Shares of Guardant Health, Inc. (NASDAQ: GH) have received an average rating of “Moderate Buy” from twenty-four analysts covering the company, as reported by MarketBeat.com. Among these analysts, one has issued a sell recommendation while the remaining twenty-three advocate for buying the stock. The average 12-month price target set by analysts stands at $96.71, reflecting their expectations for the company’s performance over the next year.
Recent Analyst Ratings and Price Target Adjustments
Several investment firms have recently updated their price targets for Guardant Health. Notably, Piper Sandler raised its target from $60.00 to $90.00 and assigned an “overweight” rating in a report dated October 22, 2023. Following suit, Guggenheim increased its price target from $56.00 to $67.00 with a “buy” rating on September 25, 2023. Wells Fargo & Company made a significant upward adjustment from $93.00 to $120.00, while BTIG Research raised its price objective from $100.00 to $140.00, both issuing “buy” ratings. Finally, Cowen reaffirmed its “buy” rating on October 30, 2023.
Quarterly Earnings and Insider Transactions
Guardant Health released its quarterly earnings data on October 29, 2023, reporting an earnings per share (EPS) of ($0.39). This performance exceeded analysts’ consensus estimate of ($0.48) by $0.09. The company’s revenue increased by 38.5% year-over-year, demonstrating robust growth. In the same quarter last year, Guardant Health reported an EPS of ($0.88), highlighting a positive trajectory.
In related news, insider trading activity has drawn attention. On December 8, 2023, Director Medina Manuel Hidalgo sold 1,250 shares at an average price of $105.00, totaling $131,250. Post-transaction, Hidalgo retains 797 shares valued at approximately $83,685, marking a 61.06% reduction in his holdings. Additionally, CEO Helmy Eltoukhy sold 90,565 shares on December 15, 2023, at an average price of $103.82, resulting in a transaction value of $9,402,458.30. Eltoukhy now owns 2,047,143 shares, valued at approximately $212,534,386.26, a decrease of 4.24% in his position.
Over the last ninety days, insiders have sold a total of 426,663 shares worth $44,508,069. Insiders currently hold 6.10% of the company’s stock, indicating a significant level of ownership.
Institutional Investors and Company Overview
Institutional investors have also adjusted their stakes in Guardant Health. Baillie Gifford & Co. boosted its holdings by 6.6% during the third quarter, now owning 5,127,692 shares worth $320,378,000 after acquiring an additional 317,906 shares. Invesco Ltd. increased its stake by 27.3% in the second quarter, owning 3,558,501 shares valued at $185,184,000. Franklin Resources Inc. raised its position by 26.1%, with 2,926,315 shares worth $182,836,000 following an additional purchase of 606,368 shares.
Other notable investors include Geode Capital Management LLC and ARK Investment Management LLC, which increased their holdings significantly during the same period. Currently, institutional investors and hedge funds own 92.60% of Guardant Health’s stock, underscoring strong institutional confidence in the company.
Founded in 2012 and headquartered in Redwood City, California, Guardant Health is a precision oncology company specializing in blood-based cancer diagnostics. The firm develops non-invasive tests utilizing circulating tumor DNA (ctDNA) to identify genomic alterations in patients with solid tumors. Its flagship product, Guardant360, is designed to detect mutations and variations in over 70 cancer-related genes, aiming to advance cancer care globally by providing actionable data to clinicians and researchers.
