IDEXX Laboratories (NASDAQ:IDXX) Upgraded to Buy by StockNews.com

StockNews.com upgraded shares of IDEXX Laboratories (NASDAQ:IDXX) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning.

Several other equities analysts have also recently commented on IDXX. Piper Sandler cut IDEXX Laboratories from an overweight rating to a neutral rating and set a $525.00 target price for the company. in a research report on Tuesday, January 30th. Morgan Stanley dropped their target price on shares of IDEXX Laboratories from $620.00 to $596.00 and set an overweight rating for the company in a research report on Tuesday, May 14th. Barclays decreased their price target on shares of IDEXX Laboratories from $655.00 to $570.00 and set an overweight rating on the stock in a report on Thursday, May 2nd. William Blair reiterated an outperform rating on shares of IDEXX Laboratories in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. raised their price target on IDEXX Laboratories from $600.00 to $630.00 and gave the company an overweight rating in a research report on Tuesday, February 6th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, IDEXX Laboratories presently has an average rating of Moderate Buy and an average price target of $580.38.

IDEXX Laboratories Stock Performance

NASDAQ:IDXX opened at $517.94 on Wednesday. IDEXX Laboratories has a 52-week low of $372.50 and a 52-week high of $583.39. The business’s fifty day moving average is $510.61 and its 200 day moving average is $522.08. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.16 and a current ratio of 1.57. The firm has a market cap of $42.78 billion, a price-to-earnings ratio of 50.14, a PEG ratio of 4.17 and a beta of 1.27.

IDEXX Laboratories (NASDAQ:IDXX) last released its quarterly earnings data on Wednesday, May 1st. The company reported $2.81 EPS for the quarter, beating analysts’ consensus estimates of $2.68 by $0.13. The company had revenue of $964.10 million during the quarter, compared to analyst estimates of $965.43 million. IDEXX Laboratories had a net margin of 23.26% and a return on equity of 63.66%. Research analysts predict that IDEXX Laboratories will post 11.03 EPS for the current year.

Insider Buying and Selling

In other IDEXX Laboratories news, Director Bruce L. Claflin sold 200 shares of the firm’s stock in a transaction on Friday, May 17th. The shares were sold at an average price of $540.80, for a total value of $108,160.00. Following the sale, the director now owns 161 shares of the company’s stock, valued at approximately $87,068.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.18% of the stock is owned by insiders.

Institutional Trading of IDEXX Laboratories

Several large investors have recently modified their holdings of IDXX. Gotham Asset Management LLC grew its position in shares of IDEXX Laboratories by 79.9% in the 3rd quarter. Gotham Asset Management LLC now owns 17,427 shares of the company’s stock worth $7,620,000 after buying an additional 7,741 shares during the last quarter. NewEdge Wealth LLC increased its position in IDEXX Laboratories by 30.4% during the 3rd quarter. NewEdge Wealth LLC now owns 639 shares of the company’s stock valued at $279,000 after purchasing an additional 149 shares during the period. Assenagon Asset Management S.A. raised its holdings in IDEXX Laboratories by 25.4% in the 4th quarter. Assenagon Asset Management S.A. now owns 43,593 shares of the company’s stock worth $24,196,000 after purchasing an additional 8,831 shares in the last quarter. Carderock Capital Management Inc. lifted its position in shares of IDEXX Laboratories by 35.7% in the 4th quarter. Carderock Capital Management Inc. now owns 16,416 shares of the company’s stock worth $9,112,000 after purchasing an additional 4,315 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its stake in shares of IDEXX Laboratories by 9.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 42,045 shares of the company’s stock valued at $23,307,000 after purchasing an additional 3,627 shares in the last quarter. 87.84% of the stock is owned by institutional investors.

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.