Allscripts Healthcare Solutions Inc (MDRX) Rallies On Strong Preliminary Q2 Results

Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) shares have rallied over 10% today following a forecast by the company that it will have better-than-expected results for its second quarter earnings, which are scheduled to be reported on August 4. The information technology and services firm, which caters mostly to the healthcare sector, said that it expects to report adjusted earnings of $0.12 per share, up from $0.09 per share in the year-ago period, on revenues of $350 million to $353 million, compared to its $351 million in revenues in the second quarter of last year. GAAP loss per share is expected by the company to be about $0.01 per share, down from a loss per share of $0.09 in the comparable year-ago quarter. Wall Street is expecting the firm to report earnings of $0.10 per share on revenues of $347 million. Meanwhile, for the second quarter, Allscripts also revealed that it expects to report bookings in the $255 million to $260 million range, a record for the second quarter, and a growth of between 9% and 12 year-over-year.Allscripts Healthcare Solutions Inc (MDRX), NASDAQ:MDRX, Yahoo Finance,

Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) President and Chief Executive Officer Paul M. Black explained in a statement that, “Sales growth in the second quarter accelerated compared with the first quarter based on improving performance within acute and international markets. Ambulatory solutions and growth in Allscripts payer and life sciences business helped drive the year-over-year bookings growth. Revenue improved on a sequential basis, driven by growth in both recurring and non-recurring revenue.”

Heading into the second quarter, a total of 28 of the hedge funds tracked by Insider Monkey held long positions in Allscripts Healthcare Solutions Inc (NASDAQ:MDRX), up from 24 one quarter earlier. However, the total value of the holdings of those funds which held long positions by the end of the first quarter decreased by 11.55% compared to the previous quarter, to $471.34 million. This was slightly offset, nonetheless, by a 6.34% decline in the stock’s value from January 2 to March 31. The stock grew by 14.38% in the second quarter.

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Insider Monkey also looks at insider trades, be they sales or purchases, to gauge insider sentiment on their own firms’ stocks. However, Allscripts Healthcare Solutions insiders have not made any purchases or sales so far this year.

Bearing all of these in mind, let’s view the new hedge fund activity concerning Allscripts Healthcare Solutions Inc.