Masimo (NASDAQ:MASI) Hits New 12-Month High on Earnings Beat

Shares of Masimo Co. (NASDAQ:MASI) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $173.90 and last traded at $164.09, with a volume of 71900 shares traded. The stock had previously closed at $151.56.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Raymond James upgraded Masimo from a “market perform” rating to an “outperform” rating and set a $170.00 target price for the company in a research note on Wednesday. Wells Fargo & Company raised their price objective on Masimo from $160.00 to $171.00 and gave the company an “overweight” rating in a research note on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Masimo in a research note on Wednesday. Piper Sandler raised their price target on shares of Masimo from $165.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, BTIG Research lifted their price target on shares of Masimo from $166.00 to $170.00 and gave the company a “buy” rating in a report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $152.57.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Farallon Capital Management LLC boosted its position in Masimo by 13.6% during the 1st quarter. Farallon Capital Management LLC now owns 1,489,563 shares of the medical equipment provider’s stock worth $218,742,000 after buying an additional 177,914 shares during the period. Thrivent Financial for Lutherans increased its holdings in Masimo by 42.1% in the second quarter. Thrivent Financial for Lutherans now owns 1,217,357 shares of the medical equipment provider’s stock valued at $153,314,000 after purchasing an additional 360,497 shares during the period. Point72 Asset Management L.P. raised its position in Masimo by 107.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 677,677 shares of the medical equipment provider’s stock worth $85,347,000 after purchasing an additional 351,523 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Masimo by 45.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 525,594 shares of the medical equipment provider’s stock worth $66,201,000 after purchasing an additional 165,257 shares during the last quarter. Finally, Bamco Inc. NY bought a new stake in shares of Masimo in the 1st quarter valued at about $50,781,000. Institutional investors own 85.96% of the company’s stock.

Masimo Price Performance

The company has a current ratio of 2.09, a quick ratio of 1.15 and a debt-to-equity ratio of 0.55. The stock has a market cap of $8.58 billion, a P/E ratio of 109.76 and a beta of 0.97. The business has a 50-day simple moving average of $132.63 and a 200 day simple moving average of $125.88.

Masimo Company Profile

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.