Allspring Global Investments Holdings LLC Trims Stock Position in Veracyte, Inc. (NASDAQ:VCYT)

Allspring Global Investments Holdings LLC decreased its holdings in Veracyte, Inc. (NASDAQ:VCYT) by 21.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,726 shares of the biotechnology company’s stock after selling 2,339 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Veracyte were worth $297,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of VCYT. Blue Trust Inc. grew its holdings in Veracyte by 100.6% in the third quarter. Blue Trust Inc. now owns 2,781 shares of the biotechnology company’s stock valued at $95,000 after purchasing an additional 1,395 shares during the period. Net Worth Advisory Group acquired a new position in shares of Veracyte in the 3rd quarter valued at $227,000. AlphaMark Advisors LLC purchased a new stake in shares of Veracyte during the 3rd quarter valued at $362,000. nVerses Capital LLC increased its holdings in shares of Veracyte by 66.7% during the 3rd quarter. nVerses Capital LLC now owns 6,500 shares of the biotechnology company’s stock worth $221,000 after buying an additional 2,600 shares during the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd acquired a new stake in shares of Veracyte during the 3rd quarter worth $325,000.

Insider Buying and Selling

In other news, Director Evan/ Fa Jones sold 1,032 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $30.03, for a total transaction of $30,990.96. Following the transaction, the director now owns 46,413 shares of the company’s stock, valued at approximately $1,393,782.39. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider John Leite sold 5,479 shares of the business’s stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $29.78, for a total value of $163,164.62. Following the completion of the sale, the insider now directly owns 76,174 shares in the company, valued at approximately $2,268,461.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Evan/ Fa Jones sold 1,032 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $30.03, for a total transaction of $30,990.96. Following the sale, the director now directly owns 46,413 shares in the company, valued at $1,393,782.39. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,141 shares of company stock worth $1,180,116. Insiders own 1.30% of the company’s stock.

Veracyte Price Performance

Shares of VCYT stock opened at $34.31 on Friday. Veracyte, Inc. has a 12 month low of $18.61 and a 12 month high of $35.51. The company’s fifty day moving average price is $32.83 and its two-hundred day moving average price is $26.44. The firm has a market capitalization of $2.64 billion, a P/E ratio of -45.75 and a beta of 1.67.

Veracyte (NASDAQ:VCYT) last posted its quarterly earnings data on Tuesday, August 6th. The biotechnology company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.03) by $0.10. The company had revenue of $114.43 million for the quarter, compared to the consensus estimate of $100.27 million. Veracyte had a positive return on equity of 1.52% and a negative net margin of 13.52%. Veracyte’s revenue for the quarter was up 26.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.12) EPS. On average, sell-side analysts anticipate that Veracyte, Inc. will post 0.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on VCYT. Morgan Stanley lifted their target price on Veracyte from $21.00 to $26.00 and gave the company an “underweight” rating in a report on Monday, August 12th. Guggenheim assumed coverage on shares of Veracyte in a research note on Thursday, October 10th. They set a “buy” rating and a $40.00 price objective for the company. Needham & Company LLC raised their target price on shares of Veracyte from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. UBS Group assumed coverage on shares of Veracyte in a research report on Wednesday, October 16th. They set a “buy” rating and a $43.00 price target for the company. Finally, Leerink Partners increased their target price on Veracyte from $35.00 to $40.00 and gave the company an “outperform” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a sell rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $35.67.

Veracyte Company Profile

Veracyte, Inc operates as a diagnostics company in the United States and internationally. The company offers Afirma Genomic Sequencing Classifier for cancerous thyroid nodules; Decipher Prostate Biopsy and Radical Prostatectomy for prostate cancer diagnosis; Prosigna Breast Cancer Assay for breast cancer diagnosis; Percepta Nasal Swab Test for lung cancer diagnosis; and Envisia Genomic Classifier for diagnosing interstitial lung disease, including idiopathic pulmonary fibrosis.