Canaccord Genuity Group Issues Positive Forecast for DexCom (NASDAQ:DXCM) Stock Price

DexCom (NASDAQ:DXCM) had its price target increased by Canaccord Genuity Group from $90.00 to $97.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group‘s target price would indicate a potential upside of 17.88% from the company’s previous close.

Several other analysts also recently issued reports on the company. Argus lifted their price target on DexCom from $86.00 to $96.00 and gave the company a “buy” rating in a research note on Tuesday, August 4th. Piper Sandler reaffirmed an “overweight” rating and set a $95.00 price objective (up from $88.00) on shares of DexCom in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their price objective on DexCom from $82.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday. Barclays lifted their target price on DexCom from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Wells Fargo & Company boosted their target price on DexCom from $85.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $93.70.

DexCom Stock Performance

Shares of DXCM opened at $82.29 on Friday. The firm has a market cap of $30.69 billion, a P/E ratio of 32.27, a PEG ratio of 1.37 and a beta of 1.45. DexCom has a twelve month low of $54.11 and a twelve month high of $92.59. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.40 and a current ratio of 1.74. The firm’s 50 day moving average price is $85.82 and its two-hundred day moving average price is $74.65.

DexCom (NASDAQ:DXCM) last issued its quarterly earnings data on Thursday, October 29th. The medical device company reported $0.73 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.05. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.33 billion. DexCom had a net margin of 19.42% and a return on equity of 37.77%. The firm’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business posted $0.61 earnings per share. On average, analysts forecast that DexCom will post 2.67 EPS for the current fiscal year.

Insider Buying and Selling at DexCom

In related news, EVP Michael Brown sold 1,700 shares of DexCom stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $85.48, for a total value of $145,316.00. Following the sale, the executive vice president owned 98,185 shares of the company’s stock, valued at approximately $8,392,853.80. The trade was a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Nicholas Augustinos sold 6,539 shares of the company’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $84.04, for a total value of $549,537.56. Following the sale, the director owned 29,293 shares in the company, valued at $2,461,783.72. The trade was a 18.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 22,822 shares of company stock valued at $1,920,193. Corporate insiders own 0.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in DexCom by 15.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,261,876 shares of the medical device company’s stock worth $758,487,000 after acquiring an additional 1,515,702 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of DexCom by 32.3% in the 1st quarter. Janus Henderson Group PLC now owns 2,644,539 shares of the medical device company’s stock valued at $166,077,000 after acquiring an additional 645,534 shares during the period. Legal & General Group Plc bought a new position in shares of DexCom in the 2nd quarter valued at about $173,237,000. Arrowstreet Capital Limited Partnership grew its position in shares of DexCom by 100.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,545,103 shares of the medical device company’s stock valued at $159,832,000 after acquiring an additional 1,275,142 shares during the period. Finally, Deutsche Bank AG acquired a new position in shares of DexCom during the 2nd quarter worth about $164,035,000. 97.75% of the stock is currently owned by institutional investors.

DexCom Company Profile

DexCom, Inc develops and commercializes continuous glucose monitoring (CGM) systems for people with diabetes. Its devices use a small wearable sensor to measure glucose levels in real time and transmit readings to compatible smartphones, receivers, smartwatches, and other connected devices, helping users monitor glucose trends and make informed decisions about their health.

The company’s product portfolio includes the Dexcom G7 and Dexcom G6 CGM systems, as well as Dexcom ONE and Dexcom ONE+ products offered in select markets.