472,971 Shares in Butterfly Network, Inc. $BFLY Acquired by Polen Capital Management LLC

Polen Capital Management LLC acquired a new position in Butterfly Network, Inc. (NYSE:BFLY) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 472,971 shares of the company’s stock, valued at approximately $1,797,000. Polen Capital Management LLC owned about 0.19% of Butterfly Network at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Butterfly Network by 4.3% during the 3rd quarter. Vanguard Group Inc. now owns 11,040,080 shares of the company’s stock valued at $21,307,000 after acquiring an additional 453,258 shares during the last quarter. ARK Investment Management LLC increased its position in shares of Butterfly Network by 1.6% in the 4th quarter. ARK Investment Management LLC now owns 6,244,427 shares of the company’s stock valued at $23,729,000 after buying an additional 99,079 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Butterfly Network by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 4,679,120 shares of the company’s stock valued at $17,785,000 after buying an additional 75,243 shares in the last quarter. Deutsche Bank AG increased its position in shares of Butterfly Network by 156.7% in the 4th quarter. Deutsche Bank AG now owns 1,652,237 shares of the company’s stock valued at $6,279,000 after buying an additional 1,008,556 shares in the last quarter. Finally, Raymond James Financial Inc. increased its position in shares of Butterfly Network by 10.1% in the 2nd quarter. Raymond James Financial Inc. now owns 1,218,878 shares of the company’s stock valued at $2,438,000 after buying an additional 111,699 shares in the last quarter. Institutional investors own 37.85% of the company’s stock.

Insider Activity at Butterfly Network

In other news, insider Steve Cashman sold 294,680 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $4.66, for a total transaction of $1,373,208.80. Following the transaction, the insider directly owned 1,630,407 shares of the company’s stock, valued at approximately $7,597,696.62. This trade represents a 15.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 21.99% of the company’s stock.

Butterfly Network Stock Up 4.7%

Butterfly Network stock opened at $5.65 on Friday. The stock has a market cap of $1.44 billion, a P/E ratio of -18.82 and a beta of 2.22. Butterfly Network, Inc. has a twelve month low of $1.32 and a twelve month high of $5.72. The company’s 50-day moving average price is $4.62 and its two-hundred day moving average price is $4.02.

Butterfly Network (NYSE:BFLY) last released its quarterly earnings results on Thursday, April 30th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.01. The firm had revenue of $26.53 million for the quarter, compared to analysts’ expectations of $26.08 million. Butterfly Network had a negative net margin of 73.63% and a negative return on equity of 34.41%. Equities analysts anticipate that Butterfly Network, Inc. will post -0.18 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BFLY. Loop Capital set a $5.50 price objective on shares of Butterfly Network in a research report on Monday, March 2nd. TD Cowen increased their price objective on shares of Butterfly Network from $4.50 to $6.00 and gave the stock a “buy” rating in a research note on Friday, February 27th. Weiss Ratings restated a “sell (d-)” rating on shares of Butterfly Network in a research note on Wednesday, May 6th. Finally, Zacks Research upgraded shares of Butterfly Network from a “strong sell” rating to a “hold” rating in a research note on Friday, March 27th. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $5.56.

Butterfly Network Company Profile

Butterfly Network, Inc is a medical technology company focused on democratizing access to diagnostic imaging through its proprietary ultrasound-on-chip platform. The company’s flagship device, the Butterfly iQ, leverages semiconductor technology to deliver whole-body ultrasound imaging in a handheld form factor. This portable system connects to a compatible smart device, enabling point-of-care scanning across a variety of clinical settings.

Beyond its hardware offering, Butterfly Network provides a cloud-based software suite that supports image storage, analysis and remote collaboration.