c+ rating to a b- rating in a report on Wednesday, November 29th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $49.63.

Abaxis (ABAX) traded down $1.22 during midday trading on Tuesday, hitting $60.99. 227,784 shares of the company traded hands, compared to its average volume of 235,618. The firm has a market cap of $1,417.20, a price-to-earnings ratio of 50.83 and a beta of 0.86. Abaxis has a twelve month low of $43.66 and a twelve month high of $63.18.

Abaxis (NASDAQ:ABAX) last issued its quarterly earnings data on Tuesday, October 24th. The medical research company reported $0.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The business had revenue of $58.90 million during the quarter, compared to the consensus estimate of $60.85 million. Abaxis had a net margin of 11.98% and a return on equity of 10.18%. The firm’s revenue was up .5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.34 EPS. equities research analysts forecast that Abaxis will post 1.11 EPS for the current year.

Abaxis declared that its Board of Directors has initiated a share repurchase plan on Tuesday, October 24th that allows the company to buyback $21.00 million in shares. This buyback authorization allows the medical research company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Kayne Anderson Rudnick Investment Management LLC grew its holdings in shares of Abaxis by 11.9% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,504,059 shares of the medical research company’s stock valued at $156,457,000 after buying an additional 371,942 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Abaxis by 0.9% during the second quarter. Vanguard Group Inc. now owns 1,963,755 shares of the medical research company’s stock valued at $104,119,000 after purchasing an additional 16,676 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Abaxis by 1.7% during the third quarter. Dimensional Fund Advisors LP now owns 683,986 shares of the medical research company’s stock valued at $30,540,000 after purchasing an additional 11,757 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Abaxis by 1.1% during the third quarter. Wells Fargo & Company MN now owns 635,103 shares of the medical research company’s stock valued at $28,357,000 after purchasing an additional 6,974 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Abaxis by 1.0% during the second quarter. State Street Corp now owns 569,671 shares of the medical research company’s stock valued at $30,203,000 after purchasing an additional 5,672 shares in the last quarter. Hedge funds and other institutional investors own 97.66% of the company’s stock.

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Abaxis Company Profile

Abaxis, Inc is a developer, manufacturer and marketer of portable blood analysis systems that are used in medical specialties in human or veterinary patient care to provide clinicians with blood constituent measurements. The Company markets and sells its products around the world through independent distributors and direct sales force.

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