IDEXX Laboratories (NASDAQ:IDXX) Given New $520.00 Price Target at Piper Sandler

IDEXX Laboratories (NASDAQ:IDXX) had its price objective trimmed by Piper Sandler from $600.00 to $520.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other brokerages have also commented on IDXX. StockNews.com lowered IDEXX Laboratories from a buy rating to a hold rating in a research report on Wednesday, July 10th. Barclays dropped their price objective on shares of IDEXX Laboratories from $655.00 to $570.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. Morgan Stanley reduced their target price on shares of IDEXX Laboratories from $620.00 to $596.00 and set an overweight rating for the company in a report on Tuesday, May 14th. BTIG Research assumed coverage on shares of IDEXX Laboratories in a research report on Thursday, July 25th. They set a buy rating and a $580.00 target price for the company. Finally, Stifel Nicolaus cut their price target on IDEXX Laboratories from $520.00 to $510.00 and set a hold rating on the stock in a research report on Monday, June 24th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $582.25.

IDEXX Laboratories Stock Performance

Shares of NASDAQ:IDXX traded up $5.51 on Wednesday, hitting $480.45. 43,993 shares of the company were exchanged, compared to its average volume of 488,326. The firm has a market capitalization of $39.68 billion, a P/E ratio of 45.98, a price-to-earnings-growth ratio of 3.91 and a beta of 1.32. The company has a current ratio of 1.57, a quick ratio of 1.16 and a debt-to-equity ratio of 0.40. IDEXX Laboratories has a 1-year low of $372.50 and a 1-year high of $583.39. The stock’s 50 day moving average price is $485.12 and its 200 day moving average price is $512.07.

IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $2.44 EPS for the quarter, missing analysts’ consensus estimates of $2.88 by ($0.44). The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $1.01 billion. IDEXX Laboratories had a return on equity of 63.66% and a net margin of 23.26%. The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.67 EPS. Sell-side analysts predict that IDEXX Laboratories will post 11 EPS for the current year.

Insider Buying and Selling at IDEXX Laboratories

In other news, Director Bruce L. Claflin sold 200 shares of the stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $540.80, for a total transaction of $108,160.00. Following the sale, the director now directly owns 161 shares of the company’s stock, valued at approximately $87,068.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.11% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Norges Bank purchased a new stake in IDEXX Laboratories in the 4th quarter worth $512,190,000. Capital Research Global Investors purchased a new stake in shares of IDEXX Laboratories during the fourth quarter worth about $135,910,000. American Century Companies Inc. raised its position in shares of IDEXX Laboratories by 46.0% during the 2nd quarter. American Century Companies Inc. now owns 562,764 shares of the company’s stock worth $274,179,000 after purchasing an additional 177,226 shares during the last quarter. TD Asset Management Inc lifted its stake in IDEXX Laboratories by 178.8% in the 4th quarter. TD Asset Management Inc now owns 260,008 shares of the company’s stock valued at $144,317,000 after buying an additional 166,751 shares in the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in IDEXX Laboratories in the 4th quarter valued at about $78,001,000. 87.84% of the stock is owned by institutional investors and hedge funds.

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.