Zacks Investment Research Downgrades QIAGEN (NYSE:QGEN) to Hold

Zacks Investment Research downgraded shares of QIAGEN (NYSE:QGEN) from a buy rating to a hold rating in a report released on Thursday, Zacks.com reports. The brokerage currently has $57.00 price target on the stock.

According to Zacks, “QIAGEN exited the second quarter of 2021 with better-than-expected revenues and earnings. The company registered revenue growth across all geographies and both its operating segments in the second quarter. The company’s high level of sales of non-COVID product groups drove the top line. Sales of the diagnostic solutions improved 71% at CER, led by the QuantiFERON latent TB test. The global rollout of the QIAcuity digital PCR instruments gained momentum and witnessed impressive sales growth sequentially. Over the past three months, QIAGEN has outperformed its industry. However, a moderately-high leverage ratio and weak solvency does not bode well. A weak margin scenario is an added concern. Stiff competition from firms offering pre-analytical solutions and high exposure to foreign currency movement persist.”

Other analysts have also recently issued reports about the company. Citigroup reduced their target price on QIAGEN from $65.00 to $58.00 and set a buy rating on the stock in a report on Wednesday, July 14th. Kepler Capital Markets cut QIAGEN from a buy rating to a hold rating and set a $49.53 target price on the stock. in a report on Wednesday, July 14th. Deutsche Bank Aktiengesellschaft reaffirmed a buy rating on shares of QIAGEN in a research report on Thursday, June 17th. Berenberg Bank reiterated a buy rating on shares of QIAGEN in a research note on Friday, June 11th. Finally, DZ Bank reiterated a neutral rating on shares of QIAGEN in a research note on Friday, June 25th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of Buy and an average target price of $54.18.

Shares of QGEN stock opened at $54.15 on Thursday. The business’s 50 day simple moving average is $52.66 and its 200 day simple moving average is $50.13. QIAGEN has a one year low of $45.33 and a one year high of $59.00. The stock has a market capitalization of $12.35 billion, a PE ratio of 26.29, a PEG ratio of 1.98 and a beta of 0.21. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.58 and a quick ratio of 2.90.

QIAGEN (NYSE:QGEN) last announced its earnings results on Thursday, July 29th. The company reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.66 by $0.01. QIAGEN had a return on equity of 21.31% and a net margin of 21.92%. The business had revenue of $567.31 million for the quarter, compared to analysts’ expectations of $562.35 million. During the same period in the prior year, the business posted $0.55 earnings per share. As a group, research analysts expect that QIAGEN will post 2.45 earnings per share for the current year.

Several institutional investors and hedge funds have recently modified their holdings of QGEN. Captrust Financial Advisors bought a new stake in shares of QIAGEN during the 1st quarter valued at about $38,000. Dark Forest Capital Management LP purchased a new position in shares of QIAGEN during the 2nd quarter valued at about $51,000. Wolverine Asset Management LLC raised its holdings in shares of QIAGEN by 50.9% during the 1st quarter. Wolverine Asset Management LLC now owns 1,482 shares of the company’s stock valued at $72,000 after buying an additional 500 shares in the last quarter. Standard Family Office LLC raised its holdings in shares of QIAGEN by 123.1% during the 1st quarter. Standard Family Office LLC now owns 1,504 shares of the company’s stock valued at $73,000 after buying an additional 830 shares in the last quarter. Finally, Altshuler Shaham Ltd purchased a new position in shares of QIAGEN during the 1st quarter valued at about $85,000. Hedge funds and other institutional investors own 52.17% of the company’s stock.

QIAGEN Company Profile

QIAGEN NV is a holding company, which engages in the provision of sample and assay technology to transform biological samples into valuable molecular insights. It offers bioinformatics, molecular diagnostics, next-gen sequencing, and genomic services. The company was founded by Detlev H. Riesner and Metin Colpan on April 29, 1996 and is headquartered in Venlo, the Netherlands.

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