Piper Sandler Lowers Neogen (NASDAQ:NEOG) Price Target to $6.50

Neogen (NASDAQ:NEOG - Get Free Report) had its price target reduced by research analysts at Piper Sandler from $13.00 to $6.50 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the stock. Piper Sandler's price target suggests a potential upside of 48.06% from the company's current price.

Separately, Guggenheim reduced their price objective on Neogen from $15.00 to $13.00 and set a "buy" rating for the company in a research note on Thursday, April 10th.

Neogen Stock Performance

Shares of NASDAQ:NEOG traded down $0.21 during trading on Monday, hitting $4.39. The stock had a trading volume of 12,563,404 shares, compared to its average volume of 2,636,796. The stock has a 50-day simple moving average of $8.51 and a two-hundred day simple moving average of $11.60. The stock has a market capitalization of $952.80 million, a price-to-earnings ratio of -2.00 and a beta of 1.57. Neogen has a 12-month low of $3.87 and a 12-month high of $18.58. The company has a quick ratio of 2.46, a current ratio of 3.77 and a debt-to-equity ratio of 0.33.

Neogen (NASDAQ:NEOG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.12 by ($0.02). The business had revenue of $221.00 million for the quarter, compared to analyst estimates of $225.27 million. Neogen had a negative net margin of 52.12% and a positive return on equity of 2.89%. The business's revenue was down 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. On average, equities research analysts expect that Neogen will post 0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Neogen news, CAO John Patrick Moylan acquired 10,000 shares of the business's stock in a transaction dated Thursday, April 10th. The stock was acquired at an average cost of $5.07 per share, for a total transaction of $50,700.00. Following the completion of the transaction, the chief accounting officer now directly owns 10,000 shares of the company's stock, valued at $50,700. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.13% of the stock is currently owned by insiders.

Institutional Trading of Neogen

Institutional investors have recently modified their holdings of the stock. Conestoga Capital Advisors LLC raised its holdings in Neogen by 0.4% in the 1st quarter. Conestoga Capital Advisors LLC now owns 8,540,859 shares of the company's stock valued at $74,049,000 after acquiring an additional 37,271 shares during the last quarter. QRG Capital Management Inc. increased its holdings in shares of Neogen by 28.6% in the first quarter. QRG Capital Management Inc. now owns 15,674 shares of the company's stock valued at $136,000 after purchasing an additional 3,486 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in Neogen by 212.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 107,395 shares of the company's stock worth $931,000 after buying an additional 73,071 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Neogen in the 1st quarter valued at $952,000. Finally, Yousif Capital Management LLC increased its stake in shares of Neogen by 3.9% in the 1st quarter. Yousif Capital Management LLC now owns 74,508 shares of the company's stock worth $646,000 after acquiring an additional 2,769 shares during the last quarter. Institutional investors and hedge funds own 96.73% of the company's stock.

Neogen Company Profile

Neogen Corporation, together with its subsidiaries, engages in the development, manufacture, and marketing of various products and services dedicated to food and animal safety worldwide. It operates through two segments, Food Safety and Animal Safety. The Food Safety segment offers diagnostic test kits and related products to detect dangerous and unintended substances in food and animal feed, including foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues, and general sanitation concerns; and AccuPoint Advanced rapid sanitation test to detect the presence of adenosine triphosphate, a chemical found in living cells, as well as provides genomics-based diagnostic technology and software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods.