Surmodics (NASDAQ:SRDX) Given New $43.00 Price Target at Needham & Company LLC

Surmodics (NASDAQ:SRDX) had its target price trimmed by Needham & Company LLC from $47.00 to $43.00 in a research report report published on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

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

Surmodics Trading Down 6.0 %

Shares of NASDAQ SRDX opened at $32.49 on Wednesday. The firm’s 50 day moving average price is $28.63 and its 200-day moving average price is $31.67. The company has a market cap of $463.31 million, a PE ratio of 34.20 and a beta of 1.04. Surmodics has a 52-week low of $16.79 and a 52-week high of $39.41. 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 (NASDAQ:SRDX) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.07 earnings per share for the quarter, beating 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 firm had revenue of $31.96 million during the quarter, compared to analysts’ expectations of $28.79 million. During the same period in the previous year, the company earned ($0.40) earnings per share. On average, equities research analysts expect that Surmodics will post -0.57 EPS for the current fiscal year.

Institutional Trading of Surmodics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in Surmodics by 2.4% during 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 boosted its position in shares of Surmodics by 18.8% in the third quarter. Acadian Asset Management LLC now owns 354,738 shares of the company’s stock worth $11,377,000 after purchasing an additional 56,012 shares during the period. Salem Investment Counselors Inc. boosted its position in shares of Surmodics by 1.3% in the fourth quarter. Salem Investment Counselors Inc. now owns 129,940 shares of the company’s stock worth $4,723,000 after purchasing an additional 1,700 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Surmodics by 6.4% in the fourth quarter. Russell Investments Group Ltd. now owns 67,845 shares of the company’s stock worth $2,466,000 after purchasing an additional 4,066 shares during the period. Finally, Panagora Asset Management Inc. boosted its position in shares of Surmodics by 109.8% in the fourth quarter. Panagora Asset Management Inc. now owns 44,664 shares of the company’s stock worth $1,624,000 after purchasing an additional 23,379 shares during the period. 96.63% of the stock is owned by hedge funds and other institutional investors.

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).