Merit Medical Systems (NASDAQ:MMSI) Given New $122.00 Price Target at Needham & Company LLC

Merit Medical Systems (NASDAQ:MMSI) had its price target increased by Needham & Company LLC from $109.00 to $122.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have a buy rating on the medical instruments supplier’s stock.

Several other equities research analysts also recently issued reports on the stock. Wells Fargo & Company upgraded shares of Merit Medical Systems from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $103.00 to $120.00 in a research report on Wednesday, December 11th. Barrington Research boosted their price target on Merit Medical Systems from $114.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday. Piper Sandler upped their price objective on Merit Medical Systems from $110.00 to $114.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Raymond James lifted their target price on Merit Medical Systems from $105.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday, December 31st. Finally, StockNews.com downgraded shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Two research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $109.80.

Merit Medical Systems Stock Down 0.5 %

MMSI opened at $108.48 on Wednesday. The stock’s fifty day simple moving average is $101.27 and its 200 day simple moving average is $96.96. Merit Medical Systems has a 1-year low of $70.70 and a 1-year high of $110.61. The stock has a market cap of $6.32 billion, a PE ratio of 53.18, a price-to-earnings-growth ratio of 2.34 and a beta of 0.85. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57.

Merit Medical Systems (NASDAQ:MMSI) last posted its earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.80 by $0.06. Merit Medical Systems had a net margin of 9.05% and a return on equity of 15.61%. The company had revenue of $339.85 million during the quarter, compared to analysts’ expectations of $334.60 million. During the same quarter last year, the company posted $0.75 EPS. Merit Medical Systems’s quarterly revenue was up 7.8% compared to the same quarter last year. As a group, research analysts expect that Merit Medical Systems will post 3.36 earnings per share for the current year.

Insider Activity

In other Merit Medical Systems news, Director F. Ann Millner sold 12,500 shares of Merit Medical Systems stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $101.55, for a total value of $1,269,375.00. Following the transaction, the director now owns 32,391 shares in the company, valued at $3,289,306.05. The trade was a 27.85 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Raul Jr. Parra sold 29,646 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $98.02, for a total value of $2,905,900.92. Following the transaction, the chief financial officer now directly owns 16,361 shares of the company’s stock, valued at approximately $1,603,705.22. The trade was a 64.44 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Merit Medical Systems

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. USA Financial Formulas acquired a new stake in Merit Medical Systems in the third quarter valued at approximately $59,000. Farther Finance Advisors LLC increased its holdings in shares of Merit Medical Systems by 32.7% during the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock worth $104,000 after buying an additional 260 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Merit Medical Systems in the 3rd quarter valued at $120,000. GAMMA Investing LLC boosted its holdings in shares of Merit Medical Systems by 56.8% during the 3rd quarter. GAMMA Investing LLC now owns 1,303 shares of the medical instruments supplier’s stock valued at $129,000 after acquiring an additional 472 shares in the last quarter. Finally, TD Private Client Wealth LLC grew its position in Merit Medical Systems by 13.9% during the 3rd quarter. TD Private Client Wealth LLC now owns 1,732 shares of the medical instruments supplier’s stock worth $171,000 after acquiring an additional 211 shares during the last quarter. 99.66% of the stock is owned by institutional investors.

Merit Medical Systems Company Profile

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.