Salem Investment Counselors Inc. Boosts Stake in Evolent Health, Inc. (NYSE:EVH)

Salem Investment Counselors Inc. grew its stake in Evolent Health, Inc. (NYSE:EVH) by 1,223.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,121 shares of the technology company’s stock after buying an additional 111,046 shares during the period. Salem Investment Counselors Inc. owned 0.10% of Evolent Health worth $3,939,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Evolent Health by 14.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 858,996 shares of the technology company’s stock worth $23,390,000 after acquiring an additional 107,963 shares during the period. Deutsche Bank AG increased its stake in shares of Evolent Health by 7.9% in the third quarter. Deutsche Bank AG now owns 97,956 shares of the technology company’s stock worth $2,667,000 after acquiring an additional 7,188 shares during the period. Rhumbline Advisers increased its stake in shares of Evolent Health by 1.3% in the third quarter. Rhumbline Advisers now owns 164,189 shares of the technology company’s stock worth $4,471,000 after acquiring an additional 2,157 shares during the period. Hsbc Holdings PLC increased its stake in shares of Evolent Health by 8.7% in the third quarter. Hsbc Holdings PLC now owns 95,783 shares of the technology company’s stock worth $2,608,000 after acquiring an additional 7,626 shares during the period. Finally, Northern Trust Corp increased its stake in shares of Evolent Health by 2.5% in the third quarter. Northern Trust Corp now owns 1,217,726 shares of the technology company’s stock worth $33,159,000 after acquiring an additional 29,692 shares during the period.

Evolent Health Stock Performance

Shares of NYSE EVH opened at $22.50 on Monday. The company’s 50-day simple moving average is $24.92 and its 200-day simple moving average is $29.23. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.57. Evolent Health, Inc. has a 52-week low of $20.54 and a 52-week high of $35.00.

Evolent Health (NYSE:EVH) last posted its quarterly earnings results on Thursday, May 9th. The technology company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.04. The firm had revenue of $639.65 million for the quarter, compared to the consensus estimate of $601.60 million. Evolent Health had a negative net margin of 5.07% and a positive return on equity of 6.90%. Sell-side analysts predict that Evolent Health, Inc. will post 0.9 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. JMP Securities cut their price objective on shares of Evolent Health from $38.00 to $34.00 and set a “market outperform” rating on the stock in a research note on Friday, May 10th. JPMorgan Chase & Co. dropped their price target on shares of Evolent Health from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. Oppenheimer started coverage on shares of Evolent Health in a research report on Friday, March 1st. They set an “outperform” rating and a $45.00 price target on the stock. Citigroup started coverage on shares of Evolent Health in a research report on Monday, April 22nd. They set a “buy” rating and a $40.00 price target on the stock. Finally, Canaccord Genuity Group dropped their price target on shares of Evolent Health from $44.00 to $41.00 and set a “buy” rating on the stock in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $42.00.

About Evolent Health

Evolent Health, Inc, through its subsidiary, Evolent Health LLC, offers specialty care management services in oncology, cardiology, and musculoskeletal markets in the United States. The company provides platform for health plan administration and value-based business infrastructure. It offers administrative services, such as health plan services, pharmacy benefits management, risk management, analytics and reporting, and leadership and management; and Identifi, a proprietary technology system that aggregates and analyzes data, manages care workflows, and engages patients.