Merit Medical Systems (NASDAQ:MMSI) Price Target Cut to $116.00 by Analysts at Needham & Company LLC

Merit Medical Systems (NASDAQ:MMSI) had its price target cut by research analysts at Needham & Company LLC from $122.00 to $116.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the medical instruments supplier’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 17.75% from the company’s previous close.

Several other brokerages have also recently issued reports on MMSI. Piper Sandler reiterated an “overweight” rating and set a $116.00 price target (up previously from $114.00) on shares of Merit Medical Systems in a research report on Wednesday, January 29th. Barrington Research upped their target price on Merit Medical Systems from $114.00 to $115.00 and gave the stock an “outperform” rating in a report on Wednesday, January 29th. Wells Fargo & Company upgraded Merit Medical Systems from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $103.00 to $120.00 in a research note on Wednesday, December 11th. Robert W. Baird increased their price objective on Merit Medical Systems from $107.00 to $109.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. Finally, Raymond James boosted their target price on shares of Merit Medical Systems from $105.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, December 31st. Two 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. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.40.

Merit Medical Systems Price Performance

MMSI opened at $98.52 on Wednesday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. The stock has a market capitalization of $5.74 billion, a PE ratio of 48.29, a price-to-earnings-growth ratio of 2.34 and a beta of 0.87. The stock’s 50 day moving average price is $102.83 and its 200-day moving average price is $99.88. Merit Medical Systems has a 52-week low of $70.70 and a 52-week high of $111.45.

Institutional Trading of Merit Medical Systems

Institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC bought a new position in shares of Merit Medical Systems in the third quarter worth approximately $21,156,000. Wealth Enhancement Advisory Services LLC bought a new position in Merit Medical Systems in the 3rd quarter valued at approximately $325,000. Congress Asset Management Co. boosted its stake in Merit Medical Systems by 2.7% during the 3rd quarter. Congress Asset Management Co. now owns 589,976 shares of the medical instruments supplier’s stock valued at $58,307,000 after purchasing an additional 15,534 shares during the last quarter. Conestoga Capital Advisors LLC increased its holdings in shares of Merit Medical Systems by 1.7% in the 3rd quarter. Conestoga Capital Advisors LLC now owns 2,289,148 shares of the medical instruments supplier’s stock worth $226,236,000 after purchasing an additional 38,780 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its stake in shares of Merit Medical Systems by 32.7% in the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock worth $104,000 after purchasing an additional 260 shares during the last quarter. 99.66% of the stock is owned by hedge funds and other institutional investors.

Merit Medical Systems Company Profile

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.