Piper Sandler Reiterates “Neutral” Rating for IDEXX Laboratories (NASDAQ:IDXX)

IDEXX Laboratories (NASDAQ:IDXX)‘s stock had its “neutral” rating reaffirmed by analysts at Piper Sandler in a research report issued to clients and investors on Monday, Benzinga reports. They presently have a $435.00 price target on the stock, down from their prior price target of $520.00. Piper Sandler’s target price indicates a potential upside of 4.57% from the company’s previous close.

A number of other brokerages have also recently issued reports on IDXX. Barclays decreased their target price on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating for the company in a research report on Monday. StockNews.com cut IDEXX Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, July 10th. JPMorgan Chase & Co. reduced their price objective on IDEXX Laboratories from $630.00 to $575.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. Stifel Nicolaus reduced their price objective on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a research report on Thursday, October 10th. Finally, BTIG Research initiated coverage on IDEXX Laboratories in a research report on Thursday, July 25th. They issued a “buy” rating and a $580.00 price objective for the company. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $552.38.

IDEXX Laboratories Stock Up 0.4 %

Shares of IDEXX Laboratories stock opened at $415.98 on Monday. The stock has a market capitalization of $34.24 billion, a P/E ratio of 40.11, a PEG ratio of 3.64 and a beta of 1.36. The company has a quick ratio of 1.03, a current ratio of 1.42 and a debt-to-equity ratio of 0.32. The stock has a 50 day moving average price of $476.04 and a two-hundred day moving average price of $486.32. IDEXX Laboratories has a 12-month low of $404.74 and a 12-month high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX) last announced its earnings results on Thursday, October 31st. The company reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.69 by $0.11. The firm had revenue of $975.50 million during the quarter, compared to analysts’ expectations of $980.32 million. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The company’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.53 earnings per share. Equities analysts expect that IDEXX Laboratories will post 10.45 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Nordea Investment Management AB raised its stake in shares of IDEXX Laboratories by 15.5% in the first quarter. Nordea Investment Management AB now owns 13,719 shares of the company’s stock valued at $7,447,000 after purchasing an additional 1,839 shares in the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of IDEXX Laboratories in the second quarter valued at $20,418,000. Oppenheimer Asset Management Inc. raised its stake in shares of IDEXX Laboratories by 13.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 11,957 shares of the company’s stock valued at $5,825,000 after purchasing an additional 1,453 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of IDEXX Laboratories by 1.2% in the first quarter. Vanguard Group Inc. now owns 8,476,054 shares of the company’s stock valued at $4,576,476,000 after purchasing an additional 98,387 shares in the last quarter. Finally, EFG Asset Management Americas Corp. raised its stake in IDEXX Laboratories by 45.3% during the second quarter. EFG Asset Management Americas Corp. now owns 12,728 shares of the company’s stock worth $6,201,000 after acquiring an additional 3,966 shares in the last quarter. 87.84% of the stock is currently owned by institutional investors and hedge funds.

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.