Truist Financial Introduces NextGen Healthcare Coverage (NASDAQ: NXGN)
In a research note released Wednesday, stock analysts Truist Financial reportedly began covering shares of NextGen Healthcare (NASDAQ: NXGN). The information was obtained from The Fly. The company recommended that shareholders “hold” the shares. Separately, research published Thursday, August 18 by StockNews.com rated NextGen Healthcare’s stock as a “buy” rather than a “strong buy,” which was the previous rating. On Wednesday, shares of NextGen Healthcare went public for $16.71. The company’s simple moving average for the last 50 days is $17.54 and its simple moving average for the last 200 days is $18.73.
The stock has a price/earnings ratio of 1,672.67 and its beta value is 1.05; these values represent the market capitalization, the price/earnings ratio and the beta value of the stock. NextGen Healthcare has seen a price as low as $13.64 and as high as $21.87 over the past 12 months, respectively. In further developments on this topic, director Craig A. Barbarosh sold 3,500 shares of the company on August 1. $17.35 was the average price buyers paid for each share, bringing in a total of $60,725.00 when sold. As a direct result of the transaction, the administrator now owns 60,683 shares of the company, which have a combined value of approximately $1,052,850.05. The sale was announced in a document released by the Securities and Exchange Commission and can be viewed on their website. Insiders hold 4.50% of the total outstanding shares of the company.
Over the past few months, various institutional investors and hedge funds have changed the proportion of their holdings allocated to NXGN. During the second quarter, ExodusPoint Capital Management LP increased its holdings in NextGen Healthcare by a staggering 334. ExodusPoint Capital Management LP now directly owns 133,110 shares of the company. These shares amount to $2,321,000 after the most recent acquisition of 102,185 additional shares during the last fiscal quarter. During the second quarter, Goldman Sachs Group Inc. increased its percentage ownership in NextGen Healthcare to 38.6%. After purchasing an additional 57,646 shares of the company last fiscal quarter, Goldman Sachs Group Inc. now owns 206,901 shares, which have a combined value of $3,608,000. Additionally, in the second quarter, NextGen Healthcare increased its holdings in Tamarack Advisers LP by 20.0%. Following the purchase of an additional 10,000 shares in the last fiscal quarter, Tamarack Advisers LP now directly owns 60,000 shares of the company.
The current market value of these shares is $1,046,000. During the second quarter, Thrivent Financial for Lutherans increased the percentage stake it held in NextGen Healthcare to 20.7%. After purchasing an additional 9,457 shares in the previous quarter, Thrivent Financial for Lutherans now owns 55,181 shares. The current value of these shares is $96,000. Last but not least, Prudential Financial Inc. increased its stake in NextGen Healthcare by 0.5% during the second quarter. Prudential Financial Inc. now owns a total of 485,396 shares of the company, valued at $8,466,000, after purchasing an additional 2,650 shares in the last quarter. Institutional investors and hedge funds hold 73.80% of the company’s shares.
NextGen Healthcare, Inc. is a United States-based company that provides healthcare technology related services. There are solutions for clinical care, like NextGen Enterprise EHR, solutions for financial management, like NextGen Enterprise PM, solutions for patient engagement, like NextGen Virtual Visits, solutions for integrated clinical care and management financial, like NextGen Office, interoperability solutions, like NextGen Share and Mirth Connect, data and analytics solutions, like NextGen Health Data Hub, and value-based care solutions, like NextG.