Pro-Dex (NASDAQ:PDEX) Price Target Raised to $74.00 at Ascendiant Capital Markets

Pro-Dex (NASDAQ:PDEX) had its target price raised by research analysts at Ascendiant Capital Markets from $70.00 to $74.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the medical instruments supplier’s stock. Ascendiant Capital Markets’ price target would indicate a potential upside of 23.66% from the company’s current price.

PDEX has been the subject of a number of other research reports. Weiss Ratings raised Pro-Dex from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. Zacks Research upgraded Pro-Dex to a “hold” rating in a research note on Tuesday, May 19th. Finally, Wall Street Zen raised Pro-Dex from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $74.00.

Pro-Dex Trading Down 1.4%

NASDAQ PDEX opened at $59.84 on Friday. Pro-Dex has a 12-month low of $23.47 and a 12-month high of $77.00. The company has a fifty day simple moving average of $62.39 and a two-hundred day simple moving average of $57.68. The company has a current ratio of 4.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.28. The stock has a market cap of $191.49 million, a P/E ratio of 14.49 and a beta of 0.06.

Pro-Dex (NASDAQ:PDEX) last announced its quarterly earnings data on Thursday, September 3rd. The medical instruments supplier reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.20. Pro-Dex had a net margin of 17.62% and a return on equity of 25.13%. The firm had revenue of $20.40 million for the quarter, compared to analyst estimates of $19.20 million. On average, analysts forecast that Pro-Dex will post 2.78 earnings per share for the current year.

Insider Buying and Selling at Pro-Dex

In other Pro-Dex news, CFO Alisha Charlton sold 2,300 shares of the stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $61.30, for a total transaction of $140,990.00. Following the sale, the chief financial officer directly owned 21,870 shares of the company’s stock, valued at approximately $1,340,631. This trade represents a 9.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Kirk Richard Lee Van, Jr. sold 19,235 shares of Pro-Dex stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $60.58, for a total value of $1,165,256.30. Following the transaction, the chief executive officer owned 79,993 shares of the company’s stock, valued at $4,845,975.94. The trade was a 19.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 45.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Pro-Dex

A number of large investors have recently added to or reduced their stakes in PDEX. Punch & Associates Investment Management Inc. raised its position in shares of Pro-Dex by 23.4% during the 4th quarter. Punch & Associates Investment Management Inc. now owns 60,000 shares of the medical instruments supplier’s stock worth $2,309,000 after purchasing an additional 11,392 shares during the last quarter. Corsair Capital Management L.P. acquired a new stake in Pro-Dex in the 1st quarter worth about $532,000. Morgan Dempsey Capital Management LLC increased its stake in Pro-Dex by 6.2% during the 1st quarter. Morgan Dempsey Capital Management LLC now owns 5,808 shares of the medical instruments supplier’s stock worth $286,000 after buying an additional 339 shares in the last quarter. Royal Bank of Canada increased its stake in Pro-Dex by 603.4% during the 4th quarter. Royal Bank of Canada now owns 4,080 shares of the medical instruments supplier’s stock worth $157,000 after buying an additional 3,500 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Pro-Dex by 65.4% during the fourth quarter. Wells Fargo & Company MN now owns 2,314 shares of the medical instruments supplier’s stock valued at $89,000 after acquiring an additional 915 shares during the last quarter. 15.28% of the stock is currently owned by institutional investors and hedge funds.

Pro-Dex Company Profile

Pro-Dex, Inc is a designer and manufacturer of precision drive systems and fluid management products serving the dental, medical, industrial and energy markets. The company specializes in high-speed, brushless micromotors and controllers, as well as pneumatic and fluid control devices, providing both standard and custom-engineered solutions for original equipment manufacturers.

Its product portfolio includes high-speed dental handpieces, turbine systems, rotary and reciprocating micro-drives, along with integrated fluid delivery systems.