Masimo (NASDAQ:MASI) Sees Strong Trading Volume Following Strong Earnings

Masimo Co. (NASDAQ:MASI) shares saw unusually-high trading volume on Wednesday following a better than expected earnings announcement. Approximately 676,151 shares were traded during trading, an increase of 21% from the previous session’s volume of 560,520 shares.The stock last traded at $118.40 and had previously closed at $136.00.

The medical equipment provider reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.06. The company had revenue of $492.80 million for the quarter, compared to analyst estimates of $487.70 million. Masimo had a return on equity of 13.77% and a net margin of 3.98%. The business’s revenue for the quarter was down 12.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.87 EPS.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MASI. Piper Sandler increased their price target on shares of Masimo from $117.00 to $126.00 and gave the stock a “neutral” rating in a research note on Wednesday. BTIG Research boosted their price target on Masimo from $145.00 to $166.00 and gave the company a “buy” rating in a research report on Monday, March 25th. StockNews.com upgraded Masimo from a “sell” rating to a “hold” rating in a report on Friday, March 29th. Jefferies Financial Group reiterated a “hold” rating and set a $121.00 target price (up previously from $107.00) on shares of Masimo in a report on Tuesday, January 30th. Finally, Wells Fargo & Company upgraded shares of Masimo from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $117.00 to $160.00 in a report on Monday, March 25th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $138.71.

Insider Buying and Selling

In related news, Director Craig B. Reynolds sold 40,000 shares of the firm’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $136.17, for a total transaction of $5,446,800.00. Following the completion of the sale, the director now directly owns 7,406 shares of the company’s stock, valued at approximately $1,008,475.02. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 9.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Masimo

A number of hedge funds have recently bought and sold shares of MASI. Qsemble Capital Management LP bought a new position in Masimo during the 1st quarter valued at $245,000. Envestnet Portfolio Solutions Inc. bought a new position in shares of Masimo during the first quarter worth about $217,000. Texas Permanent School Fund Corp grew its stake in Masimo by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 38,847 shares of the medical equipment provider’s stock worth $5,705,000 after purchasing an additional 547 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Masimo by 33.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,196 shares of the medical equipment provider’s stock valued at $6,196,000 after buying an additional 10,683 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in Masimo by 1.9% during the first quarter. Principal Financial Group Inc. now owns 167,748 shares of the medical equipment provider’s stock valued at $24,634,000 after buying an additional 3,121 shares in the last quarter. Institutional investors and hedge funds own 85.96% of the company’s stock.

Masimo Trading Down 11.8 %

The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.22 and a current ratio of 2.18. The company has a market cap of $6.35 billion, a P/E ratio of 79.48 and a beta of 0.99. The business has a fifty day simple moving average of $136.19 and a 200 day simple moving average of $119.58.

Masimo Company Profile

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.