Piper Sandler Lowers Fulgent Genetics (NASDAQ:FLGT) Price Target to $21.00

Fulgent Genetics (NASDAQ:FLGT) had its target price trimmed by Piper Sandler from $23.00 to $21.00 in a research report released on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Separately, Raymond James Financial reissued an “outperform” rating and issued a $25.00 target price (up previously from $24.00) on shares of Fulgent Genetics in a report on Monday, May 5th.

Fulgent Genetics Price Performance

Shares of FLGT stock opened at $18.36 on Monday. The business’s fifty day moving average price is $19.62 and its 200 day moving average price is $18.37. Fulgent Genetics has a 1-year low of $14.57 and a 1-year high of $25.00. The firm has a market capitalization of $558.88 million, a PE ratio of -11.06 and a beta of 0.83.

Fulgent Genetics (NASDAQ:FLGT) last posted its earnings results on Friday, August 1st. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.30. The company had revenue of $81.80 million for the quarter, compared to analyst estimates of $76.21 million. Fulgent Genetics had a negative return on equity of 2.26% and a negative net margin of 16.83%. Fulgent Genetics’s revenue was up 15.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.15 earnings per share. Equities research analysts expect that Fulgent Genetics will post -0.85 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fulgent Genetics news, COO Jian Xie sold 1,873 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $20.54, for a total value of $38,471.42. Following the sale, the chief operating officer owned 372,631 shares of the company’s stock, valued at approximately $7,653,840.74. This represents a 0.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 33.11% of the company’s stock.

Institutional Trading of Fulgent Genetics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Signaturefd LLC increased its position in Fulgent Genetics by 60.4% during the 2nd quarter. Signaturefd LLC now owns 1,914 shares of the company’s stock worth $38,000 after purchasing an additional 721 shares in the last quarter. Russell Investments Group Ltd. increased its position in Fulgent Genetics by 267.4% during the 4th quarter. Russell Investments Group Ltd. now owns 2,693 shares of the company’s stock worth $50,000 after purchasing an additional 1,960 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Fulgent Genetics during the 4th quarter worth about $57,000. State of Wyoming purchased a new stake in Fulgent Genetics during the 4th quarter worth about $57,000. Finally, PNC Financial Services Group Inc. increased its position in Fulgent Genetics by 122.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,562 shares of the company’s stock worth $60,000 after purchasing an additional 1,963 shares in the last quarter. Hedge funds and other institutional investors own 48.06% of the company’s stock.

About Fulgent Genetics

Fulgent Genetics, Inc, together with its subsidiaries, provides clinical diagnostic and therapeutic development solutions to physicians and patients in the United States and internationally. The company’s clinical diagnostic solutions include molecular diagnostic testing; genetic testing; anatomic pathology laboratory tests and testing services, such as gastrointestinal pathology, dermatopathology, urologic pathology, breast pathology, neuropathology, and hematopathology; oncology tests and testing services; and sequencer services related to hereditary cancer, reproductive health, and other diseases.