Qiagen (NYSE:QGEN) Announces Quarterly Earnings Results

Qiagen (NYSE:QGEN) released its earnings results on Wednesday. The company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.54 by $0.03, reports. The business had revenue of $501.87 million for the quarter, compared to analyst estimates of $490.53 million. Qiagen had a return on equity of 12.92% and a net margin of 3.75%. Qiagen updated its FY24 guidance to at least $2.19 EPS and its FY 2024 guidance to 2.190- EPS.

Qiagen Stock Down 0.7 %

Shares of NYSE:QGEN traded down $0.30 on Friday, reaching $43.85. The company had a trading volume of 282,824 shares, compared to its average volume of 1,167,706. The firm has a market capitalization of $10.01 billion, a PE ratio of 146.91, a PEG ratio of 3.33 and a beta of 0.41. The company has a current ratio of 1.77, a quick ratio of 1.46 and a debt-to-equity ratio of 0.27. Qiagen has a 52-week low of $37.51 and a 52-week high of $47.44. The firm’s 50 day simple moving average is $44.08 and its 200-day simple moving average is $43.70.

Institutional Investors Weigh In On Qiagen

A number of hedge funds have recently made changes to their positions in QGEN. Nuance Investments LLC raised its holdings in Qiagen by 311.0% in the first quarter. Nuance Investments LLC now owns 4,493,489 shares of the company’s stock worth $193,175,000 after purchasing an additional 3,400,255 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Qiagen by 104,759.6% during the 2nd quarter. Victory Capital Management Inc. now owns 1,583,380 shares of the company’s stock worth $65,061,000 after acquiring an additional 1,581,870 shares in the last quarter. Earnest Partners LLC lifted its position in Qiagen by 85.1% during the first quarter. Earnest Partners LLC now owns 3,427,605 shares of the company’s stock valued at $147,353,000 after acquiring an additional 1,576,259 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Qiagen by 148.8% in the second quarter. Point72 Asset Management L.P. now owns 1,184,806 shares of the company’s stock valued at $48,684,000 after acquiring an additional 708,533 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale grew its holdings in Qiagen by 12.2% in the second quarter. DekaBank Deutsche Girozentrale now owns 3,248,354 shares of the company’s stock worth $133,292,000 after purchasing an additional 353,280 shares during the last quarter. 70.00% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on QGEN. Hsbc Global Res raised shares of Qiagen to a “hold” rating in a research note on Thursday, October 17th. Robert W. Baird lifted their price target on shares of Qiagen from $49.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, HSBC lowered Qiagen from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $50.88.

About Qiagen

QIAGEN N.V. offers sample to insight solutions that transform biological materials into molecular insights worldwide. The company provides primary sample technology consumables, such as nucleic stabilization and purification kits for primary sample materials, manual and automated processing for genotyping, gene expression, and viral and bacterial analysis, as well as silica membranes and magnetic bead technologies; secondary sample technology consumables, including kits and components for purification of nucleic acids from secondary sample materials; and instruments for nucleic acid purification and accessories.