Summit Partners Public Asset Management LLC boosted its stake in Guardant Health, Inc. (NASDAQ:GH – Free Report) by 674.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 851,958 shares of the company’s stock after acquiring an additional 741,958 shares during the period. Guardant Health accounts for 1.8% of Summit Partners Public Asset Management LLC’s investment portfolio, making the stock its 10th largest holding. Summit Partners Public Asset Management LLC’s holdings in Guardant Health were worth $87,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also added to or reduced their stakes in GH. Alyeska Investment Group L.P. bought a new stake in Guardant Health in the third quarter valued at approximately $114,421,000. Norges Bank bought a new stake in Guardant Health in the fourth quarter valued at approximately $128,499,000. Franklin Resources Inc. boosted its holdings in Guardant Health by 26.1% in the third quarter. Franklin Resources Inc. now owns 2,926,315 shares of the company’s stock valued at $182,836,000 after acquiring an additional 606,368 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in Guardant Health in the fourth quarter valued at approximately $55,073,000. Finally, Erste Asset Management GmbH boosted its holdings in Guardant Health by 48.3% in the fourth quarter. Erste Asset Management GmbH now owns 1,045,917 shares of the company’s stock valued at $106,781,000 after acquiring an additional 340,700 shares during the last quarter. 92.60% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages recently commented on GH. BTIG Research set a $160.00 target price on Guardant Health and gave the company a “buy” rating in a report on Wednesday, May 27th. Wells Fargo & Company upped their target price on Guardant Health from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, February 20th. Stifel Nicolaus boosted their price target on Guardant Health from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Friday, February 20th. JPMorgan Chase & Co. boosted their price target on Guardant Health from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Finally, Wolfe Research started coverage on Guardant Health in a research note on Tuesday, June 2nd. They issued an “outperform” rating and a $150.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Guardant Health currently has an average rating of “Moderate Buy” and an average target price of $141.95.
Insider Activity
In other news, Director Medina Manuel Hidalgo sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $130.06, for a total transaction of $130,060.00. Following the completion of the sale, the director owned 639 shares in the company, valued at $83,108.34. The trade was a 61.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Meghan V. Joyce sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $126.98, for a total value of $1,269,800.00. Following the sale, the director owned 11,183 shares of the company’s stock, valued at approximately $1,420,017.34. This represents a 47.21% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 449,006 shares of company stock valued at $51,148,938. Corporate insiders own 5.60% of the company’s stock.
Guardant Health Stock Down 1.9%
NASDAQ GH opened at $127.34 on Wednesday. The company has a market cap of $16.89 billion, a price-to-earnings ratio of -37.56 and a beta of 1.61. Guardant Health, Inc. has a 52 week low of $40.35 and a 52 week high of $135.00. The business has a 50 day moving average price of $104.90 and a 200-day moving average price of $102.36.
About Guardant Health
Guardant Health, Inc is a precision oncology company specializing in blood-based cancer diagnostics. Founded in 2012 and headquartered in Redwood City, California, the company develops non-invasive tests that use circulating tumor DNA (ctDNA) to profile genomic alterations in patients with solid tumors. Guardant Health’s mission is to advance cancer care by providing actionable data to clinicians, pharmaceutical partners and researchers worldwide.
The company’s flagship product, Guardant360, is a next-generation sequencing (NGS) assay designed to detect mutations, copy number variations and select fusions in more than 70 cancer-related genes.
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