Louisiana State Employees Retirement System Acquires New Holdings in Fulgent Genetics, Inc. (NASDAQ:FLGT)

Louisiana State Employees Retirement System bought a new stake in Fulgent Genetics, Inc. (NASDAQ:FLGT – Get Rating) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 9,700 shares of the company’s stock, valued at approximately $370,000.

Other hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in shares of Fulgent Genetics by 318.5% in the 1st quarter. JPMorgan Chase & Co. now owns 78,457 shares of the company’s stock worth $4,896,000 after acquiring an additional 59,711 shares during the last quarter. Raymond James & Associates lifted its stake in Fulgent Genetics by 42.9% during the first quarter. Raymond James & Associates now owns 14,944 shares of the company’s stock worth $933,000 after purchasing an additional 4,486 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in shares of Fulgent Genetics by 25.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 24,905 shares of the company’s stock worth $1,554,000 after buying an additional 5,106 shares during the period. Citigroup Inc. grew its stake in shares of Fulgent Genetics by 3.6% in the first quarter. Citigroup Inc. now owns 20,152 shares of the company’s stock valued at $1,258,000 after buying an additional 702 shares in the last quarter. Finally, Bank of Montreal Can raised its holdings in shares of Fulgent Genetics by 7.6% in the 1st quarter. Bank of Montreal Can now owns 6,551 shares of the company’s stock valued at $410,000 after buying an additional 461 shares during the period. Hedge funds and other institutional investors own 43.22% of the company’s stock.

Fulgent Genetics Stock Performance

FLGT stock opened at $31.00 on Thursday. The company’s 50 day moving average price is $33.73 and its 200 day moving average price is $42.58. The firm has a market capitalization of $912.58 million, a price-to-earnings ratio of 3.56 and a beta of 1.55. Fulgent Genetics, Inc. has a fifty-two week low of $28.53 and a fifty-two week high of $83.17.

Fulgent Genetics (NASDAQ:FLGT – Get Rating) last posted its quarterly earnings results on Monday, November 7th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.02) by $0.13. Fulgent Genetics had a net margin of 33.82% and a return on equity of 22.10%. The company had revenue of $105.66 million during the quarter, compared to analysts’ expectations of $103.70 million. Equities analysts forecast that Fulgent Genetics, Inc. will post 4.93 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on FLGT. Piper Sandler cut Fulgent Genetics from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $65.00 to $40.00 in a report on Thursday, December 8th. Raymond James initiated coverage on shares of Fulgent Genetics in a research note on Friday, November 18th. They issued an “outperform” rating and a $45.00 price objective for the company. StockNews.com started coverage on shares of Fulgent Genetics in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Credit Suisse Group decreased their price target on shares of Fulgent Genetics from $65.00 to $50.00 and set an “outperform” rating for the company in a research report on Monday, November 14th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.00.

Fulgent Genetics Company Profile

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Fulgent Genetics, Inc, together with its subsidiaries, provides COVID-19, molecular diagnostic, and genetic testing services to physicians and patients in the United States and internationally. The company offers genetic tests comprising Focus and Comprehensive oncology panels tests; Beacon carrier screening panels test for inherited conditions; solid tumor molecular profiling for somatic cancer testing; rapid whole genome testing for children in NICU and PICU; newborn genetic analysis panel; single front-line test to detect ataxia-related variants and repeat expansions through sequencing; picture genetics, a patient-initiated genetic testing; whole exome and clinical exome panel tests; whole genome, mutation, and repeat expansion testing services, as well as research service tests.