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

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

A number of other equities research analysts also recently commented on the company. Lake Street Capital began coverage on Silk Road Medical in a report on Wednesday, January 3rd. They issued a buy rating and a $20.00 price objective for the company. Stifel Nicolaus upped their target price on shares of Silk Road Medical from $20.00 to $23.00 and gave the company a buy rating in a research note on Thursday, February 29th. Argus upgraded shares of Silk Road Medical from a hold rating to a buy rating and set a $24.00 target price on the stock in a report on Thursday, March 7th. Finally, Piper Sandler boosted their price target on shares of Silk Road Medical from $18.00 to $20.00 and gave the company a neutral rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Silk Road Medical has an average rating of Hold and an average target price of $22.55.

Silk Road Medical Trading Up 3.7 %

Shares of SILK opened at $20.16 on Wednesday. The stock’s fifty day simple moving average is $17.63 and its 200-day simple moving average is $13.49. The company has a quick ratio of 6.97, a current ratio of 7.95 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $795.11 million, a PE ratio of -14.72 and a beta of 1.43. Silk Road Medical has a 12-month low of $6.08 and a 12-month high of $44.11.

Silk Road Medical (NASDAQ:SILK) last posted its quarterly 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. Silk Road Medical had a negative net margin of 29.02% and a negative return on equity of 35.12%. The business had revenue of $48.50 million during the quarter, compared to the consensus estimate of $44.67 million. During the same period in the previous year, the firm posted ($0.43) earnings per share. Silk Road Medical’s revenue for the quarter was up 20.9% compared to the same quarter last year. As a group, research analysts predict that Silk Road Medical will post -1.39 earnings per share for the current year.

Insider Activity at Silk Road Medical

In other Silk Road Medical news, insider Andrew S. Davis sold 5,481 shares of the company’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $17.17, for a total transaction of $94,108.77. Following the completion of the transaction, the insider now owns 287,773 shares of the company’s stock, valued at approximately $4,941,062.41. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Andrew S. Davis sold 5,481 shares of the business’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total value of $94,108.77. Following the sale, the insider now owns 287,773 shares of the company’s stock, valued at $4,941,062.41. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Kevin M. Klemz sold 2,497 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $17.17, for a total transaction of $42,873.49. Following the completion of the transaction, the executive vice president now directly owns 165,194 shares of the company’s stock, valued at approximately $2,836,380.98. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,457 shares of company stock valued at $351,247. 6.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SILK. Federated Hermes Inc. acquired a new position in Silk Road Medical during the fourth quarter worth $5,789,000. Algert Global LLC bought a new stake in shares of Silk Road Medical in the 3rd quarter valued at about $1,456,000. New York State Common Retirement Fund lifted its stake in Silk Road Medical by 333.5% in the 3rd quarter. New York State Common Retirement Fund now owns 67,571 shares of the company’s stock valued at $1,013,000 after purchasing an additional 51,983 shares during the last quarter. Graham Capital Management L.P. bought a new position in Silk Road Medical during the third quarter worth about $299,000. Finally, Aigen Investment Management LP acquired a new position in Silk Road Medical during the third quarter worth approximately $222,000.

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.