Clearbridge Investments LLC Has $65.80 Million Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Clearbridge Investments LLC grew its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 28.3% in the fourth quarter, HoldingsChannel reports. The fund owned 942,082 shares of the medical research company’s stock after acquiring an additional 207,582 shares during the period. Clearbridge Investments LLC’s holdings in RadNet were worth $65,795,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. USA Financial Formulas acquired a new position in RadNet during the fourth quarter worth $30,000. Fifth Third Bancorp boosted its stake in shares of RadNet by 84.3% during the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after buying an additional 305 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after acquiring an additional 1,063 shares in the last quarter. Twin Tree Management LP bought a new position in RadNet in the fourth quarter valued at approximately $106,000. Finally, IFP Advisors Inc increased its holdings in RadNet by 39.1% during the fourth quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company’s stock worth $119,000 after buying an additional 477 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RDNT shares. StockNews.com upgraded RadNet to a “sell” rating in a research note on Wednesday, March 19th. Jefferies Financial Group dropped their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. Barclays lowered their target price on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, March 24th. Truist Financial reiterated a “buy” rating and issued a $88.00 price target (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Finally, Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $73.25.

Insider Buying and Selling

In other RadNet news, CEO Cornelis Wesdorp sold 1,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the transaction, the chief executive officer now owns 55,995 shares of the company’s stock, valued at approximately $2,828,867.40. The trade was a 1.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Norman R. Hames sold 5,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the transaction, the chief operating officer now directly owns 261,959 shares of the company’s stock, valued at $13,042,938.61. This trade represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,000 shares of company stock worth $1,926,730 in the last ninety days. 5.12% of the stock is owned by insiders.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $49.72 on Tuesday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock has a market capitalization of $3.68 billion, a PE ratio of -710.18 and a beta of 1.85. The firm has a 50 day moving average of $57.35 and a 200-day moving average of $67.01. RadNet, Inc. has a 12 month low of $45.82 and a 12 month high of $93.65.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. The business had revenue of $477.10 million during the quarter, compared to the consensus estimate of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. On average, equities research analysts predict that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

RadNet Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.