STAAR Surgical (NASDAQ:STAA) Price Target Lowered to $31.00 at Canaccord Genuity Group

STAAR Surgical (NASDAQ:STAA) had its price objective decreased by stock analysts at Canaccord Genuity Group from $41.00 to $31.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “hold” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 8.54% from the stock’s current price.

Several other research firms have also weighed in on STAA. BTIG Research increased their price target on STAAR Surgical from $46.00 to $53.00 and gave the company a “buy” rating in a report on Monday, July 15th. Needham & Company LLC reaffirmed a “hold” rating on shares of STAAR Surgical in a research note on Thursday. Morgan Stanley downgraded shares of STAAR Surgical from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $50.00 to $37.00 in a report on Monday, July 15th. Finally, Stifel Nicolaus decreased their price objective on shares of STAAR Surgical from $50.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, August 26th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, STAAR Surgical presently has an average rating of “Hold” and a consensus price target of $43.33.

STAAR Surgical Stock Down 1.5 %

Shares of NASDAQ:STAA opened at $28.56 on Friday. The firm has a fifty day simple moving average of $31.86 and a two-hundred day simple moving average of $38.57. STAAR Surgical has a 52 week low of $26.66 and a 52 week high of $52.68. The stock has a market capitalization of $1.41 billion, a P/E ratio of 64.91 and a beta of 0.61.

STAAR Surgical (NASDAQ:STAA) last released its quarterly earnings results on Wednesday, August 7th. The medical instruments supplier reported $0.15 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.09). STAAR Surgical had a return on equity of 6.77% and a net margin of 6.38%. The company had revenue of $99.01 million during the quarter, compared to analysts’ expectations of $95.22 million. During the same quarter in the prior year, the business posted $0.23 EPS. The company’s revenue was up 7.3% on a year-over-year basis. On average, analysts expect that STAAR Surgical will post 0.16 earnings per share for the current year.

Insider Transactions at STAAR Surgical

In other news, Director Arthur C. Butcher purchased 1,315 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was purchased at an average price of $37.99 per share, for a total transaction of $49,956.85. Following the completion of the acquisition, the director now owns 4,208 shares of the company’s stock, valued at approximately $159,861.92. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of STAAR Surgical

A number of hedge funds have recently added to or reduced their stakes in the business. Defender Capital LLC. boosted its stake in shares of STAAR Surgical by 1.1% during the first quarter. Defender Capital LLC. now owns 730,387 shares of the medical instruments supplier’s stock valued at $27,959,000 after purchasing an additional 7,855 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its holdings in STAAR Surgical by 50.1% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 592,621 shares of the medical instruments supplier’s stock worth $28,215,000 after buying an additional 197,717 shares during the period. Yunqi Capital Ltd boosted its position in STAAR Surgical by 162.0% during the 1st quarter. Yunqi Capital Ltd now owns 515,300 shares of the medical instruments supplier’s stock valued at $19,726,000 after acquiring an additional 318,600 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of STAAR Surgical by 25.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 459,655 shares of the medical instruments supplier’s stock valued at $21,884,000 after acquiring an additional 94,422 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of STAAR Surgical by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 405,222 shares of the medical instruments supplier’s stock worth $19,293,000 after acquiring an additional 5,712 shares in the last quarter. 96.70% of the stock is owned by hedge funds and other institutional investors.

STAAR Surgical Company Profile

STAAR Surgical Company, together with its subsidiaries, designs, develops, manufactures, markets, and sells implantable lenses for the eye, and companion delivery systems to deliver the lenses into the eye. The company provides implantable Collamer lens product family (ICLs) to treat visual disorders, such as myopia, hyperopia, astigmatism, and presbyopia.