IDEXX Laboratories (NASDAQ:IDXX) Shares Gap Up Following Strong Earnings

IDEXX Laboratories, Inc. (NASDAQ:IDXX)’s share price gapped up before the market opened on Monday following a better than expected earnings announcement. The stock had previously closed at $422.05, but opened at $465.00. IDEXX Laboratories shares last traded at $463.00, with a volume of 386,655 shares trading hands.

The company reported $2.62 EPS for the quarter, beating analysts’ consensus estimates of $2.39 by $0.23. IDEXX Laboratories had a net margin of 22.53% and a return on equity of 55.42%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Leerink Partners began coverage on IDEXX Laboratories in a research note on Monday, December 2nd. They issued an “outperform” rating and a $500.00 price objective on the stock. Barclays dropped their price target on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. StockNews.com raised shares of IDEXX Laboratories from a “hold” rating to a “buy” rating in a research report on Thursday, November 28th. Piper Sandler reissued a “neutral” rating and issued a $435.00 price objective (down from $520.00) on shares of IDEXX Laboratories in a research report on Monday, November 4th. Finally, Morgan Stanley reduced their target price on shares of IDEXX Laboratories from $559.00 to $550.00 and set an “overweight” rating for the company in a report on Wednesday, January 29th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, IDEXX Laboratories has a consensus rating of “Moderate Buy” and an average price target of $517.29.

Insider Buying and Selling

In other IDEXX Laboratories news, Director Sophie V. Vandebroek sold 344 shares of IDEXX Laboratories 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 completion of the transaction, the director now directly owns 905 shares of the company’s stock, valued at $380,498.20. The trade was a 27.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.18% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IDXX. Algert Global LLC increased its holdings in IDEXX Laboratories by 70.0% in the 2nd quarter. Algert Global LLC now owns 709 shares of the company’s stock valued at $345,000 after buying an additional 292 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in IDEXX Laboratories by 14.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,118 shares of the company’s stock valued at $1,031,000 after purchasing an additional 260 shares in the last quarter. Cetera Investment Advisers lifted its stake in IDEXX Laboratories by 0.8% during the second quarter. Cetera Investment Advisers now owns 20,290 shares of the company’s stock worth $9,885,000 after purchasing an additional 161 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of IDEXX Laboratories in the 2nd quarter valued at $1,363,000. Finally, Massmutual Trust Co. FSB ADV increased its stake in shares of IDEXX Laboratories by 8.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 361 shares of the company’s stock valued at $182,000 after purchasing an additional 29 shares during the last quarter. Institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Trading Up 10.6 %

The company has a current ratio of 1.42, a quick ratio of 1.03 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average of $424.12 and a two-hundred day moving average of $453.55. The firm has a market capitalization of $38.23 billion, a P/E ratio of 44.65, a P/E/G ratio of 3.64 and a beta of 1.37.

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.