Segall Bryant & Hamill LLC has reduced its stake in AngioDynamics, Inc. (NASDAQ: ANGO) by 2.0% during the second quarter of 2023, according to Holdings Channel. The fund now holds 1,356,692 shares of the medical instruments supplier after selling 27,747 shares during this period. As of the latest reporting, Segall Bryant & Hamill’s holdings in AngioDynamics were valued at approximately $13.5 million.
Several other institutional investors have also made significant adjustments to their positions in AngioDynamics. Notably, Armistice Capital LLC increased its stake by an impressive 140.1% in the first quarter, now owning 2,094,000 shares worth $19.7 million after acquiring an additional 1,222,000 shares. Nuveen LLC entered the market with a new stake valued at about $10.8 million, while Bastion Asset Management Inc. and Phocas Financial Corp. also acquired new stakes of approximately $6.6 million and $3.2 million, respectively. Overall, institutional investors control 89.43% of the company’s stock.
Market Reactions and Analyst Ratings
Recent evaluations by equity research analysts reflect a cautious stance on AngioDynamics. Wall Street Zen downgraded the company’s rating from “buy” to “hold” in a report dated October 4, 2023. Meanwhile, Weiss Ratings reaffirmed a “sell (d-)” rating on October 8, 2023. Conversely, Canaccord Genuity Group increased its price target from $17.00 to $18.00 while maintaining a “buy” rating on the stock. Currently, three analysts have rated the stock as a “buy,” and one has issued a “sell” rating, resulting in a consensus rating of “Moderate Buy” with an average target price of $19.33, according to MarketBeat.com.
Insider Transactions at AngioDynamics
In addition to institutional activities, there have been notable insider transactions within AngioDynamics. Senior Vice President Lawrence T. Weiss purchased 10,000 shares on October 21, 2023, at an average price of $11.81 per share, totaling $118,100. Following this acquisition, Weiss’s ownership increased by 11.96%, bringing his total holdings to 93,597 shares valued at approximately $1.1 million.
CEO James C. Clemmer also took advantage of the market, acquiring 10,000 shares on October 9, 2023, at an average price of $11.15 per share, amounting to $111,500. Following this transaction, Clemmer now owns 882,529 shares worth nearly $9.8 million, marking a 1.15% increase in his position. Recent insider buying reflects a total of 20,890 shares acquired in the past ninety days, valued at $239,532, with insiders holding 6.00% of the stock.
AngioDynamics Financial Performance
On October 2, 2023, AngioDynamics released its quarterly earnings report, revealing an earnings per share (EPS) of ($0.10), exceeding expectations of ($0.12) by $0.02. The company achieved revenue of $75.71 million for the quarter, surpassing analyst estimates of $72.69 million and reflecting a year-over-year increase of 12.1%. Despite these positive figures, AngioDynamics reported a negative return on equity of 3.16% and a negative net margin of 10.67%. The company also provided guidance for fiscal year 2026, projecting an EPS range of ($0.330) to ($0.230). Analysts anticipate that AngioDynamics will post an EPS of ($0.37) for the current year.
Based in the United States, AngioDynamics, Inc. specializes in the design, manufacture, and sale of medical, surgical, and diagnostic devices aimed at treating peripheral vascular diseases, as well as oncology and surgical applications. The company is known for its Auryon Atherectomy System, which employs advanced technology to remove lesions while preserving the integrity of vessel walls.
As further developments arise, the market will continue to monitor AngioDynamics’ performance and investor sentiment closely.
