Mercury Systems (NASDAQ:MRCY) Stock Price Target Cut by Royal Bank Of Canada

Mercury Systems (NASDAQ:MRCY) had its target price reduced by equities research analysts at Royal Bank Of Canada from $120.00 to $105.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank Of Canada‘s price target points to a potential upside of 33.46% from the company’s previous close.

A number of other research analysts have also commented on MRCY. Jefferies Financial Group reaffirmed a “hold” rating and issued a $115.00 price objective on shares of Mercury Systems in a report on Friday, July 10th. Deutsche Bank Aktiengesellschaft cut Mercury Systems to a “hold” rating in a research report on Wednesday, August 12th. Canaccord Genuity Group lifted their target price on Mercury Systems from $106.00 to $128.00 and gave the stock a “buy” rating in a report on Thursday, August 20th. Weiss Ratings cut shares of Mercury Systems from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, September 28th. Finally, Piper Sandler reduced their target price on shares of Mercury Systems from $131.00 to $107.00 and set an “overweight” rating for the company in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.18.

Mercury Systems Trading Up 0.2%

Shares of NASDAQ:MRCY traded up $0.13 during trading on Wednesday, reaching $78.68. 107,378 shares of the stock were exchanged, compared to its average volume of 665,480. Mercury Systems has a 12 month low of $65.04 and a 12 month high of $128.45. The stock has a 50-day moving average price of $83.22 and a 200-day moving average price of $92.04.

Mercury Systems (NASDAQ:MRCY) last announced its earnings results on Tuesday, August 18th. The technology company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.01). The firm had revenue of $289.78 million during the quarter, compared to the consensus estimate of $266.09 million. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.47 EPS. As a group, equities research analysts forecast that Mercury Systems will post 0.91 earnings per share for the current year.

Insider Activity at Mercury Systems

In other news, CEO William Ballhaus sold 111,076 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $87.12, for a total transaction of $9,676,941.12. Following the transaction, the chief executive officer directly owned 342,436 shares of the company’s stock, valued at approximately $29,833,024.32. This trade represents a 24.49% 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. Also, EVP David Farnsworth sold 8,155 shares of Mercury Systems stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $100.31, for a total transaction of $818,028.05. Following the completion of the sale, the executive vice president owned 124,579 shares of the company’s stock, valued at approximately $12,496,519.49. The trade was a 6.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 452,186 shares of company stock worth $41,933,170 over the last ninety days. Insiders own 0.99% of the company’s stock.

Hedge Funds Weigh In On Mercury Systems

Hedge funds have recently added to or reduced their stakes in the stock. Verdence Capital Advisors LLC increased its stake in Mercury Systems by 4.7% during the 3rd quarter. Verdence Capital Advisors LLC now owns 3,169 shares of the technology company’s stock worth $263,000 after acquiring an additional 143 shares during the period. Signaturefd LLC lifted its position in shares of Mercury Systems by 66.8% during the 3rd quarter. Signaturefd LLC now owns 1,306 shares of the technology company’s stock valued at $108,000 after acquiring an additional 523 shares during the period. Yousif Capital Management LLC lifted its position in shares of Mercury Systems by 16.8% during the 3rd quarter. Yousif Capital Management LLC now owns 16,808 shares of the technology company’s stock valued at $1,395,000 after acquiring an additional 2,423 shares during the period. Crossmark Global Holdings Inc. grew its holdings in shares of Mercury Systems by 18.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 5,200 shares of the technology company’s stock worth $432,000 after purchasing an additional 811 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in shares of Mercury Systems by 2.1% during the 3rd quarter. Quadrant Capital Group LLC now owns 8,017 shares of the technology company’s stock worth $615,000 after purchasing an additional 167 shares in the last quarter. Institutional investors own 95.99% of the company’s stock.

Mercury Systems Company Profile

Mercury Systems, Inc is an aerospace and defense technology company that develops and manufactures mission-critical computing and electronic systems. Its products are designed for use in aircraft, unmanned systems, naval vessels, ground vehicles, radar platforms and other defense applications.

The company provides embedded computing solutions, including high-performance processors, ruggedized computers, secure servers, data-storage systems and software. Its portfolio also includes radio-frequency and microwave components, electronic warfare systems, signal processing technologies and systems used for radar, communications, avionics and intelligence, surveillance and reconnaissance missions.

Founded in 1981 and headquartered in Andover, Massachusetts, Mercury Systems primarily serves the U.S.