Evolent Health (NYSE:EVH) Price Target Lowered to $44.00 at Canaccord Genuity Group

Evolent Health (NYSE:EVH) had its target price reduced by analysts at Canaccord Genuity Group from $45.00 to $44.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Canaccord Genuity Group’s target price indicates a potential upside of 34.39% from the company’s previous close.

Several other research firms also recently issued reports on EVH. Barclays began coverage on shares of Evolent Health in a research note on Wednesday, January 3rd. They set an “overweight” rating and a $39.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on shares of Evolent Health from $53.00 to $52.00 and set an “overweight” rating on the stock in a research report on Friday, March 15th. JMP Securities boosted their target price on shares of Evolent Health from $37.00 to $38.00 and gave the stock a “market outperform” rating in a research report on Friday, February 23rd. William Blair reaffirmed an “outperform” rating on shares of Evolent Health in a report on Tuesday, January 9th. Finally, Oppenheimer started coverage on shares of Evolent Health in a report on Friday, March 1st. They issued an “outperform” rating and a $45.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, Evolent Health has a consensus rating of “Moderate Buy” and an average price target of $42.70.

Evolent Health Price Performance

Evolent Health stock opened at $32.74 on Thursday. Evolent Health has a 1 year low of $23.33 and a 1 year high of $36.70. The firm has a 50 day moving average price of $31.82 and a 200 day moving average price of $29.72. The company has a market cap of $3.78 billion, a price-to-earnings ratio of -25.78 and a beta of 1.54. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.01 and a current ratio of 1.01.

Evolent Health (NYSE:EVH) last released its earnings results on Thursday, February 22nd. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.13. Evolent Health had a negative net margin of 5.76% and a positive return on equity of 6.60%. The firm had revenue of $556.06 million during the quarter, compared to the consensus estimate of $541.87 million. Sell-side analysts predict that Evolent Health will post 0.87 earnings per share for the current year.

Hedge Funds Weigh In On Evolent Health

Several institutional investors have recently modified their holdings of EVH. American Century Companies Inc. grew its position in shares of Evolent Health by 12.7% during the first quarter. American Century Companies Inc. now owns 20,453 shares of the technology company’s stock worth $661,000 after acquiring an additional 2,300 shares during the last quarter. HighTower Advisors LLC bought a new position in shares of Evolent Health during the first quarter worth about $296,000. MetLife Investment Management LLC grew its position in shares of Evolent Health by 52.2% during the first quarter. MetLife Investment Management LLC now owns 44,172 shares of the technology company’s stock worth $1,427,000 after acquiring an additional 15,143 shares during the last quarter. BlackRock Inc. grew its position in shares of Evolent Health by 4.9% during the first quarter. BlackRock Inc. now owns 6,180,992 shares of the technology company’s stock worth $199,644,000 after acquiring an additional 291,029 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Evolent Health by 1.5% during the first quarter. Vanguard Group Inc. now owns 7,657,874 shares of the technology company’s stock worth $247,350,000 after acquiring an additional 111,882 shares during the last quarter.

About Evolent Health

Evolent Health, Inc, through its subsidiary, Evolent Health LLC, offers specialty care management services in oncology, cardiology, and musculoskeletal markets in the United States. The company provides platform for health plan administration and value-based business infrastructure. It offers administrative services, such as health plan services, pharmacy benefits management, risk management, analytics and reporting, and leadership and management; and Identifi, a proprietary technology system that aggregates and analyzes data, manages care workflows, and engages patients.