Medpace (NASDAQ:MEDP) Releases FY24 Earnings Guidance

Medpace (NASDAQ:MEDP) updated its FY24 earnings guidance on Monday. The company provided earnings per share (EPS) guidance of $10.79-11.47 for the period, compared to the consensus estimate of $10.62. The company issued revenue guidance of $2.15-2.20 billion, compared to the consensus revenue estimate of $2.19 billion. Medpace also updated its FY 2024 guidance to 10.790-11.470 EPS.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. StockNews.com cut shares of Medpace from a buy rating to a hold rating in a research report on Saturday, March 23rd. Jefferies Financial Group upgraded shares of Medpace from a hold rating to a buy rating and increased their price objective for the stock from $340.00 to $450.00 in a research report on Tuesday. Robert W. Baird increased their target price on shares of Medpace from $312.00 to $408.00 and gave the stock an outperform rating in a research note on Wednesday, February 14th. Deutsche Bank Aktiengesellschaft began coverage on shares of Medpace in a report on Monday, March 18th. They issued a hold rating and a $395.00 price target for the company. Finally, UBS Group upgraded shares of Medpace from a neutral rating to a buy rating and raised their price target for the stock from $282.00 to $452.00 in a report on Thursday, February 15th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Medpace has a consensus rating of Moderate Buy and an average target price of $395.60.

Medpace Stock Performance

Shares of MEDP stock opened at $376.26 on Tuesday. The firm has a market cap of $11.66 billion, a price-to-earnings ratio of 42.37, a P/E/G ratio of 1.97 and a beta of 1.38. Medpace has a 52 week low of $187.03 and a 52 week high of $419.42. The firm’s 50-day simple moving average is $396.82 and its two-hundred day simple moving average is $322.00.

Medpace (NASDAQ:MEDP) last announced its quarterly earnings data on Monday, February 12th. The company reported $2.46 EPS for the quarter, topping the consensus estimate of $2.22 by $0.24. The business had revenue of $498.40 million for the quarter, compared to analyst estimates of $498.72 million. Medpace had a net margin of 15.00% and a return on equity of 63.98%. The company’s revenue for the quarter was up 26.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.12 earnings per share. Analysts forecast that Medpace will post 10.53 earnings per share for the current year.

Insider Activity

In other news, VP Susan E. Burwig sold 102 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $403.00, for a total value of $41,106.00. Following the sale, the vice president now owns 15,181 shares of the company’s stock, valued at $6,117,943. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Ashley M. Keating sold 250 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $409.87, for a total value of $102,467.50. Following the sale, the director now owns 250 shares of the company’s stock, valued at $102,467.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Susan E. Burwig sold 102 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $403.00, for a total transaction of $41,106.00. Following the completion of the sale, the vice president now directly owns 15,181 shares in the company, valued at approximately $6,117,943. The disclosure for this sale can be found here. Insiders have sold a total of 189,340 shares of company stock valued at $76,651,647 over the last quarter. Company insiders own 20.30% of the company’s stock.

Medpace Company Profile

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.