Qiagen (NASDAQ:QGEN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, February 6th.
According to Zacks, “QIAGEN ended the 2017 on a solid note with a better-than-expected fourth-quarter performance. We are, impressed with growth in all the business segments. On the profitability front, QIAGEN performed well in terms of operating margin. We are also upbeat about the agreement to buy STAT-Dx. We also look forward to the implementation of the recently-drawn strategies to boost top-line contributions from the NGS portfolio. Moreover, the company’s focus to drive growth through Sample-to-Insight offerings buoys optimism. Further, QIAsymphony placements exceeded the goal of 2,000 cumulative placements at the end of 2017. Over the last six months, QIAGEN has been outperforming the broader industry. However, declining HPV sales in the United States continue to be a drag. Also, competitive landscape and strong reliance on collaborations are other concerns.”
Several other brokerages have also commented on QGEN. BidaskClub upgraded shares of Qiagen from a “sell” rating to a “hold” rating in a report on Friday, January 5th. Deutsche Bank reiterated a “buy” rating on shares of Qiagen in a report on Monday, January 22nd. JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Qiagen in a report on Tuesday, November 7th. Cowen reiterated a “hold” rating and set a $33.00 target price on shares of Qiagen in a report on Friday, November 3rd. Finally, Commerzbank reiterated a “buy” rating on shares of Qiagen in a report on Thursday, February 1st. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $35.33.
Qiagen announced that its Board of Directors has authorized a share buyback plan on Wednesday, January 31st that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Qiagen by 7.0% in the 2nd quarter. Vanguard Group Inc. now owns 6,053,863 shares of the company’s stock valued at $202,986,000 after buying an additional 394,201 shares during the last quarter. Frontier Capital Management Co. LLC grew its position in shares of Qiagen by 0.7% in the 3rd quarter. Frontier Capital Management Co. LLC now owns 2,554,021 shares of the company’s stock valued at $80,452,000 after buying an additional 17,946 shares during the last quarter. State Street Corp grew its position in shares of Qiagen by 2.1% in the 2nd quarter. State Street Corp now owns 2,330,061 shares of the company’s stock valued at $78,130,000 after buying an additional 48,679 shares during the last quarter. Legal & General Group Plc grew its position in shares of Qiagen by 0.8% in the 3rd quarter. Legal & General Group Plc now owns 1,909,956 shares of the company’s stock valued at $52,573,000 after buying an additional 15,660 shares during the last quarter. Finally, First Trust Advisors LP grew its position in shares of Qiagen by 24.2% in the 3rd quarter. First Trust Advisors LP now owns 1,347,230 shares of the company’s stock valued at $42,438,000 after buying an additional 262,700 shares during the last quarter. 62.23% of the stock is currently owned by hedge funds and other institutional investors.
QIAGEN N.V. (QIAGEN) is a holding company. The Company is engaged in providing Sample to Insight solutions that transform biological samples into molecular insights. Its Sample to Insight solutions integrate sample and assay technologies, bioinformatics and automation systems. Its sample technologies are used for isolating and preparing deoxyribonucleic acid (DNA), ribonucleic acid (RNA) and proteins from blood or other liquids, tissue, plants or other materials.
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