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Elliot Management discloses 9.2% stake in Athenahealth

19 May 2017

Athenahealth has been building its health IT market share through acquisitions for years, such as its deal to buy RazorInsights in 2015. SunTrust Banks also issued estimates for athenahealth's Q3 2017 earnings at $0.28 EPS, Q4 2017 earnings at $0.41 EPS, FY2017 earnings at $0.88 EPS and FY2018 earnings at $1.25 EPS.

Earnings per share (EPS) breaks down the profitability of the company on a single share basis, and for athenahealth, Inc. the EPS stands at 0.32 for the previous quarter, while the analysts predicted the EPS of the stock to be 0.46, suggesting the stock fell short of the analysts' expectations. (ATHN) is $117.14/share according to the consensus of analysts working on the stock, with an expected EPS of $0.4/share for the current quarter. In comparison, a year ago the company earned revenue of $256 million and had a GAAP net loss of $833K.

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Based on Athenahealth's latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $285 million and GAAP net loss of $1.4 million. If you are accessing this piece on another publication, it was stolen and republished in violation of global copyright and trademark legislation.

An Athenahealth spokeswoman was not immediately available for comment. Suntrust Banks Inc.'s holdings in athenahealth were worth $1,138,000 at the end of the most recent quarter.

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In reaction, Evercore ISI Ross Muken raised his price target on ATHN to $147.00 (from $118) while reiterating an Outperform rating on the stock. Finally, Piper Jaffray Companies reaffirmed an "outperform" rating and set a $160.00 price target (down previously from $162.00) on shares of athenahealth in a report on Tuesday, February 7th.

In a report released yesterday, Mohan Naidu from Oppenheimer reiterated a Buy rating on Athenahealth (NASDAQ: ATHN), with a price target of $154. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twelve have issued a buy rating to the company's stock. The company now has a consensus rating of "Hold" and a consensus target price of $129.32. The firm's 50 day moving average is $110.87 and its 200-day moving average is $110.59. The company has a market cap of $5.18 billion, a price-to-earnings ratio of 256.04 and a beta of 1.77.

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Several large investors have recently bought and sold shares of the company. Teachers Advisors LLC increased its position in shares of athenahealth by 3.0% in the fourth quarter. For the week, the stock is performing -2.46%. Credit Suisse AG boosted its position in athenahealth by 404.5% 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. Tudor Investment Corp ET AL boosted its position in athenahealth by 85.3% in the first quarter. Parkside Financial Bank & Trust increased its stake in athenahealth by 13.0% in the third quarter. Finally, State Street Corp boosted its position in athenahealth by 3.7% in the first quarter. They presently have a $142.00 target price on the health services provider's stock. The stock was sold at an average price of $109.48, for a total transaction of $32,844.00. Following the completion of the transaction, the chief executive officer now owns 319,807 shares of the company's stock, valued at approximately $38,376,840. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Elliot Management discloses 9.2% stake in Athenahealth