Canaccord Genuity Group Cuts Paragon 28 (NYSE:FNA) Price Target to $15.00

Paragon 28 (NYSE:FNA) had its price target dropped by analysts at Canaccord Genuity Group from $17.00 to $15.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 48.96% from the company’s previous close.

A number of other analysts have also commented on FNA. Piper Sandler reaffirmed an “overweight” rating and set a $12.00 target price (down previously from $15.00) on shares of Paragon 28 in a report on Friday, August 9th. Needham & Company LLC boosted their price objective on shares of Paragon 28 from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Wednesday. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $15.60.

Paragon 28 Stock Performance

FNA traded up $0.37 during trading on Wednesday, reaching $10.07. 112,976 shares of the company’s stock were exchanged, compared to its average volume of 606,746. The company’s fifty day moving average price is $6.32 and its 200-day moving average price is $7.22. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.50 and a quick ratio of 1.70. Paragon 28 has a fifty-two week low of $4.65 and a fifty-two week high of $14.79.

Paragon 28 (NYSE:FNA) last released its earnings results on Tuesday, November 12th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.01. Paragon 28 had a negative net margin of 25.31% and a negative return on equity of 37.90%. The firm had revenue of $62.30 million during the quarter, compared to analyst estimates of $60.58 million. During the same quarter in the previous year, the business earned ($0.10) EPS. The business’s quarterly revenue was up 18.0% compared to the same quarter last year. On average, research analysts forecast that Paragon 28 will post -0.68 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Janus Henderson Group PLC increased its stake in shares of Paragon 28 by 29.5% during the 1st quarter. Janus Henderson Group PLC now owns 1,199,819 shares of the company’s stock worth $14,818,000 after purchasing an additional 273,077 shares during the last quarter. Millennium Management LLC increased its stake in shares of Paragon 28 by 5,834.0% during the 2nd quarter. Millennium Management LLC now owns 725,489 shares of the company’s stock worth $4,962,000 after purchasing an additional 713,263 shares during the last quarter. First Light Asset Management LLC grew its stake in Paragon 28 by 115.0% in the 2nd quarter. First Light Asset Management LLC now owns 8,174,832 shares of the company’s stock valued at $55,916,000 after buying an additional 4,371,864 shares during the last quarter. Peregrine Capital Management LLC acquired a new position in Paragon 28 in the 2nd quarter valued at about $3,351,000. Finally, Thrivent Financial for Lutherans grew its stake in Paragon 28 by 15.4% in the 2nd quarter. Thrivent Financial for Lutherans now owns 1,021,188 shares of the company’s stock valued at $6,986,000 after buying an additional 135,911 shares during the last quarter. 63.57% of the stock is currently owned by institutional investors and hedge funds.

Paragon 28 Company Profile

Paragon 28, Inc develops, distributes, and sells foot and ankle surgical systems in the United States and internationally. It offers plating systems, including gorilla plating systems, such as lisfranc, lapidus, lateral column, calcaneus slide, and naviculocuneiform (NC) fusion plating systems; baby gorilla plate-specific screws, navicular fracture plates, and 5th metatarsal hook plates; and silverback plating systems.