Shares of Guardant Health, Inc. (NASDAQ:GH) have received an average rating of “Moderate Buy” from twenty-four analysts covering the company, according to data from MarketBeat.com. Among these analysts, one has issued a sell recommendation, while twenty-three have recommended buying the stock. The consensus twelve-month price target stands at $96.71, reflecting a positive outlook for the company.
Several analysts have recently revised their evaluations of Guardant Health. Notably, Piper Sandler increased their price target from $60.00 to $90.00, granting the company an “overweight” rating in a report dated October 22, 2023. Similarly, Guggenheim adjusted its target from $56.00 to $67.00, issuing a “buy” rating on September 25, 2023. On December 15, Wells Fargo & Company raised its target from $93.00 to $120.00, maintaining an “overweight” rating. Additionally, BTIG Research raised its price objective from $100.00 to $140.00 and reaffirmed a “buy” rating on December 12, 2023.
Recent Earnings and Insider Activities
Guardant Health recently reported its quarterly earnings on October 29, 2023, revealing a loss of $0.39 earnings per share (EPS), which surpassed analysts’ expectations of $0.48 EPS by $0.09. The company’s revenue increased by 38.5% year-over-year, indicating strong growth. Last year during the same quarter, the company reported an EPS of -$0.88. Analysts anticipate that Guardant Health will post an EPS of -2.9 for the current fiscal year.
In addition to earnings, insider trading activity has drawn attention. Director Medina Manuel Hidalgo sold 1,250 shares of the company’s stock on December 8, 2023, at an average price of $105.00, totaling $131,250.00. Following this transaction, Hidalgo’s holdings decreased by 61.06%, leaving him with 797 shares valued at approximately $83,685.
Moreover, CEO Helmy Eltoukhy sold 90,565 shares on December 15, 2023, at an average price of $103.82, amounting to $9,402,458.30. Eltoukhy now holds 2,047,143 shares, valued at around $212,534,386.26, marking a 4.24% decrease in his position. Over the past ninety days, insiders have sold a total of 426,663 shares, worth $44,508,069. Currently, insiders own 6.10% of the company’s stock.
Institutional Investment Trends
Institutional ownership of Guardant Health remains robust, with approximately 92.60% of the stock held by institutional investors and hedge funds. Recently, several prominent investment firms have adjusted their stakes in the company. Baillie Gifford & Co. raised its stake by 6.6% during the third quarter, now owning 5,127,692 shares valued at $320,378,000 after acquiring an additional 317,906 shares.
Invesco Ltd. increased its holdings by 27.3% during the second quarter, bringing its ownership to 3,558,501 shares worth $185,184,000. Franklin Resources Inc. also lifted its position by 26.1% in the same quarter, now holding 2,926,315 shares valued at $182,836,000.
Other significant movements include Geode Capital Management LLC, which boosted its stake by 0.5%, and ARK Investment Management LLC, which doubled its holdings by 100.4%, now owning 2,823,497 shares valued at $146,935,000.
Guardant Health, headquartered in Redwood City, California, is a precision oncology company known for its innovative blood-based cancer diagnostics. The firm focuses on non-invasive tests that utilize circulating tumor DNA to profile genomic alterations in solid tumor patients. Its flagship product, Guardant360, is a next-generation sequencing assay that detects mutations and variations in over 70 cancer-related genes.
