Neogen (NASDAQ:NEOG) Price Target Cut to $5.00 by Analysts at Piper Sandler

Neogen (NASDAQ:NEOG) had its target price cut by Piper Sandler from $6.40 to $5.00 in a report released on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

Separately, Guggenheim dropped their target price on shares of Neogen from $15.00 to $13.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th.

Neogen Stock Up 1.3 %

Shares of NASDAQ:NEOG opened at $4.75 on Tuesday. The business’s 50 day moving average is $8.30 and its 200 day moving average is $11.42. Neogen has a 12-month low of $3.87 and a 12-month high of $18.58. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -2.17 and a beta of 1.57. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG) last posted its earnings results on Wednesday, April 9th. The company reported $0.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.12 by ($0.02). Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. The firm had revenue of $221.00 million during the quarter, compared to the consensus estimate of $225.27 million. During the same quarter in the previous year, the company earned $0.12 EPS. The business’s revenue was down 3.4% compared to the same quarter last year. On average, sell-side analysts forecast that Neogen will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO John Patrick Moylan acquired 10,000 shares of the stock in a transaction on Thursday, April 10th. The shares were acquired at an average price of $5.07 per share, with a total value of $50,700.00. Following the completion of the transaction, the chief accounting officer now owns 10,000 shares in the company, valued at approximately $50,700. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 1.13% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in Neogen during the fourth quarter valued at $212,171,000. Vanguard Group Inc. lifted its position in shares of Neogen by 9.8% during the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company’s stock valued at $262,676,000 after buying an additional 1,928,491 shares during the last quarter. Private Advisor Group LLC grew its stake in shares of Neogen by 135.3% during the 4th quarter. Private Advisor Group LLC now owns 67,298 shares of the company’s stock worth $817,000 after acquiring an additional 38,703 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Neogen by 2.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,061,927 shares of the company’s stock worth $25,032,000 after acquiring an additional 52,663 shares during the last quarter. Finally, Pictet Asset Management Holding SA raised its stake in Neogen by 26.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,369,595 shares of the company’s stock valued at $28,767,000 after acquiring an additional 501,957 shares during the period. 96.73% of the stock is owned by institutional investors.

Neogen Company Profile

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.