Traders Buy Shares of ABIOMED (ABMD) on Weakness on Insider Selling

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Investors purchased shares of ABIOMED, Inc. (NASDAQ:ABMD) on weakness during trading on Tuesday after an insider sold shares in the company. $174.43 million flowed into the stock on the tick-up and $94.17 million flowed out of the stock on the tick-down, for a money net flow of $80.26 million into the stock. Of all equities tracked, ABIOMED had the 8th highest net in-flow for the day. ABIOMED traded down ($3.51) for the day and closed at $439.64Specifically, COO David M. Weber sold 46,500 shares of the business’s stock in a transaction dated Monday, June 18th. The shares were sold at an average price of $442.63, for a total transaction of $20,582,295.00. Following the completion of the sale, the chief operating officer now owns 189,657 shares of the company’s stock, valued at $83,947,877.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP William J. Bolt sold 22,790 shares of the business’s stock in a transaction dated Monday, May 7th. The stock was sold at an average price of $348.03, for a total transaction of $7,931,603.70. Following the sale, the senior vice president now directly owns 66,414 shares of the company’s stock, valued at approximately $23,114,064.42. The disclosure for this sale can be found here. Insiders have sold 108,680 shares of company stock valued at $42,125,039 in the last three months. Corporate insiders own 7.00% of the company’s stock.

A number of analysts have recently commented on ABMD shares. ValuEngine raised shares of ABIOMED from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research raised shares of ABIOMED from a “hold” rating to a “strong-buy” rating and set a $335.00 target price for the company in a research note on Tuesday, April 3rd. Goldman Sachs Group started coverage on shares of ABIOMED in a research note on Wednesday, April 4th. They set a “buy” rating and a $332.00 target price for the company. Morgan Stanley boosted their target price on shares of ABIOMED from $259.00 to $320.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 1st. Finally, Piper Jaffray Companies boosted their target price on shares of ABIOMED to $360.00 and gave the stock an “overweight” rating in a research note on Thursday, May 3rd. Two research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $345.00.

The company has a market cap of $19.55 billion, a PE ratio of 182.13, a PEG ratio of 4.66 and a beta of 0.21.

ABIOMED (NASDAQ:ABMD) last announced its quarterly earnings data on Thursday, May 3rd. The medical equipment provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.16. ABIOMED had a net margin of 18.89% and a return on equity of 17.58%. The company had revenue of $174.44 million during the quarter, compared to analysts’ expectations of $164.30 million. During the same quarter in the prior year, the company earned $0.33 EPS. ABIOMED’s revenue was up 39.9% compared to the same quarter last year. analysts anticipate that ABIOMED, Inc. will post 3.5 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. WealthTrust Fairport LLC purchased a new stake in ABIOMED during the 1st quarter valued at about $145,000. Suntrust Banks Inc. purchased a new stake in ABIOMED during the 1st quarter valued at about $1,177,000. Amalgamated Bank grew its stake in ABIOMED by 6.5% during the 1st quarter. Amalgamated Bank now owns 9,189 shares of the medical equipment provider’s stock valued at $2,674,000 after acquiring an additional 558 shares in the last quarter. Principal Financial Group Inc. grew its stake in ABIOMED by 2.9% during the 1st quarter. Principal Financial Group Inc. now owns 183,416 shares of the medical equipment provider’s stock valued at $53,372,000 after acquiring an additional 5,158 shares in the last quarter. Finally, Navellier & Associates Inc boosted its holdings in ABIOMED by 13.6% in the 1st quarter. Navellier & Associates Inc now owns 10,853 shares of the medical equipment provider’s stock valued at $3,158,000 after purchasing an additional 1,300 shares during the last quarter. 86.92% of the stock is owned by institutional investors.

ABIOMED Company Profile

ABIOMED, Inc engages in the research, development, and sale of medical devices to assist or replace the pumping function of the failing heart. It also provides continuum of care to heart failure patients. The company offers Impella 2.5 catheter, a percutaneous micro heart pump with integrated motor and sensors for use in interventional cardiology; Impella CP that provides partial circulatory support using an extracorporeal bypass control unit; Impella 5.0 catheter and Impella LD, which are percutaneous micro heart pumps with integrated motors and sensors for use primarily in the heart surgery suite; and Impella RP, a percutaneous catheter-based axial flow pump.

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