Piper Sandler Raises Silk Road Medical (NASDAQ:SILK) Price Target to $20.00

Silk Road Medical (NASDAQ:SILK) had its target price lifted by Piper Sandler from $18.00 to $20.00 in a report issued on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other equities analysts have also issued reports about the company. Argus upgraded Silk Road Medical from a hold rating to a buy rating and set a $24.00 price objective on the stock in a research report on Thursday, March 7th. JPMorgan Chase & Co. increased their target price on Silk Road Medical from $10.00 to $19.00 and gave the company a neutral rating in a report on Thursday, February 29th. Lake Street Capital initiated coverage on Silk Road Medical in a research report on Wednesday, January 3rd. They issued a buy rating and a $20.00 target price for the company. Finally, Stifel Nicolaus increased 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. Two equities research 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. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $22.55.

Silk Road Medical Stock Performance

NASDAQ:SILK opened at $20.28 on Wednesday. The firm has a market cap of $799.84 million, a price-to-earnings ratio of -14.80 and a beta of 1.43. The company has a debt-to-equity ratio of 0.50, a quick ratio of 6.97 and a current ratio of 7.95. The business’s fifty day moving average is $17.73 and its 200 day moving average is $13.61. Silk Road Medical has a 52-week low of $6.08 and a 52-week high of $43.51.

Silk Road Medical (NASDAQ:SILK) last announced its earnings results on Tuesday, April 30th. The company reported ($0.36) earnings per share 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 analyst estimates of $44.67 million. Silk Road Medical had a negative return on equity of 35.12% and a negative net margin of 29.02%. The company’s quarterly revenue was up 20.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.43) EPS. Research analysts predict that Silk Road Medical will post -1.39 EPS for the current year.

Insiders Place Their Bets

In other Silk Road Medical news, Director Kevin J. Ballinger bought 11,700 shares of Silk Road Medical stock in a transaction on Tuesday, March 5th. The stock was acquired at an average price of $16.99 per share, with a total value of $198,783.00. Following the acquisition, the director now owns 17,807 shares in the company, valued at $302,540.93. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Lucas W. Buchanan sold 9,877 shares of the firm’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total value of $169,588.09. Following the transaction, the chief financial officer now directly owns 500,925 shares in the company, valued at approximately $8,600,882.25. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Kevin J. Ballinger purchased 11,700 shares of the company’s stock in a transaction dated Tuesday, March 5th. The stock was purchased at an average price of $16.99 per share, for a total transaction of $198,783.00. Following the completion of the purchase, the director now owns 17,807 shares in the company, valued at $302,540.93. The disclosure for this purchase can be found here. In the last quarter, insiders sold 20,457 shares of company stock valued at $351,247. Corporate insiders own 6.70% of the company’s stock.

Hedge Funds Weigh In On Silk Road Medical

A number of institutional investors and hedge funds have recently modified their holdings of SILK. Armistice Capital LLC purchased a new position in shares of Silk Road Medical in the 4th quarter worth $21,693,000. Goldman Sachs Group Inc. grew its holdings in 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 during the period. Rubric Capital Management LP bought a new stake in Silk Road Medical during the fourth quarter valued at about $17,520,000. Rings Capital Management LLC bought a new position in shares of Silk Road Medical in the fourth quarter worth about $10,552,000. Finally, Wasatch Advisors LP boosted 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 acquiring an additional 500,581 shares during the period.

Silk Road Medical Company Profile

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.