Needham & Company LLC Lowers Merit Medical Systems (NASDAQ:MMSI) Price Target to $116.00

Merit Medical Systems (NASDAQ:MMSI) had its price objective lowered by research analysts at Needham & Company LLC from $122.00 to $116.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the medical instruments supplier’s stock. Needham & Company LLC’s target price would suggest a potential upside of 17.75% from the stock’s previous close.

Several other research firms have also recently weighed in on MMSI. Wells Fargo & Company upgraded shares of Merit Medical Systems from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $103.00 to $120.00 in a research report on Wednesday, December 11th. StockNews.com lowered shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a report on Sunday, November 3rd. Robert W. Baird raised their price objective on shares of Merit Medical Systems from $107.00 to $109.00 and gave the company an “outperform” rating in a research report on Thursday, October 31st. Canaccord Genuity Group upped their target price on shares of Merit Medical Systems from $127.00 to $128.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Finally, Piper Sandler restated an “overweight” rating and set a $116.00 price target (up previously from $114.00) on shares of Merit Medical Systems in a research report on Wednesday, January 29th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Merit Medical Systems has an average rating of “Moderate Buy” and an average price target of $108.40.

Merit Medical Systems Price Performance

Merit Medical Systems stock opened at $98.52 on Wednesday. The stock has a market cap of $5.74 billion, a price-to-earnings ratio of 48.29, a PEG ratio of 2.34 and a beta of 0.87. The company has a quick ratio of 3.82, a current ratio of 5.36 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $102.83 and a 200 day simple moving average of $99.88. Merit Medical Systems has a 52 week low of $70.70 and a 52 week high of $111.45.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Merit Medical Systems by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 6,648,659 shares of the medical instruments supplier’s stock worth $643,058,000 after acquiring an additional 63,314 shares during the last quarter. Conestoga Capital Advisors LLC boosted its stake in shares of Merit Medical Systems by 1.7% during the third quarter. Conestoga Capital Advisors LLC now owns 2,289,148 shares of the medical instruments supplier’s stock valued at $226,236,000 after purchasing an additional 38,780 shares during the period. State Street Corp grew its holdings in shares of Merit Medical Systems by 0.7% in the third quarter. State Street Corp now owns 2,231,701 shares of the medical instruments supplier’s stock worth $220,559,000 after purchasing an additional 15,098 shares during the last quarter. FMR LLC increased its stake in shares of Merit Medical Systems by 31.6% in the fourth quarter. FMR LLC now owns 2,076,439 shares of the medical instruments supplier’s stock worth $200,833,000 after buying an additional 499,193 shares during the period. Finally, Fuller & Thaler Asset Management Inc. raised its holdings in Merit Medical Systems by 2.3% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,633,246 shares of the medical instruments supplier’s stock valued at $157,968,000 after buying an additional 36,489 shares during the last quarter. Hedge funds and other institutional investors own 99.66% of the company’s stock.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.