Allscripts Healthcare Solutions (NASDAQ:MDRX) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Allscripts Healthcare Solutions (NASDAQ:MDRX) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. They currently have $11.00 price objective on the software maker’s stock.

According to Zacks, “Allscripts ended the third quarter on a mixed note. The company continues to gain from the core Client Services unit, which displayed an improved performance in the quarter. Significant growth in third-quarter bookings also buoys optimism. The company continues to maintain momentum in its Provider business on the back of key client wins across solution set. The company is confident about its near and long-term outlook as it anticipates to benefit from a number of differentiated growth opportunities in both Provider and Veradigm businesses. However, the company witnessed a contraction in both gross and operating margins in the third quarter. It is also exposed to integration risks. Intense competition in the niche space is an added concern. Over the past year, Allscripts has underperformed its industry.”

Several other research analysts also recently issued reports on MDRX. BidaskClub downgraded Allscripts Healthcare Solutions from a hold rating to a sell rating in a research report on Tuesday. ValuEngine lowered Allscripts Healthcare Solutions from a hold rating to a sell rating in a research note on Monday, November 4th. Jefferies Financial Group started coverage on Allscripts Healthcare Solutions in a report on Friday, August 23rd. They set a buy rating and a $13.00 target price on the stock. Evercore ISI reissued a hold rating and set a $11.50 price target on shares of Allscripts Healthcare Solutions in a research report on Sunday, August 11th. Finally, UBS Group began coverage on Allscripts Healthcare Solutions in a research report on Tuesday, November 26th. They issued a neutral rating and a $11.50 price objective on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $11.63.

Shares of NASDAQ MDRX opened at $10.56 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.51. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 19.20, a PEG ratio of 2.43 and a beta of 1.41. The company’s 50-day moving average price is $10.94 and its 200 day moving average price is $10.50. Allscripts Healthcare Solutions has a 52 week low of $8.54 and a 52 week high of $12.40.

Allscripts Healthcare Solutions (NASDAQ:MDRX) last announced its earnings results on Monday, November 4th. The software maker reported $0.17 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.17. Allscripts Healthcare Solutions had a net margin of 12.00% and a return on equity of 5.98%. The company had revenue of $445.00 million during the quarter, compared to analysts’ expectations of $450.04 million. During the same quarter in the previous year, the business posted $0.18 earnings per share. The firm’s quarterly revenue was up 2.9% compared to the same quarter last year. As a group, research analysts expect that Allscripts Healthcare Solutions will post 0.49 earnings per share for the current year.

Several hedge funds and other institutional investors have recently modified their holdings of MDRX. Vanguard Group Inc. boosted its position in Allscripts Healthcare Solutions by 2.2% during the second quarter. Vanguard Group Inc. now owns 16,523,536 shares of the software maker’s stock worth $192,169,000 after acquiring an additional 363,005 shares during the last quarter. Fisher Asset Management LLC grew its stake in Allscripts Healthcare Solutions by 3.4% in the 3rd quarter. Fisher Asset Management LLC now owns 4,647,875 shares of the software maker’s stock worth $51,034,000 after acquiring an additional 154,114 shares during the period. Tamarack Advisers LP lifted its stake in shares of Allscripts Healthcare Solutions by 7.6% during the 3rd quarter. Tamarack Advisers LP now owns 4,225,000 shares of the software maker’s stock worth $46,391,000 after purchasing an additional 300,000 shares during the period. Northern Trust Corp lifted its stake in shares of Allscripts Healthcare Solutions by 9.7% during the 2nd quarter. Northern Trust Corp now owns 2,906,636 shares of the software maker’s stock worth $33,804,000 after purchasing an additional 256,892 shares during the period. Finally, Paradigm Capital Management Inc. NY lifted its stake in shares of Allscripts Healthcare Solutions by 1.9% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 1,903,700 shares of the software maker’s stock worth $22,140,000 after purchasing an additional 35,400 shares during the period.

About Allscripts Healthcare Solutions

Allscripts Healthcare Solutions, Inc provides information technology solutions and services to healthcare organizations in the United States, Canada, and internationally. It offers electronic health records (EHR), connectivity, private cloud hosting, outsourcing, analytics, patient engagement, clinical decision support, and population health management solutions.

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