Azenta (NASDAQ:AZTA) Shares Down 5.6% - Should You Sell?

Azenta, Inc. (NASDAQ:AZTA - Get Free Report) shares were down 5.6% during trading on Friday . The company traded as low as $51.37 and last traded at $51.02. Approximately 143,586 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 434,872 shares. The stock had previously closed at $54.04.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Stephens reaffirmed an "overweight" rating and set a $60.00 target price on shares of Azenta in a research note on Thursday, January 2nd. Evercore ISI lifted their price objective on shares of Azenta from $50.00 to $52.00 and gave the stock an "in-line" rating in a research note on Thursday, February 6th. Finally, Needham & Company LLC increased their target price on shares of Azenta from $55.00 to $59.00 and gave the company a "buy" rating in a research note on Thursday, February 6th.

Azenta Stock Performance

The stock has a 50 day moving average of $50.61 and a two-hundred day moving average of $48.86. The stock has a market cap of $2.10 billion, a PE ratio of -15.39 and a beta of 1.47.

Azenta (NASDAQ:AZTA - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.05 by $0.03. Azenta had a negative net margin of 24.91% and a positive return on equity of 1.25%. Analysts expect that Azenta, Inc. will post 0.42 EPS for the current fiscal year.

Insider Activity

In related news, Director William L. Cornog acquired 12,500 shares of the company's stock in a transaction on Monday, November 18th. The shares were purchased at an average price of $39.60 per share, for a total transaction of $495,000.00. Following the purchase, the director now owns 14,755 shares in the company, valued at $584,298. This represents a 554.32 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Herman Cueto sold 712 shares of Azenta stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $40.07, for a total transaction of $28,529.84. Following the sale, the chief financial officer now directly owns 23,892 shares of the company's stock, valued at $957,352.44. This trade represents a 2.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,423 shares of company stock worth $57,020 over the last quarter. Corporate insiders own 10.62% of the company's stock.

Hedge Funds Weigh In On Azenta

Hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC increased its position in Azenta by 20.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,537 shares of the company's stock worth $74,000 after purchasing an additional 256 shares during the last quarter. QRG Capital Management Inc. raised its position in Azenta by 6.6% during the third quarter. QRG Capital Management Inc. now owns 6,156 shares of the company's stock valued at $298,000 after acquiring an additional 383 shares in the last quarter. Handelsbanken Fonder AB lifted its stake in Azenta by 3.2% in the third quarter. Handelsbanken Fonder AB now owns 12,981 shares of the company's stock valued at $629,000 after acquiring an additional 400 shares during the last quarter. Ballentine Partners LLC grew its position in Azenta by 2.0% in the fourth quarter. Ballentine Partners LLC now owns 20,340 shares of the company's stock worth $1,017,000 after acquiring an additional 404 shares in the last quarter. Finally, Picton Mahoney Asset Management increased its stake in shares of Azenta by 305.7% during the 4th quarter. Picton Mahoney Asset Management now owns 706 shares of the company's stock worth $35,000 after purchasing an additional 532 shares during the last quarter. 99.08% of the stock is owned by institutional investors and hedge funds.

Azenta Company Profile

Azenta, Inc provides biological and chemical compound sample exploration and management solutions for the life sciences market in North America, Africa, China, the United Kingdom, rest of Europe, the Asia Pacific, and internationally. The company operates in two reportable segments, Life Sciences Products and Life Sciences Services.