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Needham Keeps Their Buy Rating on Conmed (CNMD)

Needham analyst Michael Matson reiterated a Buy rating on Conmed (CNMDResearch Report) today and set a price target of $127.00. The company’s shares closed last Wednesday at $103.92.

According to TipRanks.com, Matson is a 4-star analyst with an average return of 3.9% and a 48.3% success rate. Matson covers the Healthcare sector, focusing on stocks such as Axonics Modulation Technologies, Zimmer Biomet Holdings, and Cardiovascular Systems.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Conmed with a $118.33 average price target, implying a 14.5% upside from current levels. In a report released today, Piper Sandler also maintained a Buy rating on the stock with a $118.00 price target.

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Based on Conmed’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $242 million and net profit of $14.98 million. In comparison, last year the company earned revenue of $233 million and had a net profit of $9.86 million.

Based on the recent corporate insider activity of 50 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CNMD in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

CONMED Corp. operates as a medical technology company, which engages in the development, manufacture and sale of surgical devices and related equipment. It operates through the following geographical segments: United States; Americas excluding the United States; Europe, Middle East, and Africa; and Asia Pacific. Its product lines also include orthopedic surgey and general surgery. The company was founded by Eugene R. Corasanti in 1970 and is headquartered in Utica, NY.

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