Needham & Company LLC Raises Alphatec (NASDAQ:ATEC) Price Target to $23.00

Alphatec (NASDAQ:ATEC) had its price target increased by Needham & Company LLC from $22.00 to $23.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the medical technology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 66.67% from the stock’s current price.

Several other analysts have also recently commented on the company. Canaccord Genuity Group restated a “buy” rating and set a $25.00 target price on shares of Alphatec in a report on Wednesday, March 20th. Wells Fargo & Company initiated coverage on shares of Alphatec in a report on Friday, February 9th. They set an “overweight” rating and a $26.00 price objective on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Alphatec in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $23.63.

Alphatec Stock Up 2.9 %

Shares of NASDAQ ATEC opened at $13.80 on Thursday. Alphatec has a 52-week low of $8.66 and a 52-week high of $19.14. The company has a debt-to-equity ratio of 6.54, a quick ratio of 1.99 and a current ratio of 2.86. The business has a fifty day moving average of $14.90 and a two-hundred day moving average of $13.40. The stock has a market cap of $1.90 billion, a PE ratio of -8.90 and a beta of 1.58.

Alphatec (NASDAQ:ATEC) last posted its earnings results on Tuesday, February 27th. The medical technology company reported ($0.37) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.09). The firm had revenue of $138.00 million for the quarter, compared to the consensus estimate of $131.90 million. The company’s revenue was up 30.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.33) EPS. As a group, equities research analysts expect that Alphatec will post -1.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Alphatec news, EVP David Sponsel sold 2,500 shares of the company’s stock in a transaction dated Wednesday, February 14th. The shares were sold at an average price of $16.16, for a total transaction of $40,400.00. Following the transaction, the executive vice president now directly owns 637,418 shares in the company, valued at approximately $10,300,674.88. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Alphatec news, EVP David Sponsel sold 2,500 shares of Alphatec stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $16.16, for a total transaction of $40,400.00. Following the completion of the sale, the executive vice president now owns 637,418 shares of the company’s stock, valued at approximately $10,300,674.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Scott Lish sold 11,963 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $15.34, for a total transaction of $183,512.42. Following the sale, the chief operating officer now owns 538,240 shares of the company’s stock, valued at approximately $8,256,601.60. The disclosure for this sale can be found here. Insiders sold a total of 250,069 shares of company stock worth $3,528,245 over the last three months. 29.12% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ATEC. American Century Companies Inc. boosted its position in shares of Alphatec by 24.5% during the third quarter. American Century Companies Inc. now owns 2,655,328 shares of the medical technology company’s stock worth $34,440,000 after purchasing an additional 523,323 shares in the last quarter. Intrinsic Edge Capital Management LLC grew its stake in Alphatec by 63.4% in the second quarter. Intrinsic Edge Capital Management LLC now owns 1,078,284 shares of the medical technology company’s stock valued at $19,388,000 after acquiring an additional 418,289 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Alphatec by 10.5% in the third quarter. Assenagon Asset Management S.A. now owns 1,587,516 shares of the medical technology company’s stock worth $20,590,000 after acquiring an additional 151,249 shares in the last quarter. abrdn plc raised its position in shares of Alphatec by 276.7% during the third quarter. abrdn plc now owns 1,382,770 shares of the medical technology company’s stock worth $17,935,000 after purchasing an additional 1,015,668 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Alphatec by 77.3% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 461,511 shares of the medical technology company’s stock valued at $5,986,000 after purchasing an additional 201,249 shares in the last quarter. Institutional investors own 66.35% of the company’s stock.

About Alphatec

Alphatec Holdings, Inc, a medical technology company, designs, develops, and advances technologies for the surgical treatment of spinal disorders in the United States and internationally. It manufactures and sells implants and instruments through third-party suppliers. The company offers Alpha InformatiX product platform, including EOS imaging system that provides full-body imaging; VEA alignment mobile application, which leverages EOS technology to more quickly quantify alignment parameters on a mobile device; SafeOp Neural InformatiX System that automates electromyographic and somatosensory evoked potential monitoring; and Valence, an intra-operative system that integrates navigation and robotics into spine procedures, as well as Sigma Prone TransPsoas (PTP) Access and PTP Patient Positioning Systems.