Zacks Investment Research cut shares of Allscripts Healthcare Solutions, Inc. (NASDAQ:MDRX) from a buy rating to a hold rating in a research note published on Wednesday morning.
According to Zacks, “Allscripts exited the third quarter on a favorable note. A solid guidance for 2017 and an encouraging long-term outlook are the key highlights of the quarter. Also, the expansion in margin is encouraging. We look forward to the takeover of the hospital and health system business of McKesson Corporation.The company’s solid growth in U.S. Core Solutions and Services, fueled by Sunrise electronic health record (EHR) platform and Allscripts Revenue Cycle Management Services, buoys optimism.On the flipside, Allscripts’ continued reliance on mergers and acquisition activities poses substantial integration risks. Further, intensifying competition is a major dampener. The company’s products have a long sales cycle which involves intensive decision-making at different managerial levels. The company also expects a modest increase in operating expenses to support business growth.”
Several other brokerages have also issued reports on MDRX. Morgan Stanley raised their price objective on Allscripts Healthcare Solutions from $11.00 to $12.00 and gave the stock an underweight rating in a report on Monday, August 7th. Cowen and Company raised Allscripts Healthcare Solutions from a market perform rating to an outperform rating and raised their price objective for the stock from $13.00 to $16.00 in a report on Monday, September 11th. Royal Bank Of Canada initiated coverage on Allscripts Healthcare Solutions in a report on Tuesday, September 19th. They set an outperform rating and a $17.00 price objective on the stock. Maxim Group reaffirmed a buy rating and set a $16.00 price objective on shares of Allscripts Healthcare Solutions in a report on Friday, August 4th. Finally, Piper Jaffray Companies reaffirmed a hold rating and set a $14.00 price objective on shares of Allscripts Healthcare Solutions in a report on Friday, July 21st. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $15.06.
Allscripts Healthcare Solutions (MDRX) opened at $12.57 on Wednesday. The stock has a market capitalization of $2,271.16, a PE ratio of 29.23, a price-to-earnings-growth ratio of 2.24 and a beta of 1.35. Allscripts Healthcare Solutions has a twelve month low of $9.96 and a twelve month high of $14.45. The company has a current ratio of 0.98, a quick ratio of 0.93 and a debt-to-equity ratio of 1.20.
In related news, President Richard J. Poulton sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $13.56, for a total value of $203,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Brian Farley sold 5,000 shares of the firm’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $13.52, for a total transaction of $67,600.00. Following the completion of the sale, the executive vice president now owns 196,607 shares of the company’s stock, valued at approximately $2,658,126.64. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,000 shares of company stock valued at $473,800. 0.75% of the stock is owned by insiders.
A number of large investors have recently made changes to their positions in the stock. World Asset Management Inc lifted its position in Allscripts Healthcare Solutions by 0.7% in the second quarter. World Asset Management Inc now owns 11,419 shares of the software maker’s stock valued at $146,000 after purchasing an additional 81 shares during the period. Atlantic Trust Group LLC lifted its position in shares of Allscripts Healthcare Solutions by 0.3% during the 2nd quarter. Atlantic Trust Group LLC now owns 32,900 shares of the software maker’s stock valued at $420,000 after acquiring an additional 110 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Allscripts Healthcare Solutions by 0.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 26,484 shares of the software maker’s stock valued at $338,000 after acquiring an additional 115 shares during the period. Bank of Montreal Can lifted its position in shares of Allscripts Healthcare Solutions by 6.9% during the 2nd quarter. Bank of Montreal Can now owns 10,603 shares of the software maker’s stock valued at $135,000 after acquiring an additional 689 shares during the period. Finally, Amalgamated Bank lifted its position in shares of Allscripts Healthcare Solutions by 3.0% during the 1st quarter. Amalgamated Bank now owns 29,551 shares of the software maker’s stock valued at $375,000 after acquiring an additional 868 shares during the period.
Allscripts Healthcare Solutions Company Profile
Allscripts Healthcare Solutions, Inc (Allscripts) delivers information technology (IT) solutions and services to help healthcare organizations. The Company operates through three segments: Clinical and Financial Solutions, Population Health, and Netsmart. The Clinical and Financial Solutions segment includes the sale of integrated clinical software applications and financial and information solutions.
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