Stratasys (NASDAQ:SSYS) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Stratasys (NASDAQ:SSYS) released its quarterly earnings results on Thursday. The technology company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02, reports. The firm had revenue of $162.13 million for the quarter, compared to analyst estimates of $161.72 million. Stratasys had a negative return on equity of 1.96% and a negative net margin of 17.53%. Stratasys updated its FY23 guidance to $0.10-0.14 EPS and its FY 2023 guidance to $0.10-$0.14 EPS.

Stratasys Stock Performance

Shares of NASDAQ:SSYS opened at $10.83 on Friday. The company has a 50-day moving average price of $11.62 and a 200 day moving average price of $14.73. Stratasys has a 52 week low of $9.95 and a 52 week high of $21.72.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. StockNews.com started coverage on Stratasys in a research note on Saturday, November 11th. They issued a “buy” rating on the stock. Needham & Company LLC dropped their price objective on shares of Stratasys from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Friday.

Hedge Funds Weigh In On Stratasys

A number of large investors have recently modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in Stratasys by 8.8% during the first quarter. Bank of New York Mellon Corp now owns 15,979 shares of the technology company’s stock worth $406,000 after acquiring an additional 1,298 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in shares of Stratasys by 16.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 13,789 shares of the technology company’s stock valued at $350,000 after purchasing an additional 1,970 shares during the period. HighTower Advisors LLC boosted its holdings in Stratasys by 11.7% during the first quarter. HighTower Advisors LLC now owns 17,367 shares of the technology company’s stock worth $438,000 after buying an additional 1,817 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in Stratasys by 88.9% during the first quarter. PNC Financial Services Group Inc. now owns 21,250 shares of the technology company’s stock worth $540,000 after buying an additional 10,000 shares in the last quarter. Finally, Natixis Advisors L.P. boosted its holdings in Stratasys by 27.3% during the first quarter. Natixis Advisors L.P. now owns 22,836 shares of the technology company’s stock worth $580,000 after buying an additional 4,903 shares in the last quarter. 72.65% of the stock is owned by hedge funds and other institutional investors.

About Stratasys

Stratasys Ltd. provides connected polymer-based 3D printing solutions. It offers range of 3D printing systems, which includes polyjet printer, Fused Deposition Modeling (FDM) printers, stereolithography printing systems, origin P3 printers, and SAF printer for manufacturing, tooling and rapid prototyping, and various vertical markets, such as automotive, aerospace, consumer products and healthcare.