Monthly Archives: June 2018

Artesian Resources (ARTNA) Stock Rating Upgraded by Zacks Investment Research

Artesian Resources (NASDAQ:ARTNA) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.

According to Zacks, “Artesian Resources Corporation operates as the parent holding company of Artesian Water Company, Inc a regulated public water utility. Artesian Water provides water utility service to customers with in its established service territory in portions of New Castle County, Delaware. “

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Separately, BidaskClub upgraded Artesian Resources from a “strong sell” rating to a “sell” rating in a report on Tuesday, March 20th.

Artesian Resources stock traded down $0.76 during mid-day trading on Tuesday, hitting $38.74. The company’s stock had a trading volume of 14,629 shares, compared to its average volume of 18,854. The company has a market capitalization of $362.88 million, a PE ratio of 16.84 and a beta of 0.11. The company has a quick ratio of 0.43, a current ratio of 0.47 and a debt-to-equity ratio of 0.71. Artesian Resources has a one year low of $32.00 and a one year high of $43.22.

Artesian Resources (NASDAQ:ARTNA) last issued its earnings results on Wednesday, March 14th. The utilities provider reported $0.50 earnings per share for the quarter. Artesian Resources had a return on equity of 10.49% and a net margin of 17.54%. The business had revenue of $20.19 million during the quarter. research analysts anticipate that Artesian Resources will post 1.53 earnings per share for the current year.

In related news, Director Kenneth R. Biederman sold 6,750 shares of the company’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $36.78, for a total transaction of $248,265.00. Following the completion of the sale, the director now directly owns 26,625 shares in the company, valued at approximately $979,267.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 20.59% of the stock is currently owned by corporate insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Trustcore Financial Services LLC purchased a new stake in Artesian Resources in the fourth quarter valued at about $143,000. MetLife Investment Advisors LLC purchased a new position in Artesian Resources during the fourth quarter worth approximately $145,000. Goldman Sachs Group Inc. boosted its position in Artesian Resources by 87.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 13,336 shares of the utilities provider’s stock worth $515,000 after purchasing an additional 6,212 shares in the last quarter. Deutsche Bank AG boosted its position in Artesian Resources by 139.6% during the fourth quarter. Deutsche Bank AG now owns 17,943 shares of the utilities provider’s stock worth $691,000 after purchasing an additional 10,454 shares in the last quarter. Finally, Wedge Capital Management L L P NC purchased a new position in Artesian Resources during the fourth quarter worth approximately $752,000. Hedge funds and other institutional investors own 38.54% of the company’s stock.

Artesian Resources Company Profile

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services on the Delmarva Peninsula. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater services to customers in Delaware.

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Odonate Therapeutics (ODT) Stock Rating Upgraded by Zacks Investment Research

Odonate Therapeutics (NASDAQ:ODT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $26.00 price target on the stock. Zacks Investment Research‘s price objective points to a potential upside of 12.65% from the stock’s previous close.

According to Zacks, “Odonate Therapeutics, LLC is a pharmaceutical company. It engaged in the development of therapeutics to improve and extend the lives of patients with cancer. The company focused on the development of tesetaxel, a novel chemotherapy agent. It has completed Phase-II studies in patients with metastatic breast cancer. Odonate Therapeutics, LLC is based in SAN DIEGO, United States. “

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Separately, ValuEngine raised shares of Odonate Therapeutics from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $31.00.

Odonate Therapeutics opened at $23.08 on Thursday, according to Marketbeat. The company has a market capitalization of $624.29 million and a PE ratio of -9.99. Odonate Therapeutics has a 52-week low of $22.90 and a 52-week high of $23.39.

Odonate Therapeutics (NASDAQ:ODT) last issued its quarterly earnings data on Thursday, May 3rd. The company reported ($0.69) earnings per share for the quarter, beating the consensus estimate of ($0.85) by $0.16. research analysts anticipate that Odonate Therapeutics will post -3.3 EPS for the current fiscal year.

In related news, CEO Kevin C. Tang purchased 39,083 shares of the stock in a transaction on Thursday, February 22nd. The shares were bought at an average price of $27.17 per share, for a total transaction of $1,061,885.11. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Kevin C. Tang purchased 28,612 shares of the stock in a transaction on Tuesday, February 27th. The shares were bought at an average price of $27.42 per share, for a total transaction of $784,541.04. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 310,000 shares of company stock worth $7,386,567.

Hedge funds have recently made changes to their positions in the business. Goldman Sachs Group Inc. acquired a new position in Odonate Therapeutics during the fourth quarter valued at approximately $660,000. Schwab Charles Investment Management Inc. acquired a new stake in shares of Odonate Therapeutics in the first quarter worth $605,000. RTW Investments LP acquired a new stake in shares of Odonate Therapeutics in the fourth quarter worth $725,000. Chartwell Investment Partners LLC acquired a new stake in shares of Odonate Therapeutics in the fourth quarter worth $755,000. Finally, Northern Trust Corp acquired a new stake in shares of Odonate Therapeutics in the first quarter worth $1,489,000. Institutional investors own 78.93% of the company’s stock.

About Odonate Therapeutics

Odonate Therapeutics, Inc, a pharmaceutical company, develops therapeutics for the treatment of cancer. It focuses on the development of tesetaxel, an orally administered chemotherapy agent for patients with advanced or metastatic breast cancer (MBC). Odonate Therapeutics, Inc also conducting a Phase III study in MBC, which is known as CONTESSA.

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Fortinet (FTNT) Downgraded by Cowen to “Market Perform”

Cowen cut shares of Fortinet (NASDAQ:FTNT) from an outperform rating to a market perform rating in a report published on Tuesday, Marketbeat reports. The analysts noted that the move was a valuation call.

Other equities research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Fortinet from a hold rating to a buy rating and set a $57.00 target price for the company in a research report on Tuesday, March 6th. Monness Crespi & Hardt reaffirmed a buy rating and issued a $56.00 target price (up previously from $50.00) on shares of Fortinet in a research report on Wednesday, February 28th. UBS Group lifted their target price on shares of Fortinet from $50.00 to $62.00 and gave the stock a buy rating in a research report on Wednesday, March 21st. ValuEngine raised shares of Fortinet from a hold rating to a buy rating in a research report on Wednesday, April 4th. Finally, Bank of America lifted their target price on shares of Fortinet from $57.00 to $63.00 and gave the stock a buy rating in a research report on Tuesday, April 24th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Fortinet presently has an average rating of Buy and a consensus target price of $55.55.

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NASDAQ:FTNT opened at $64.32 on Tuesday. Fortinet has a 12 month low of $35.44 and a 12 month high of $66.32. The company has a market capitalization of $10.97 billion, a price-to-earnings ratio of 123.69, a P/E/G ratio of 4.45 and a beta of 0.76.

Fortinet (NASDAQ:FTNT) last posted its earnings results on Thursday, May 3rd. The software maker reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.09. Fortinet had a net margin of 4.01% and a return on equity of 14.64%. The business had revenue of $399.00 million during the quarter, compared to the consensus estimate of $390.60 million. During the same quarter in the previous year, the firm posted $0.17 EPS. The firm’s revenue was up 17.1% on a year-over-year basis. equities analysts expect that Fortinet will post 0.88 earnings per share for the current year.

In related news, CEO Ken Xie sold 50,000 shares of Fortinet stock in a transaction on Thursday, May 24th. The shares were sold at an average price of $60.51, for a total transaction of $3,025,500.00. Following the transaction, the chief executive officer now owns 12,562,906 shares in the company, valued at approximately $760,181,442.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP John Whittle sold 1,250 shares of Fortinet stock in a transaction on Monday, June 18th. The shares were sold at an average price of $64.98, for a total transaction of $81,225.00. Following the transaction, the vice president now owns 9,309 shares in the company, valued at approximately $604,898.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,214 shares of company stock worth $5,052,515. 17.70% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Amalgamated Bank lifted its stake in shares of Fortinet by 6.5% during the 1st quarter. Amalgamated Bank now owns 32,636 shares of the software maker’s stock valued at $1,749,000 after buying an additional 1,983 shares in the last quarter. Front Row Advisors LLC lifted its stake in shares of Fortinet by 5.8% during the 1st quarter. Front Row Advisors LLC now owns 18,767 shares of the software maker’s stock valued at $1,006,000 after buying an additional 1,032 shares in the last quarter. Xact Kapitalforvaltning AB lifted its stake in shares of Fortinet by 6.4% during the 1st quarter. Xact Kapitalforvaltning AB now owns 14,953 shares of the software maker’s stock valued at $801,000 after buying an additional 902 shares in the last quarter. Royal Bank of Canada lifted its stake in shares of Fortinet by 45.5% during the 1st quarter. Royal Bank of Canada now owns 332,053 shares of the software maker’s stock valued at $17,792,000 after buying an additional 103,823 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in shares of Fortinet by 171.7% during the 1st quarter. Legal & General Group Plc now owns 624,314 shares of the software maker’s stock valued at $33,451,000 after buying an additional 394,553 shares in the last quarter. Institutional investors own 69.12% of the company’s stock.

Fortinet Company Profile

Fortinet, Inc provides broad, automated, and integrated cybersecurity solutions worldwide. It offers FortiGate hardware and software licenses that provide various security and networking functions, including firewall, intrusion prevention, anti-malware, virtual private network, application control, Web filtering, anti-spam, and WAN acceleration; and FortiSandbox technology that delivers proactive detection and mitigation services; and FortiSIEM family of products, which offers a cloud-ready security information and event management solution for enterprises and service providers.

Analyst Recommendations for Fortinet (NASDAQ:FTNT)

Fed in focus; Back into bonds; Tracking U.S. dollar rally

1. Janet Yellen in the hot seat: All eyes are on Federal Reserve chief Janet Yellen.

She’s making an appearance before Congress Thursday morning to talk about the state of the U.S. economy.

Wall Street is combing through her prepared remarks, which came out at 8 a.m. ET. Traders are looking for more hints that the Federal Reserve chair supports raising interest rates in December. The text shows Yellen will say interest rates could be raised “relatively soon.”

Yellen’s testimony will start at 10 a.m. She’s expected to be asked about President-elect Donald Trump’s push for fiscal stimulus, and whether that could allow the Fed to raise rates more aggressively.

2. Global market overview: Investors are getting back into bonds after a stunning sell-off in the wake of the U.S. election.

Trump’s promise to unleash massive infrastructure spending and gigantic tax cuts spurred selling across a range of government bonds around the world.

The yield on 10-year Treasury notes is dipping to 2.2% this morning. Yields had surged to nearly 2.4% at the start of the week, up from about 1.8% before the election.

Stock market trading is relatively muted right now.

U.S. stock futures are not making any major moves ahead of the open.

European markets are mixed in early trading. Asian markets ended the day with minor gains and losses, but nothing dramatic.

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3. What to watch — Solar stocks and banks: Shares in First Solar (FSLR) aren’t shining right now. The company announced plans to cut 1,600 jobs, which is equivalent to 27% of its global workforce. The stock is down about 10% premarket.

Traders are also monitoring Tesla Motors (TSLA) and Solar City (SCTY). Tesla’s controversial takeover of struggling Solar City could get approved or rejected on Thursday. Shareholders from both companies are voting on the proposed deal during separate meetings.

Federal prosecutors are expected to issue a fine Thursday against JPMorgan (JPM) following an investigation into the company’s hiring practices in China. The bank has reportedly been accused of improperly hiring the children of China’s ruling elite in an effort to win lucrative business in the country.

Wells Fargo (WFC) is also in the spotlight as the bank is set to release customer numbers for October and host a conference call with its chief financial officer and the head of its retail banking unit.

Wells Fargo admitted in September to creating as many as 2 million fake bank accounts and firing 5,300 of its workers in relation to the scandal.

4. Earnings and economics: Best Buy (BBY), Staples (SPLS) and Walmart (WMT) are some of the key companies reporting earnings before the opening bell.

Investors will be looking for details about how consumer spending held up during the election. They’ll also expect forecasts for the holiday shopping season.

Salesforce.com (CRM, Tech30), Gap (GPS) and Williams-Sonoma (WSM) are releasing earnings after the close.

The U.S. Bureau of Labor Statistics is releasing inflation data for October at 8:30 a.m. The Census Bureau will release reports on housing starts and building permits at the same time.

5. U.S. dollar in focus: The U.S. dollar hit a 13-year high on Wednesday but now it’s dipping back down a bit.

The ICE Dollar Index hit 100.57 yesterday. The index tracks the dollar’s value versus the world’s most traded currencies.

The greenback has been driven up by investors’ hopes that the Federal Reserve may raise interest rates more quickly under a Trump presidency.

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6. Coming this week: Thursday – Walmart (WMT) and Salesforce.com (CRM, Tech30) earnings; Janet Yellen testifies about economic outlook Friday – “Fantastic Beasts and Where to Find Them” release, “The Grand Tour” premieres on Amazon Prime

New Medicare cards are in the mail. Just beware of scams

Attention senior citizens: A new Medicare card is coming your way, but be careful not to fall victim to any scams.

In an effort to help protect the elderly from identity theft, the federal government started mailing new cards that come with a new 11-digit identification number instead of an enrollee’s Social Security number. The cards will be sent automatically to Medicare’s roughly 59 million participants over the next year. Seniors should be sure their addresses are up to date with the Social Security Administration.

Congress required the Centers for Medicare & Medicaid Services to remove Social Security numbers from Medicare cards by April 2019. The new identifier is a mix of numbers and letters. Once seniors receive the new paper card, they should destroy their old plastic one and give the new card to their medical providers.

The roughly 21.5 million seniors who are enrolled in Medicare Advantage should continue using the cards provided by their insurance carriers, which don’t contain Social Security numbers. However, their providers may still want a copy of their new Medicare cards.

Though the effort is designed to help minimize fraud, it has sparked a series of scams. Medicare wants enrollees to know that they don’t have to do anything to receive their cards (as long as their address is correct), and there is no activation process or fee. Also, Medicare will never initiate calls and ask to verify information over the phone.

“Anyone who is calling you for personal or financial information, hang up the phone,” said Amy Nofziger, a fraud expert with the AARP, adding that those who do get contacted should report the scam to the federal government at 1-800-MEDICARE.

Yet another con involves beneficiaries being told they have a refund on their old Medicare cards and need to provide their bank information to process the return of the funds.

Most seniors don’t know much about the new cards, which makes them vulnerable to scam artists, Nofziger said. Three-quarters of respondents to a new AARP survey said they knew nothing or very little about the redesign, and more than 60% think they could face a fee.