Pro-Dex (NASDAQ:PDEX) Price Target Raised to $74.00

Pro-Dex (NASDAQ:PDEX) had its price target increased by Ascendiant Capital Markets from $70.00 to $74.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a buy rating on the medical instruments supplier’s stock.

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

Pro-Dex Price Performance

Shares of NASDAQ:PDEX opened at $62.81 on Friday. The stock has a market cap of $200.99 million, a PE ratio of 15.21 and a beta of 0.06. The company’s fifty day moving average is $62.42 and its 200 day moving average is $57.84. Pro-Dex has a 52 week low of $23.47 and a 52 week high of $77.00. The company has a quick ratio of 2.45, a current ratio of 4.10 and a debt-to-equity ratio of 0.28.

Pro-Dex (NASDAQ:PDEX) last posted its quarterly earnings results on Thursday, September 3rd. The medical instruments supplier reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.20. Pro-Dex had a net margin of 17.62% and a return on equity of 25.13%. The business had revenue of $20.40 million during the quarter, compared to the consensus estimate of $19.20 million. Research analysts anticipate that Pro-Dex will post 2.78 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Kirk Richard Lee Van, Jr. sold 19,235 shares of the company’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $60.58, for a total transaction of $1,165,256.30. Following the completion of the transaction, the chief executive officer directly owned 79,993 shares of the company’s stock, valued at approximately $4,845,975.94. This represents a 19.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 owned 21,870 shares of the company’s stock, valued at approximately $1,340,631. This represents a 9.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 45.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PDEX. Los Angeles Capital Management LLC purchased a new stake in Pro-Dex in the 4th quarter worth approximately $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Pro-Dex during the second quarter valued at approximately $50,000. Bank of America Corp DE increased its stake in shares of Pro-Dex by 173.3% during the second quarter. Bank of America Corp DE now owns 1,692 shares of the medical instruments supplier’s stock valued at $74,000 after buying an additional 1,073 shares during the period. 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 in the last quarter. Finally, California State Teachers Retirement System bought a new position in shares of Pro-Dex during the second quarter valued at approximately $99,000. Hedge funds and other institutional investors own 15.28% of the company’s stock.

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.