DexCom (NASDAQ:DXCM) Stock Price Expected to Rise, BTIG Research Analyst Says

Key Points

• BTIG Research raised DexCom’s price target from $90 to $96 and maintained a “buy” rating, implying 14.14% potential upside from the prior close.
• Analyst sentiment remains positive: DexCom has an overall “Buy” consensus rating and a consensus price target of $92.22, with 22 of 24 analysts rating the stock Buy or Strong Buy.
• DexCom reported quarterly earnings of $0.70 per share, exceeding estimates by $0.09, while revenue rose 13.1% year over year to $1.31 billion. Institutional investors own 97.75% of the company, though insiders have sold shares recently under pre-arranged trading plans.

DexCom (NASDAQ:DXCM - Get Free Report) had its price objective boosted by equities research analysts at BTIG Research from $90.00 to $96.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the medical device company's stock. BTIG Research's price target indicates a potential upside of 14.14% from the company's previous close.

A number of other equities research analysts have also commented on the stock. Canaccord Genuity Group set a $90.00 price objective on shares of DexCom and gave the stock a "buy" rating in a report on Monday, August 3rd. Deutsche Bank Aktiengesellschaft started coverage on shares of DexCom in a research note on Tuesday, June 23rd. They issued a "buy" rating and a $86.00 target price for the company. Robert W. Baird set a $105.00 target price on shares of DexCom in a research note on Friday, July 31st. Weiss Ratings upgraded DexCom from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, October 6th. Finally, JPMorgan Chase & Co. lifted their price target on DexCom from $65.00 to $82.00 and gave the company a "neutral" rating in a research note on Friday, July 31st. Three research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $92.22.

DexCom Price Performance

DXCM opened at $84.11 on Monday. The stock has a market cap of $31.74 billion, a P/E ratio of 33.25, a P/E/G ratio of 1.41 and a beta of 1.48. DexCom has a 12 month low of $54.11 and a 12 month high of $92.59. The company has a quick ratio of 1.43, a current ratio of 1.73 and a debt-to-equity ratio of 0.47. The company has a fifty day simple moving average of $87.54 and a 200 day simple moving average of $75.22.

DexCom (NASDAQ:DXCM - Get Free Report) last posted its earnings results on Thursday, July 30th. The medical device company reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.09. DexCom had a return on equity of 35.94% and a net margin of 20.12%. The firm had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.29 billion. During the same period in the previous year, the company posted $0.48 earnings per share. The company's revenue for the quarter was up 13.1% on a year-over-year basis. On average, research analysts expect that DexCom will post 2.64 EPS for the current year.

Insider Activity at DexCom

In other news, insider Kevin Sayer sold 26,756 shares of the business's stock in a transaction on Monday, July 20th. The shares were sold at an average price of $76.32, for a total value of $2,042,017.92. Following the sale, the insider owned 328,970 shares of the company's stock, valued at $25,106,990.40. The trade was a 7.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Sadie Stern sold 2,565 shares of the stock in a transaction on Monday, September 28th. The stock was sold at an average price of $86.15, for a total transaction of $220,974.75. Following the transaction, the executive vice president owned 123,478 shares of the company's stock, valued at $10,637,629.70. The trade was a 2.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 49,313 shares of company stock worth $3,945,875. 0.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On DexCom

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of DexCom by 15.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,261,876 shares of the medical device company's stock worth $758,487,000 after buying an additional 1,515,702 shares in the last quarter. Legal & General Group Plc bought a new position in shares of DexCom in the 2nd quarter valued at $173,237,000. Janus Henderson Group PLC boosted its holdings in shares of DexCom by 32.3% during the 1st quarter. Janus Henderson Group PLC now owns 2,644,539 shares of the medical device company's stock valued at $166,077,000 after acquiring an additional 645,534 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of DexCom during the 2nd quarter valued at $164,035,000. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of DexCom by 100.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,545,103 shares of the medical device company's stock valued at $159,832,000 after acquiring an additional 1,275,142 shares in the last quarter. 97.75% of the stock is owned by institutional investors.

About DexCom

DexCom, Inc NASDAQ: DXCM develops and commercializes continuous glucose monitoring (CGM) systems for people with diabetes. Its technology uses a small wearable sensor to measure glucose levels continuously and transmit readings to a compatible receiver, smartphone or other connected device, helping users monitor glucose trends and make more informed treatment and lifestyle decisions.

The company's product portfolio includes the Dexcom G7 and Dexcom G6 real-time CGM systems, as well as related software and digital health tools such as Dexcom Clarity for glucose data analysis and reporting.

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