Piper Sandler Forecasts Strong Price Appreciation for Merit Medical Systems (NASDAQ:MMSI) Stock

Merit Medical Systems (NASDAQ:MMSI) had its target price upped by equities researchers at Piper Sandler from $110.00 to $114.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the medical instruments supplier’s stock. Piper Sandler’s target price indicates a potential upside of 8.85% from the company’s current price.

Other analysts also recently issued reports about the company. Robert W. Baird lifted their target price on Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Canaccord Genuity Group lifted their price objective on shares of Merit Medical Systems from $125.00 to $127.00 and gave the company a “buy” rating in a report on Monday, December 9th. StockNews.com downgraded shares of Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Barrington Research reaffirmed an “outperform” rating and set a $114.00 target price on shares of Merit Medical Systems in a research report on Monday, December 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $109.00 price target on shares of Merit Medical Systems in a report on Tuesday, January 14th. Two investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Merit Medical Systems presently has an average rating of “Moderate Buy” and an average target price of $108.10.

Merit Medical Systems Stock Performance

Merit Medical Systems stock opened at $104.73 on Tuesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 5.36 and a quick ratio of 3.82. The firm has a market capitalization of $6.10 billion, a P/E ratio of 51.34, a price-to-earnings-growth ratio of 2.30 and a beta of 0.85. Merit Medical Systems has a 1-year low of $70.70 and a 1-year high of $108.07. The company’s 50-day moving average is $100.98 and its 200 day moving average is $96.28.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.06. Merit Medical Systems had a return on equity of 15.61% and a net margin of 9.05%. The firm had revenue of $339.85 million for the quarter, compared to the consensus estimate of $334.60 million. During the same period in the prior year, the business posted $0.75 earnings per share. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. Research analysts forecast that Merit Medical Systems will post 3.36 EPS for the current year.

Insider Buying and Selling

In other news, Director F. Ann Millner sold 12,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $101.55, for a total value of $1,269,375.00. Following the sale, the director now directly owns 32,391 shares in the company, valued at approximately $3,289,306.05. This trade represents a 27.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Raul Jr. Parra sold 29,646 shares of Merit Medical Systems stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $98.02, for a total transaction of $2,905,900.92. Following the completion of the transaction, the chief financial officer now directly owns 16,361 shares in the company, valued at approximately $1,603,705.22. The trade was a 64.44 % decrease in their position. The disclosure for this sale can be found here. 3.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Merit Medical Systems

Institutional investors have recently bought and sold shares of the company. USA Financial Formulas acquired a new position in shares of Merit Medical Systems during the third quarter worth $59,000. Farther Finance Advisors LLC increased its position in Merit Medical Systems by 32.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock valued at $104,000 after buying an additional 260 shares in the last quarter. Canada Pension Plan Investment Board acquired a new position in Merit Medical Systems during the 2nd quarter valued at about $112,000. Harvest Fund Management Co. Ltd purchased a new stake in Merit Medical Systems in the third quarter valued at about $120,000. Finally, GAMMA Investing LLC boosted its holdings in Merit Medical Systems by 56.8% in the third quarter. GAMMA Investing LLC now owns 1,303 shares of the medical instruments supplier’s stock worth $129,000 after acquiring an additional 472 shares in the last quarter. 99.66% of the stock is currently owned by institutional investors and hedge funds.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.