Published: Fri, May 19, 2017
Business | By Max Garcia

Elliott reveals stake in Athenahealth, seeks to engage with board (ATHN)

Elliott reveals stake in Athenahealth, seeks to engage with board (ATHN)

The company had revenue of $285.40 million during the quarter, compared to analyst estimates of $296.49 million. During the same period in the prior year, the company posted $0.34 earnings per share. The firm's revenue for the quarter was up 11.4% on a year-over-year basis. WARNING: "Q2 2017 Earnings Estimate for athenahealth, Inc Issued By SunTrust Banks (ATHN)" was posted by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece on another publication, it was copied illegally and reposted in violation of United States & worldwide copyright law.

Currently, the analyst consensus on Athenahealth is Moderate Buy and the average price target is $122.50, representing a -5.8% downside. Barclays PLC set a $88.00 target price on shares of athenahealth and gave the company an "underweight" rating in a research note on Monday, May 1st. Piper Jaffray Companies restated an "overweight" rating and issued a $160.00 price target on shares of athenahealth in a research note on Tuesday, April 4th. Stifel Nicolaus decreased their price objective on athenahealth from $125.00 to $116.00 and set a "hold" rating for the company in a report on Monday, February 6th. Finally, Berenberg Bank started coverage on athenahealth in a report on Tuesday, February 7th.

Out of the 19 analysts polled by TipRanks (in the past 12 months), 12 rate Athenahealth stock a Buy, 5 rate the stock a Hold and 2 recommend to Sell. The company has an average rating of "Hold" and a consensus target price of $129.32. The stock has a 50 day moving average of $111.41 and a 200 day moving average of $110.73. The company has a market capitalization of $4.23 billion, a P/E ratio of 209.21 and a beta of 1.77.

Several hedge funds and other institutional investors have recently made changes to their positions in ATHN. FNY Partners Fund LP boosted its position in athenahealth by 1,900.0% in the first quarter. We believe there are two obvious paths for value creation: "1) work with management to improve the operating structure and enhance FCF creation by streamlining investment and emphasizing total returns over growth at all costs or 2) Explore a strategic event (LBO, strategic sale to tech or HC service entity)", Muken noted. Morgan Stanley increased its position in athenahealth by 9.7% in the first quarter. Seven Bridges Advisors LLC now owns 1,567 shares of the health services provider's stock valued at $198,000 after buying an additional 26 shares during the period. UBS Asset Management Americas Inc. now owns 30,517 shares of the health services provider's stock worth $3,849,000 after buying an additional 2,043 shares in the last quarter. BlackRock Inc. increased its position in athenahealth by 30,642.6% in the first quarter. Over the past month the firm's stock is -5.37%, -9.02% for the last quarter, 4.39% for the past six-months and -18.54% for the previous year. They presently have a $142.00 target price on the health services provider's stock. Following the transaction, the chief executive officer now owns 319,807 shares in the company, valued at $38,376,840. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

On 5/15/2017 Jonathan D. Porter, SVP, sold 300 with an average share price of $109.48 per share and the total transaction amounting to $32,844.00. The disclosure for this sale can be found here. See which 3 stocks are most likely to make moves following their insider activities.

Athenahealth offers a variety of tech-enabled services to hospitals and outpatient care centers, including electronic health record services, patient engagement and care devices, and mobile apps. The Company delivers majority of its service offerings through a single instance of cloud-based software, athenaNet.

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