IDEXX Laboratories (NASDAQ:IDXX) Price Target Raised to $765.00 at Morgan Stanley

IDEXX Laboratories (NASDAQ:IDXX) had its target price increased by Morgan Stanley from $722.00 to $765.00 in a research note published on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts have also recently issued reports about the company. BTIG Research increased their price target on IDEXX Laboratories from $545.00 to $785.00 and gave the stock a “buy” rating in a research report on Tuesday, August 5th. Stifel Nicolaus set a $640.00 price target on IDEXX Laboratories in a research report on Monday, August 4th. JPMorgan Chase & Co. increased their price target on IDEXX Laboratories from $550.00 to $675.00 and gave the stock an “overweight” rating in a research report on Monday, August 4th. Piper Sandler reiterated a “neutral” rating and set a $700.00 price target (up from $510.00) on shares of IDEXX Laboratories in a research report on Monday. Finally, Wall Street Zen upgraded IDEXX Laboratories from a “hold” rating to a “buy” rating in a research report on Saturday, July 12th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $649.44.

IDEXX Laboratories Trading Down 0.5%

Shares of NASDAQ IDXX opened at $650.84 on Friday. The stock’s 50 day moving average price is $558.44 and its two-hundred day moving average price is $487.11. IDEXX Laboratories has a 52-week low of $356.14 and a 52-week high of $688.12. The stock has a market capitalization of $52.07 billion, a P/E ratio of 54.19, a PEG ratio of 4.23 and a beta of 1.49. The company has a quick ratio of 0.79, a current ratio of 1.11 and a debt-to-equity ratio of 0.31.

IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings results on Monday, August 4th. The company reported $3.63 earnings per share for the quarter, topping analysts’ consensus estimates of $3.28 by $0.35. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.06 billion. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.44 EPS. On average, analysts anticipate that IDEXX Laboratories will post 11.93 earnings per share for the current fiscal year.

Insider Transactions at IDEXX Laboratories

In related news, EVP Michael G. Erickson sold 406 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $649.96, for a total value of $263,883.76. Following the sale, the executive vice president directly owned 11,287 shares in the company, valued at $7,336,098.52. This trade represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jonathan Jay Mazelsky sold 29,260 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $631.98, for a total value of $18,491,734.80. Following the transaction, the chief executive officer directly owned 83,311 shares of the company’s stock, valued at approximately $52,650,885.78. The trade was a 25.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 54,176 shares of company stock worth $34,060,678 over the last quarter. Insiders own 0.98% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC boosted its stake in shares of IDEXX Laboratories by 79.6% during the 1st quarter. Mutual of America Capital Management LLC now owns 19,430 shares of the company’s stock worth $8,160,000 after acquiring an additional 8,609 shares in the last quarter. Golden State Wealth Management LLC boosted its stake in shares of IDEXX Laboratories by 3,766.7% during the 1st quarter. Golden State Wealth Management LLC now owns 116 shares of the company’s stock worth $49,000 after acquiring an additional 113 shares in the last quarter. Sagespring Wealth Partners LLC bought a new stake in shares of IDEXX Laboratories during the 1st quarter worth $229,000. Banque Transatlantique SA bought a new stake in shares of IDEXX Laboratories during the 4th quarter worth $2,681,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of IDEXX Laboratories by 13.0% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 25,553 shares of the company’s stock worth $10,731,000 after acquiring an additional 2,931 shares in the last quarter. 87.84% of the stock is owned by institutional investors.

About IDEXX Laboratories

IDEXX Laboratories, Inc develops, manufactures, and distributes products primarily for the companion animal veterinary, livestock and poultry, dairy, and water testing markets in Africa, the Asia Pacific, Canada, Europe, Latin America, and internationally. The company operates through three segments: Companion Animal Group; Water Quality Products; and Livestock, Poultry and Dairy.