IDEXX Laboratories (NASDAQ:IDXX) Shares Gap Up After Better-Than-Expected Earnings

Shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX) gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $432.65, but opened at $468.18. IDEXX Laboratories shares last traded at $464.20, with a volume of 122,012 shares traded.

The company reported $2.96 earnings per share for the quarter, topping analysts’ consensus estimates of $2.93 by $0.03. IDEXX Laboratories had a return on equity of 55.82% and a net margin of 22.78%. The firm had revenue of $998.43 million for the quarter, compared to analysts’ expectations of $998.25 million. During the same quarter last year, the business posted $2.71 EPS. IDEXX Laboratories’s revenue was up 3.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Bank of America boosted their target price on shares of IDEXX Laboratories from $475.00 to $535.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. StockNews.com downgraded IDEXX Laboratories from a “buy” rating to a “hold” rating in a research note on Saturday, April 12th. Piper Sandler raised their price objective on IDEXX Laboratories from $435.00 to $510.00 and gave the stock a “neutral” rating in a research report on Monday, February 10th. Morgan Stanley dropped their target price on IDEXX Laboratories from $559.00 to $550.00 and set an “overweight” rating on the stock in a report on Wednesday, January 29th. Finally, Barclays raised their price target on shares of IDEXX Laboratories from $481.00 to $520.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $523.75.

Insiders Place Their Bets

In other IDEXX Laboratories news, Director M Anne Szostak sold 3,000 shares of the stock in a transaction that occurred on Friday, February 7th. The stock was sold at an average price of $465.94, for a total transaction of $1,397,820.00. Following the transaction, the director now owns 3,061 shares in the company, valued at $1,426,242.34. This trade represents a 49.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP George Fennell sold 9,986 shares of the business’s stock in a transaction on Monday, February 10th. The stock was sold at an average price of $462.53, for a total transaction of $4,618,824.58. Following the completion of the sale, the executive vice president now owns 8,176 shares of the company’s stock, valued at $3,781,645.28. The trade was a 54.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.98% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Insight Wealth Strategies LLC increased its stake in shares of IDEXX Laboratories by 230.5% in the fourth quarter. Insight Wealth Strategies LLC now owns 10,096 shares of the company’s stock worth $4,174,000 after purchasing an additional 7,041 shares during the period. Sax Wealth Advisors LLC increased its position in IDEXX Laboratories by 76.3% in the 4th quarter. Sax Wealth Advisors LLC now owns 1,426 shares of the company’s stock worth $590,000 after buying an additional 617 shares during the period. Hantz Financial Services Inc. lifted its holdings in shares of IDEXX Laboratories by 11.5% during the fourth quarter. Hantz Financial Services Inc. now owns 7,738 shares of the company’s stock worth $3,199,000 after buying an additional 800 shares during the last quarter. Paragon Capital Management Inc. boosted its position in shares of IDEXX Laboratories by 25.7% in the fourth quarter. Paragon Capital Management Inc. now owns 3,820 shares of the company’s stock valued at $1,579,000 after acquiring an additional 782 shares during the period. Finally, Manitou Investment Management Ltd. grew its stake in shares of IDEXX Laboratories by 491.0% in the fourth quarter. Manitou Investment Management Ltd. now owns 52,202 shares of the company’s stock worth $21,582,000 after acquiring an additional 43,369 shares during the last quarter. Institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Price Performance

The company has a quick ratio of 0.95, a current ratio of 1.31 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average is $419.02 and its 200-day moving average is $428.54. The firm has a market cap of $38.20 billion, a P/E ratio of 44.18, a price-to-earnings-growth ratio of 3.41 and a beta of 1.50.

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.