Masimo (NASDAQ:MASI) Reaches New 1-Year High After Earnings Beat

Masimo Co. (NASDAQ:MASI) shares reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $173.90 and last traded at $164.09, with a volume of 71900 shares changing hands. The stock had previously closed at $151.56.

The medical equipment provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.14. Masimo had a net margin of 3.94% and a return on equity of 14.07%. The firm had revenue of $504.60 million for the quarter, compared to analysts’ expectations of $502.87 million. During the same quarter in the previous year, the firm posted $0.63 earnings per share. The company’s revenue was up 5.4% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on MASI. Piper Sandler lifted their price target on Masimo from $165.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday. Raymond James upgraded shares of Masimo from a “market perform” rating to an “outperform” rating and set a $170.00 target price on the stock in a research report on Wednesday. BTIG Research upped their price target on shares of Masimo from $166.00 to $170.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Masimo in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $151.00.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. NBC Securities Inc. increased its position in shares of Masimo by 47.1% during the third quarter. NBC Securities Inc. now owns 228 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 73 shares during the period. GAMMA Investing LLC raised its position in shares of Masimo by 75.0% in the 2nd quarter. GAMMA Investing LLC now owns 259 shares of the medical equipment provider’s stock worth $33,000 after acquiring an additional 111 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Masimo by 133.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 350 shares of the medical equipment provider’s stock worth $44,000 after acquiring an additional 200 shares in the last quarter. HHM Wealth Advisors LLC lifted its stake in shares of Masimo by 25.0% in the 2nd quarter. HHM Wealth Advisors LLC now owns 625 shares of the medical equipment provider’s stock valued at $79,000 after purchasing an additional 125 shares during the period. Finally, Lazard Asset Management LLC boosted its position in shares of Masimo by 5,730.0% during the 1st quarter. Lazard Asset Management LLC now owns 583 shares of the medical equipment provider’s stock valued at $85,000 after purchasing an additional 573 shares in the last quarter. Institutional investors own 85.96% of the company’s stock.

Masimo Stock Up 6.6 %

The firm has a market cap of $8.59 billion, a price-to-earnings ratio of 103.10 and a beta of 0.97. The firm has a 50 day moving average of $130.72 and a 200 day moving average of $125.34. The company has a quick ratio of 1.15, a current ratio of 2.09 and a debt-to-equity ratio of 0.55.

About Masimo

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.