Allscripts Healthcare Solutions (NASDAQ:MDRX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Zacks.com reports. They presently have a $19.00 target price on the software maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 7.95% from the company’s previous close.
According to Zacks, “Allscripts maintained its momentum in its Provider business in the first quarter of 2021 on the back of its key client wins. Gross margin expansion bodes well. Allscripts managed to leverage its new as well existing innovative solutions to help clients and boost patient outcomes. New alliances and continued innovation auger well. Solid prospects in Sunrise EHR platform buoy optimism. A strong solvency position is an added plus. Allscripts’ earnings in the first quarter were better-than-expected. Over the past six months, Allscripts has outperformed the industry it belongs to. Yet, fall in its segmental revenues and overall top line is concerning. Healthcare regulatory changes and consolidation in the healthcare industry pose a threat to Allscripts’ business. Forex woes, integration risks and stiff competition are other headwinds.”
A number of other equities research analysts have also recently weighed in on MDRX. SVB Leerink lifted their price target on Allscripts Healthcare Solutions from $16.00 to $17.00 and gave the company a “market perform” rating in a report on Wednesday, May 26th. Canaccord Genuity lifted their price target on Allscripts Healthcare Solutions from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, April 30th. JPMorgan Chase & Co. started coverage on Allscripts Healthcare Solutions in a report on Thursday, April 29th. They set an “underweight” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Allscripts Healthcare Solutions from $15.00 to $17.00 and gave the stock a “hold” rating in a report on Thursday, May 20th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $13.62.
MDRX stock traded down $0.12 during midday trading on Friday, reaching $17.60. The company had a trading volume of 34,534 shares, compared to its average volume of 1,396,381. The stock’s 50 day moving average price is $17.65. The stock has a market cap of $2.48 billion, a price-to-earnings ratio of 3.64, a PEG ratio of 3.83 and a beta of 1.08. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.29 and a quick ratio of 1.29. Allscripts Healthcare Solutions has a fifty-two week low of $6.48 and a fifty-two week high of $19.00.
Allscripts Healthcare Solutions (NASDAQ:MDRX) last released its quarterly earnings results on Wednesday, April 28th. The software maker reported $0.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.04. The company had revenue of $368.40 million for the quarter, compared to analysts’ expectations of $368.42 million. Allscripts Healthcare Solutions had a return on equity of 7.17% and a net margin of 46.70%. During the same quarter in the previous year, the company posted $0.09 earnings per share. As a group, analysts anticipate that Allscripts Healthcare Solutions will post 0.51 EPS for the current fiscal year.
Allscripts Healthcare Solutions declared that its board has initiated a stock buyback plan on Wednesday, May 26th that authorizes the company to repurchase $350.00 million in outstanding shares. This repurchase authorization authorizes the software maker to reacquire up to 14% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In other Allscripts Healthcare Solutions news, CMO Elaina Shekhter sold 11,744 shares of Allscripts Healthcare Solutions stock in a transaction that occurred on Tuesday, June 8th. The shares were sold at an average price of $485.02, for a total transaction of $5,696,074.88. Also, insider Lisa Khorey sold 50,000 shares of Allscripts Healthcare Solutions stock in a transaction that occurred on Tuesday, June 15th. The stock was sold at an average price of $17.54, for a total transaction of $877,000.00. Following the transaction, the insider now owns 216,308 shares in the company, valued at $3,794,042.32. The disclosure for this sale can be found here. Insiders sold 334,344 shares of company stock worth $11,437,363 in the last ninety days. 1.91% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MDRX. Eaton Vance Management purchased a new position in Allscripts Healthcare Solutions during the 1st quarter worth approximately $30,000. Point72 Hong Kong Ltd grew its holdings in shares of Allscripts Healthcare Solutions by 152.9% during the 1st quarter. Point72 Hong Kong Ltd now owns 2,119 shares of the software maker’s stock valued at $32,000 after acquiring an additional 1,281 shares in the last quarter. Vantage Consulting Group Inc purchased a new position in shares of Allscripts Healthcare Solutions during the 4th quarter valued at $44,000. Eqis Capital Management Inc. purchased a new position in shares of Allscripts Healthcare Solutions during the 4th quarter valued at $158,000. Finally, Truist Financial Corp purchased a new position in shares of Allscripts Healthcare Solutions during the 4th quarter valued at $205,000.
About Allscripts Healthcare Solutions
Allscripts Healthcare Solutions, Inc, together with its subsidiaries, provides information technology solutions and services to healthcare organizations in the United States, Canada, and internationally. It offers electronic health records (EHR), information connectivity, private cloud hosting, outsourcing, analytics, patient access, and population health management solutions.
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