Merit Medical Systems (NASDAQ:MMSI) Earns Buy Rating from Needham & Company LLC

Merit Medical Systems (NASDAQ:MMSI)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $116.00 target price on the medical instruments supplier’s stock. Needham & Company LLC’s price target would suggest a potential upside of 26.72% from the company’s previous close.

Several other research firms have also recently weighed in on MMSI. Wells Fargo & Company lowered their target price on Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 26th. Piper Sandler restated an “overweight” rating and set a $116.00 target price (up from $114.00) on shares of Merit Medical Systems in a report on Wednesday, January 29th. Canaccord Genuity Group dropped their price target on shares of Merit Medical Systems from $128.00 to $127.00 and set a “buy” rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. initiated coverage on Merit Medical Systems in a research report on Friday, March 28th. They set an “overweight” rating and a $120.00 price objective for the company. Finally, Barrington Research reduced their price target on shares of Merit Medical Systems from $115.00 to $111.00 and set an “outperform” rating for the company in a report on Wednesday, February 26th. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $111.70.

Merit Medical Systems Stock Down 4.4 %

MMSI stock opened at $91.54 on Wednesday. The firm has a market cap of $5.41 billion, a PE ratio of 44.87, a P/E/G ratio of 2.34 and a beta of 0.85. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82. The firm has a 50 day simple moving average of $102.24 and a 200 day simple moving average of $100.90. Merit Medical Systems has a 12 month low of $70.70 and a 12 month high of $111.45.

Insider Transactions at Merit Medical Systems

In related news, CFO Raul Jr. Parra sold 12,451 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $98.81, for a total value of $1,230,283.31. Following the completion of the transaction, the chief financial officer now owns 24,201 shares of the company’s stock, valued at $2,391,300.81. The trade was a 33.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Stephen C. Evans sold 5,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $105.31, for a total value of $526,550.00. Following the sale, the director now owns 4,657 shares of the company’s stock, valued at $490,428.67. The trade was a 51.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,132 shares of company stock worth $11,139,521 in the last 90 days. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Merit Medical Systems

Several hedge funds have recently modified their holdings of MMSI. Norges Bank bought a new stake in Merit Medical Systems in the fourth quarter worth approximately $66,638,000. Raymond James Financial Inc. purchased a new stake in shares of Merit Medical Systems in the fourth quarter valued at about $48,926,000. FMR LLC lifted its position in shares of Merit Medical Systems by 31.6% during the 4th 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 in the last quarter. Groupama Asset Managment bought a new stake in Merit Medical Systems during the fourth quarter worth $38,688,000. Finally, Bryn Mawr Capital Management LLC bought a new stake in shares of Merit Medical Systems during the 4th quarter worth $36,057,000. Institutional investors and hedge funds 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.