IDEXX Laboratories (NASDAQ:IDXX) Given New $550.00 Price Target at Morgan Stanley

IDEXX Laboratories (NASDAQ:IDXX) had its price objective reduced by investment analysts at Morgan Stanley from $559.00 to $550.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 32.70% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Stifel Nicolaus decreased their price objective on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating on the stock in a report on Thursday, October 10th. Leerink Partners initiated coverage on IDEXX Laboratories in a research report on Monday, December 2nd. They set an “outperform” rating and a $500.00 target price for the company. Leerink Partnrs raised shares of IDEXX Laboratories to a “strong-buy” rating in a research report on Monday, December 2nd. Barclays reduced their price target on shares of IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating for the company in a report on Monday, November 4th. Finally, Piper Sandler reiterated a “neutral” rating and set a $435.00 price objective (down previously from $520.00) on shares of IDEXX Laboratories in a research note on Monday, November 4th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $517.29.

IDEXX Laboratories Stock Performance

NASDAQ:IDXX traded down $3.39 on Wednesday, hitting $414.47. The stock had a trading volume of 327,340 shares, compared to its average volume of 663,302. IDEXX Laboratories has a 52-week low of $398.50 and a 52-week high of $583.39. The stock has a market cap of $33.94 billion, a price-to-earnings ratio of 40.08, a price-to-earnings-growth ratio of 3.63 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 business’s 50-day simple moving average is $423.92 and its two-hundred day simple moving average is $455.05.

IDEXX Laboratories (NASDAQ:IDXX) last released its earnings results on Thursday, October 31st. The company reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.69 by $0.11. IDEXX Laboratories had a net margin of 22.53% and a return on equity of 55.42%. The company had revenue of $975.50 million for the quarter, compared to analysts’ expectations of $980.32 million. During the same quarter in the previous year, the company earned $2.53 EPS. IDEXX Laboratories’s revenue for the quarter was up 6.6% on a year-over-year basis. As a group, research analysts predict that IDEXX Laboratories will post 10.44 earnings per share for the current year.

Insider Activity at IDEXX Laboratories

In other news, Director Sophie V. Vandebroek sold 344 shares of the stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $420.44, for a total value of $144,631.36. Following the sale, the director now directly owns 905 shares in the company, valued at approximately $380,498.20. This trade represents a 27.54 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.11% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in IDEXX Laboratories by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,259,537 shares of the company’s stock worth $1,138,732,000 after acquiring an additional 40,349 shares during the period. Franklin Resources Inc. increased its position in IDEXX Laboratories by 2.5% during the 3rd quarter. Franklin Resources Inc. now owns 1,412,700 shares of the company’s stock worth $675,259,000 after purchasing an additional 34,305 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in IDEXX Laboratories by 0.3% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 751,900 shares of the company’s stock worth $379,875,000 after purchasing an additional 2,463 shares during the period. International Assets Investment Management LLC raised its position in IDEXX Laboratories by 52,746.0% in the third quarter. International Assets Investment Management LLC now owns 528,460 shares of the company’s stock worth $2,669,890,000 after acquiring an additional 527,460 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of IDEXX Laboratories by 265.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 435,049 shares of the company’s stock worth $179,867,000 after purchasing an additional 316,048 shares in the last quarter. 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.