Needham & Company LLC Has Lowered Expectations for Haemonetics (NYSE:HAE) Stock Price

Haemonetics (NYSE:HAE) had its target price cut by stock analysts at Needham & Company LLC from $108.00 to $104.00 in a report issued on Tuesday, Marketbeat reports. The brokerage currently has a “buy” rating on the medical instruments supplier’s stock. Needham & Company LLC’s target price indicates a potential upside of 59.21% from the stock’s previous close.

Several other equities analysts also recently weighed in on the stock. Barrington Research dropped their target price on shares of Haemonetics from $108.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, February 7th. Bank of America downgraded shares of Haemonetics from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $95.00 to $68.00 in a report on Friday, February 7th. Raymond James reaffirmed a “strong-buy” rating and set a $115.00 price target (down from $120.00) on shares of Haemonetics in a research note on Friday, February 7th. JPMorgan Chase & Co. began coverage on shares of Haemonetics in a research note on Friday, December 6th. They set an “overweight” rating and a $116.00 price target on the stock. Finally, StockNews.com cut shares of Haemonetics from a “buy” rating to a “hold” rating in a research note on Saturday, February 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $101.22.

Haemonetics Stock Performance

Shares of HAE opened at $65.32 on Tuesday. The company has a 50-day simple moving average of $67.82 and a 200-day simple moving average of $75.19. The company has a quick ratio of 2.55, a current ratio of 3.97 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $3.28 billion, a PE ratio of 25.72, a P/E/G ratio of 1.11 and a beta of 0.43. Haemonetics has a 52-week low of $58.80 and a 52-week high of $97.97.

Haemonetics (NYSE:HAE) last announced its quarterly earnings results on Thursday, February 6th. The medical instruments supplier reported $1.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.01). Haemonetics had a net margin of 9.47% and a return on equity of 23.66%. Equities research analysts predict that Haemonetics will post 4.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Haemonetics

Several hedge funds have recently modified their holdings of the stock. FMR LLC raised its holdings in Haemonetics by 206.3% in the third quarter. FMR LLC now owns 774,529 shares of the medical instruments supplier’s stock valued at $62,257,000 after buying an additional 521,640 shares during the period. Norges Bank purchased a new position in Haemonetics in the fourth quarter valued at approximately $32,803,000. Wellington Management Group LLP raised its holdings in Haemonetics by 9.5% in the third quarter. Wellington Management Group LLP now owns 4,201,565 shares of the medical instruments supplier’s stock valued at $337,722,000 after buying an additional 363,702 shares during the period. Voya Investment Management LLC raised its holdings in Haemonetics by 820.5% in the fourth quarter. Voya Investment Management LLC now owns 316,952 shares of the medical instruments supplier’s stock valued at $24,748,000 after buying an additional 282,521 shares during the period. Finally, The Manufacturers Life Insurance Company raised its holdings in Haemonetics by 434.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 314,067 shares of the medical instruments supplier’s stock valued at $24,522,000 after buying an additional 255,338 shares during the period. 99.67% of the stock is owned by institutional investors and hedge funds.

About Haemonetics

Haemonetics Corporation, a healthcare company, provides suite of medical products and solutions in the United States and internationally. The company offers automated plasma collection systems, donor management software, and supporting software solutions including NexSys PCS and PCS2 plasmapheresis equipment and related disposables and solutions, as well as integrated information technology platforms for plasma customers to manage their donors, operations, and supply chain; and NexLynk DMS donor management system and Donor360 app.