Neogen (NASDAQ:NEOG) Price Target Cut to $5.00 by Analysts at Piper Sandler

Neogen (NASDAQ:NEOG - Get Free Report) had its target price reduced by analysts at Piper Sandler from $6.40 to $5.00 in a report issued on Tuesday, MarketBeat.com reports. The brokerage currently has a "neutral" rating on the stock. Piper Sandler's price objective points to a potential downside of 3.19% from the company's current price.

Separately, Guggenheim dropped their target price on Neogen from $15.00 to $13.00 and set a "buy" rating on the stock in a report on Thursday, April 10th.

Neogen Trading Down 0.7 %

Shares of NASDAQ:NEOG traded down $0.04 during trading on Tuesday, reaching $5.17. 1,170,382 shares of the stock were exchanged, compared to its average volume of 2,725,148. Neogen has a 12-month low of $3.87 and a 12-month high of $18.58. The firm's 50-day moving average price is $8.11 and its 200 day moving average price is $11.31. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.46 and a current ratio of 3.77. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -2.35 and a beta of 1.57.

Neogen (NASDAQ:NEOG - Get Free Report) last released its quarterly earnings data on Wednesday, April 9th. The company reported $0.10 earnings per share (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 analysts' expectations of $225.27 million. Neogen had a positive return on equity of 2.89% and a negative net margin of 52.12%. Neogen's quarterly revenue was down 3.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.12 earnings per share. On average, sell-side analysts anticipate that Neogen will post 0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Neogen news, Director James C. Borel acquired 35,000 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The shares were purchased at an average price of $4.89 per share, for a total transaction of $171,150.00. Following the completion of the purchase, the director now directly owns 60,474 shares in the company, valued at $295,717.86. The trade was a 137.39 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO John Patrick Moylan bought 10,000 shares of the firm's stock in a transaction on Thursday, April 10th. The stock was bought at an average price of $5.07 per share, with a total value of $50,700.00. Following the completion of the purchase, the chief accounting officer now owns 10,000 shares of the company's stock, valued at $50,700. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 67,500 shares of company stock valued at $331,525 in the last ninety days. Corporate insiders own 1.13% of the company's stock.

Institutional Trading of Neogen

Several hedge funds have recently made changes to their positions in NEOG. Norges Bank bought a new stake in Neogen in the fourth quarter valued at $212,171,000. Vanguard Group Inc. increased its holdings in shares of Neogen by 9.8% in the 4th quarter. Vanguard Group Inc. now owns 21,637,251 shares of the company's stock worth $262,676,000 after acquiring an additional 1,928,491 shares during the period. Private Advisor Group LLC lifted its position in Neogen by 135.3% in the 4th quarter. Private Advisor Group LLC now owns 67,298 shares of the company's stock valued at $817,000 after purchasing an additional 38,703 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Neogen by 2.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,061,927 shares of the company's stock valued at $25,032,000 after purchasing an additional 52,663 shares during the period. Finally, Pictet Asset Management Holding SA grew its position in Neogen by 26.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 2,369,595 shares of the company's stock worth $28,767,000 after purchasing an additional 501,957 shares during the last quarter. Institutional investors own 96.73% of the company's stock.

About Neogen

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.