IDEXX Laboratories (NASDAQ:IDXX) Price Target Cut to $570.00

IDEXX Laboratories (NASDAQ:IDXX) had its target price reduced by Barclays from $655.00 to $570.00 in a research report released on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also commented on IDXX. JPMorgan Chase & Co. raised their price objective on IDEXX Laboratories from $600.00 to $630.00 and gave the stock an overweight rating in a research note on Tuesday, February 6th. William Blair reaffirmed an outperform rating on shares of IDEXX Laboratories in a research note on Tuesday, April 9th. Piper Sandler downgraded shares of IDEXX Laboratories from an overweight rating to a neutral rating and set a $525.00 price objective on the stock. in a research note on Tuesday, January 30th. Finally, The Goldman Sachs Group boosted their target price on shares of IDEXX Laboratories from $500.00 to $650.00 and gave the company a buy rating in a research report on Wednesday, January 17th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $580.88.

IDEXX Laboratories Price Performance

Shares of NASDAQ IDXX opened at $480.60 on Thursday. The business’s 50 day moving average is $523.29 and its 200-day moving average is $513.58. The firm has a market cap of $39.69 billion, a P/E ratio of 46.52, a price-to-earnings-growth ratio of 3.78 and a beta of 1.27. IDEXX Laboratories has a 1-year low of $372.50 and a 1-year high of $583.39. The company has a current ratio of 1.57, a quick ratio of 1.17 and a debt-to-equity ratio of 0.40.

IDEXX Laboratories (NASDAQ:IDXX) last issued its quarterly earnings data on Monday, February 5th. The company reported $2.32 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.20. IDEXX Laboratories had a net margin of 23.26% and a return on equity of 63.66%. The business had revenue of $901.60 million during the quarter, compared to analysts’ expectations of $891.88 million. During the same quarter in the previous year, the company earned $2.05 EPS. The business’s revenue was up 8.8% on a year-over-year basis. Equities research analysts predict that IDEXX Laboratories will post 11.05 earnings per share for the current year.

Insider Buying and Selling

In other IDEXX Laboratories news, SVP George Fennell sold 8,198 shares of the business’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $573.87, for a total transaction of $4,704,586.26. Following the sale, the senior vice president now owns 6,712 shares of the company’s stock, valued at $3,851,815.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP George Fennell sold 8,198 shares of the firm’s stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $573.87, for a total transaction of $4,704,586.26. Following the sale, the senior vice president now owns 6,712 shares of the company’s stock, valued at approximately $3,851,815.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jonathan Jay Mazelsky sold 12,000 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $572.61, for a total value of $6,871,320.00. Following the completion of the transaction, the chief executive officer now directly owns 79,247 shares of the company’s stock, valued at approximately $45,377,624.67. The disclosure for this sale can be found here. Insiders sold a total of 43,524 shares of company stock worth $24,871,960 in the last three months. 2.11% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IDEXX Laboratories

A number of hedge funds have recently modified their holdings of the business. OFI Invest Asset Management acquired a new position in IDEXX Laboratories during the 3rd quarter worth about $25,000. Valley National Advisers Inc. lifted its stake in shares of IDEXX Laboratories by 84.6% in the fourth quarter. Valley National Advisers Inc. now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 22 shares during the period. Riverview Trust Co bought a new stake in IDEXX Laboratories in the first quarter valued at approximately $26,000. Geo Capital Gestora de Recursos Ltd acquired a new stake in IDEXX Laboratories during the 3rd quarter valued at approximately $28,000. Finally, Covestor Ltd raised its holdings in IDEXX Laboratories by 71.8% during the 3rd quarter. Covestor Ltd now owns 67 shares of the company’s stock worth $29,000 after purchasing an additional 28 shares during the last quarter. Institutional investors and hedge funds own 87.84% of the company’s stock.

IDEXX Laboratories Company Profile

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.