Needham & Company LLC Cuts Stratasys (NASDAQ:SSYS) Price Target to $10.00

Stratasys (NASDAQ:SSYS) had its target price dropped by analysts at Needham & Company LLC from $12.00 to $10.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 44.51% from the stock’s previous close.

Other equities analysts also recently issued research reports about the company. StockNews.com initiated coverage on Stratasys in a report on Sunday, August 25th. They issued a “buy” rating for the company. Craig Hallum reduced their price target on shares of Stratasys from $16.00 to $14.00 and set a “buy” rating for the company in a report on Monday, July 1st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $23.00 price objective on shares of Stratasys in a report on Thursday, May 30th.

Stratasys Stock Performance

NASDAQ SSYS opened at $6.92 on Friday. The company has a market cap of $482.05 million, a P/E ratio of -3.78 and a beta of 1.21. The business’s 50 day moving average price is $8.23 and its 200-day moving average price is $9.77. Stratasys has a fifty-two week low of $6.05 and a fifty-two week high of $15.03.

Stratasys (NASDAQ:SSYS) last announced its quarterly earnings data on Wednesday, May 29th. The technology company reported ($0.15) EPS for the quarter, meeting the consensus estimate of ($0.15). The company had revenue of $144.05 million for the quarter, compared to the consensus estimate of $147.53 million. Stratasys had a negative return on equity of 2.68% and a negative net margin of 20.38%. As a group, equities analysts predict that Stratasys will post -0.28 EPS for the current year.

Institutional Trading of Stratasys

A number of institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Stratasys during the fourth quarter valued at approximately $6,706,000. New York State Common Retirement Fund lifted its holdings in shares of Stratasys by 49.0% during the 4th quarter. New York State Common Retirement Fund now owns 32,690 shares of the technology company’s stock valued at $467,000 after purchasing an additional 10,747 shares during the last quarter. Rubric Capital Management LP boosted its position in shares of Stratasys by 366.7% in the 4th quarter. Rubric Capital Management LP now owns 4,250,000 shares of the technology company’s stock worth $60,690,000 after purchasing an additional 3,339,367 shares in the last quarter. Gabelli Funds LLC grew its stake in Stratasys by 38.3% during the 4th quarter. Gabelli Funds LLC now owns 165,947 shares of the technology company’s stock worth $2,370,000 after buying an additional 45,957 shares during the last quarter. Finally, Frontier Capital Management Co. LLC increased its position in Stratasys by 9.1% during the 4th quarter. Frontier Capital Management Co. LLC now owns 1,694,148 shares of the technology company’s stock valued at $24,192,000 after buying an additional 140,841 shares in the last quarter. 75.77% of the stock is currently owned by institutional investors.

About Stratasys

Stratasys Ltd. provides connected polymer-based 3D printing solutions. It offers range of 3D printing systems, which includes polyjet printer, Fused Deposition Modeling (FDM) printers, stereolithography printing systems, origin P3 printers, and selective absorption fusion printer for additive manufacturing, and tooling and rapid prototyping for various vertical markets, such as automotive, aerospace, consumer products and healthcare.