JPMorgan Chase & Co. Raises Silk Road Medical (NASDAQ:SILK) Price Target to $21.00

Silk Road Medical (NASDAQ:SILK) had its target price raised by JPMorgan Chase & Co. from $19.00 to $21.00 in a report published on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

Other analysts have also issued reports about the company. Stifel Nicolaus lifted their target price on Silk Road Medical from $20.00 to $23.00 and gave the stock a buy rating in a research report on Thursday, February 29th. Piper Sandler lifted their price objective on Silk Road Medical from $18.00 to $20.00 and gave the stock a neutral rating in a report on Wednesday. Lake Street Capital assumed coverage on Silk Road Medical in a research note on Wednesday, January 3rd. They set a buy rating and a $20.00 target price for the company. Finally, Argus upgraded shares of Silk Road Medical from a hold rating to a buy rating and set a $24.00 price target for the company in a research note on Thursday, March 7th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $22.55.

Silk Road Medical Stock Up 7.3 %

Silk Road Medical stock opened at $20.28 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 7.95 and a quick ratio of 6.97. Silk Road Medical has a one year low of $6.08 and a one year high of $43.51. The stock’s 50 day moving average price is $17.73 and its 200 day moving average price is $13.66.

Silk Road Medical (NASDAQ:SILK) last posted its earnings results on Tuesday, April 30th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.04. The business had revenue of $48.50 million for the quarter, compared to analysts’ expectations of $44.67 million. Silk Road Medical had a negative net margin of 29.02% and a negative return on equity of 35.12%. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.43) earnings per share. Research analysts forecast that Silk Road Medical will post -1.43 earnings per share for the current fiscal year.

Insider Transactions at Silk Road Medical

In related news, CAO Marie L. Jones sold 2,602 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $44,676.34. Following the sale, the chief accounting officer now owns 76,894 shares in the company, valued at $1,320,269.98. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Lucas W. Buchanan sold 9,877 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $169,588.09. Following the completion of the transaction, the chief financial officer now owns 500,925 shares in the company, valued at $8,600,882.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Marie L. Jones sold 2,602 shares of the stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total transaction of $44,676.34. Following the completion of the sale, the chief accounting officer now directly owns 76,894 shares in the company, valued at approximately $1,320,269.98. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,457 shares of company stock worth $351,247. 6.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SILK. BNP Paribas Financial Markets boosted its position in shares of Silk Road Medical by 11.1% during the first quarter. BNP Paribas Financial Markets now owns 130,279 shares of the company’s stock worth $2,387,000 after buying an additional 12,968 shares during the period. Assenagon Asset Management S.A. acquired a new position in Silk Road Medical during the 1st quarter worth $801,000. Wasatch Advisors LP grew its stake in shares of Silk Road Medical by 12.4% in the first quarter. Wasatch Advisors LP now owns 4,549,742 shares of the company’s stock worth $83,351,000 after purchasing an additional 500,581 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Silk Road Medical by 1,293.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,523 shares of the company’s stock valued at $31,000 after purchasing an additional 2,342 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in shares of Silk Road Medical by 707.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,010,983 shares of the company’s stock valued at $24,675,000 after purchasing an additional 1,762,048 shares in the last quarter.

About Silk Road Medical

Silk Road Medical, Inc operates as a medical device company in the United States. The company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization (TCAR). Its products comprise ENROUTE Transcarotid Neuroprotection System that is used to directly access the common carotid artery and establish temporary blood flow reversal; ENROUTE Transcarotid Stent System for transcarotid access; ENHANCE Transcarotid Peripheral Access Kit, which is used to gain initial access to the common carotid artery; ENROUTE 0.014 Guidewire for atraumatic vessel navigation and target lesion crossing for delivery of interventional devices; and ENROUTE Enflate Transcarotid RX Balloon Dilation Catheter, a transcarotid rapid exchange balloon for the TCAR procedure.