IDEXX Laboratories (NASDAQ:IDXX) Price Target Raised to $810.00

IDEXX Laboratories (NASDAQ:IDXX) had its price target lifted by Morgan Stanley from $805.00 to $810.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also recently issued reports on IDXX. Barclays decreased their price objective on shares of IDEXX Laboratories from $800.00 to $710.00 and set an “overweight” rating for the company in a report on Tuesday, August 11th. Citigroup upped their target price on IDEXX Laboratories from $650.00 to $670.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Weiss Ratings upgraded IDEXX Laboratories from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, October 8th. The Goldman Sachs Group began coverage on IDEXX Laboratories in a research note on Friday, October 16th. They set a “buy” rating and a $740.00 price target for the company. Finally, Leerink Partners lowered their price target on IDEXX Laboratories from $725.00 to $715.00 and set an “outperform” rating on the stock in a research report on Monday, July 13th. Seven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $719.55.

IDEXX Laboratories Stock Performance

IDXX stock opened at $670.71 on Tuesday. The company has a market capitalization of $52.85 billion, a P/E ratio of 47.20 and a beta of 1.55. The company has a 50-day simple moving average of $544.13 and a 200 day simple moving average of $573.40. IDEXX Laboratories has a fifty-two week low of $500.61 and a fifty-two week high of $769.98. The company has a quick ratio of 0.87, a current ratio of 1.19 and a debt-to-equity ratio of 0.16.

IDEXX Laboratories (NASDAQ:IDXX) last released its earnings results on Monday, November 2nd. The company reported $3.96 EPS for the quarter, beating the consensus estimate of $3.71 by $0.25. IDEXX Laboratories had a net margin of 25.36% and a return on equity of 71.04%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the company earned $3.22 EPS. IDEXX Laboratories’s quarterly revenue was up 9.9% on a year-over-year basis. Sell-side analysts predict that IDEXX Laboratories will post 15.05 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Sharon Underberg sold 8,906 shares of the business’s stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $688.59, for a total value of $6,132,582.54. Following the sale, the executive vice president directly owned 7,169 shares in the company, valued at $4,936,501.71. The trade was a 55.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Michael Lane sold 3,979 shares of the stock in a transaction that occurred on Wednesday, November 4th. The shares were sold at an average price of $688.64, for a total transaction of $2,740,098.56. Following the sale, the executive vice president directly owned 4,076 shares of the company’s stock, valued at approximately $2,806,896.64. This represents a 49.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 41,428 shares of company stock worth $28,567,934. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On IDEXX Laboratories

Hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp acquired a new position in IDEXX Laboratories in the second quarter worth about $628,223,000. Arrowstreet Capital Limited Partnership boosted its holdings in IDEXX Laboratories by 52.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 838,839 shares of the company’s stock valued at $471,335,000 after purchasing an additional 288,471 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in IDEXX Laboratories by 30,484.1% during the third quarter. International Assets Investment Management LLC now owns 234,274 shares of the company’s stock valued at $122,336,000 after purchasing an additional 233,508 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in shares of IDEXX Laboratories by 97.3% in the 2nd quarter. Alyeska Investment Group L.P. now owns 401,082 shares of the company’s stock valued at $211,146,000 after purchasing an additional 197,808 shares during the period. Finally, American Capital Management Inc. bought a new stake in shares of IDEXX Laboratories in the 2nd quarter valued at approximately $85,341,000. 87.84% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting IDEXX Laboratories

Here are the key news stories impacting IDEXX Laboratories this week:

• Positive Sentiment: Morgan Stanley raised its price target on IDEXX, a potentially supportive analyst signal; the report provided here does not specify the new target. Morgan Stanley price target report
• Positive Sentiment: IDEXX’s Q3 results were described as best-in-class. The company reported EPS of $3.96, above the $3.71 consensus, and revenue of $1.21 billion, ahead of estimates and up 9.9% year over year. IDEXX Q3 results analysis
• Negative Sentiment: A Seeking Alpha article downgraded the stock, arguing that despite IDEXX’s strong business, its shares are too expensive. Valuation concerns may limit investor appetite. IDEXX valuation downgrade
• Negative Sentiment: Four directors and executives reported selling a combined 39,225 shares on November 4, worth about $27.4 million. Each reduced their reported holdings, a potential near-term sentiment headwind, though insider sales alone do not establish the reason for selling. Read More., Read More., Read More., Read More..

About IDEXX Laboratories

IDEXX Laboratories, Inc (NASDAQ: IDXX) develops and provides diagnostic, information technology, and related products and services for the animal health and water testing markets. The company primarily serves veterinary practices, helping them diagnose and monitor diseases through laboratory tests, in-clinic analyzers, software, and digital practice-management solutions.

IDEXX’s companion animal offerings include hematology, chemistry, urinalysis, immunodiagnostics, and imaging-related products, along with reference laboratory services and veterinary software.