Medpace (NASDAQ:MEDP) Price Target Raised to $354.00

Medpace (NASDAQ:MEDP) had its price objective raised by Robert W. Baird from $349.00 to $354.00 in a research note released on Monday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on MEDP. StockNews.com downgraded Medpace from a “buy” rating to a “hold” rating in a research report on Friday, September 27th. Truist Financial reduced their target price on Medpace from $415.00 to $397.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. UBS Group downgraded Medpace from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $420.00 to $350.00 in a report on Friday, September 27th. Baird R W downgraded shares of Medpace from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group cut shares of Medpace from a “buy” rating to a “hold” rating and lowered their target price for the stock from $415.00 to $345.00 in a research note on Wednesday, September 25th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $380.56.

Medpace Price Performance

Shares of MEDP stock opened at $338.96 on Monday. The stock’s 50-day moving average is $338.93 and its 200 day moving average is $371.98. Medpace has a 1-year low of $268.80 and a 1-year high of $459.77. The company has a market cap of $10.53 billion, a P/E ratio of 29.68, a PEG ratio of 1.87 and a beta of 1.37.

Medpace (NASDAQ:MEDP) last released its quarterly earnings results on Monday, October 21st. The company reported $3.01 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.24. The business had revenue of $533.32 million for the quarter, compared to analysts’ expectations of $540.99 million. Medpace had a net margin of 17.66% and a return on equity of 50.87%. The company’s revenue was up 8.3% compared to the same quarter last year. During the same period last year, the business earned $2.22 EPS. On average, analysts anticipate that Medpace will post 11.93 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. State Street Corp grew its position in Medpace by 7.2% during the 3rd quarter. State Street Corp now owns 752,957 shares of the company’s stock worth $251,337,000 after purchasing an additional 50,312 shares during the period. Geode Capital Management LLC grew its holdings in Medpace by 7.6% during the third quarter. Geode Capital Management LLC now owns 628,054 shares of the company’s stock worth $209,885,000 after acquiring an additional 44,371 shares during the period. Renaissance Technologies LLC grew its holdings in Medpace by 38.3% during the second quarter. Renaissance Technologies LLC now owns 443,588 shares of the company’s stock worth $182,692,000 after acquiring an additional 122,800 shares during the period. Wellington Management Group LLP raised its position in Medpace by 36.0% during the third quarter. Wellington Management Group LLP now owns 415,255 shares of the company’s stock valued at $138,612,000 after acquiring an additional 109,886 shares in the last quarter. Finally, Clearbridge Investments LLC lifted its holdings in Medpace by 55.1% in the second quarter. Clearbridge Investments LLC now owns 403,892 shares of the company’s stock valued at $166,343,000 after acquiring an additional 143,481 shares during the period. Hedge funds and other institutional investors own 77.98% of the company’s stock.

About Medpace

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.