Bio-Techne (NASDAQ:TECH) Upgraded by Zacks Research to Hold Rating

Bio-Techne (NASDAQ:TECH) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

TECH has been the topic of a number of other research reports. Robert W. Baird increased their target price on Bio-Techne from $49.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Benchmark restated a “hold” rating on shares of Bio-Techne in a report on Wednesday, August 19th. Citigroup downgraded shares of Bio-Techne from a “buy” rating to a “neutral” rating and raised their price target for the stock from $70.00 to $73.00 in a research note on Friday, June 26th. Wells Fargo & Company lowered shares of Bio-Techne from an “overweight” rating to an “equal weight” rating and lifted their price objective for the company from $62.00 to $73.00 in a report on Thursday, August 13th. Finally, Piper Sandler started coverage on shares of Bio-Techne in a research report on Thursday, June 11th. They issued a “neutral” rating and a $65.00 price objective for the company. Two analysts have rated the stock with a Buy rating and fifteen have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Bio-Techne presently has a consensus rating of “Hold” and a consensus price target of $68.92.

Bio-Techne Price Performance

Bio-Techne stock opened at $72.38 on Tuesday. The firm has a market capitalization of $11.35 billion, a PE ratio of 62.94, a price-to-earnings-growth ratio of 8.62 and a beta of 1.28. Bio-Techne has a 12-month low of $43.19 and a 12-month high of $72.62. The firm has a 50-day moving average price of $70.28 and a 200-day moving average price of $59.63. The company has a current ratio of 4.55, a quick ratio of 3.35 and a debt-to-equity ratio of 0.09.

Bio-Techne (NASDAQ:TECH) last posted its quarterly earnings data on Wednesday, August 12th. The biotechnology company reported $0.52 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.52. The company had revenue of $321.19 million for the quarter, compared to analyst estimates of $314.63 million. Bio-Techne had a net margin of 14.97% and a return on equity of 13.23%. The firm’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 EPS. As a group, equities research analysts forecast that Bio-Techne will post 1.76 EPS for the current year.

Institutional Trading of Bio-Techne

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Bio-Techne during the 2nd quarter worth about $990,924,000. California State Teachers Retirement System raised its holdings in shares of Bio-Techne by 6,800.5% in the 2nd quarter. California State Teachers Retirement System now owns 12,708,310 shares of the biotechnology company’s stock valued at $897,842,000 after purchasing an additional 12,524,146 shares in the last quarter. Morgan Stanley lifted its position in shares of Bio-Techne by 15.3% in the 4th quarter. Morgan Stanley now owns 8,345,414 shares of the biotechnology company’s stock worth $490,794,000 after purchasing an additional 1,107,536 shares during the period. State Street Corp raised its stake in Bio-Techne by 1.0% in the fourth quarter. State Street Corp now owns 5,812,032 shares of the biotechnology company’s stock worth $341,806,000 after buying an additional 58,639 shares in the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Bio-Techne by 12.1% during the fourth quarter. Wellington Management Group LLP now owns 5,734,049 shares of the biotechnology company’s stock worth $337,219,000 after buying an additional 618,916 shares during the period. 98.95% of the stock is currently owned by institutional investors.

Bio-Techne Company Profile

Bio-Techne Corporation (NASDAQ:TECH) is a global life sciences company that develops, manufactures and sells high-quality reagents, instruments and services for the research, diagnostic and bioprocessing markets. Its core product offerings include recombinant proteins, antibodies, immunoassays, nucleic acid probes and kits, single-cell analysis solutions and automated protein analysis systems. Flagship brands such as R&D Systems, Novus Biologicals, ProteinSimple and Advanced Cell Diagnostics provide researchers and clinicians with reliable tools for cell biology, immunology, proteomics and genomics applications.

Headquartered in Minneapolis, Minnesota, Bio-Techne serves customers across North America, Europe and the Asia-Pacific region through a combination of direct sales, distributors and strategic partnerships.