Masimo Corporation (NASDAQ:MASI) Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC lessened its position in Masimo Corporation (NASDAQ:MASI - Free Report) by 66.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,539 shares of the medical equipment provider's stock after selling 7,013 shares during the quarter. Exchange Traded Concepts LLC's holdings in Masimo were worth $590,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. FMR LLC grew its stake in Masimo by 19.8% during the 4th quarter. FMR LLC now owns 8,097,454 shares of the medical equipment provider's stock worth $1,338,509,000 after purchasing an additional 1,340,836 shares in the last quarter. Capital Research Global Investors boosted its stake in shares of Masimo by 80.5% in the 4th quarter. Capital Research Global Investors now owns 2,454,975 shares of the medical equipment provider's stock valued at $405,807,000 after buying an additional 1,094,647 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Masimo by 119.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,735,167 shares of the medical equipment provider's stock worth $286,823,000 after buying an additional 943,001 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Masimo by 1,276.9% during the fourth quarter. Alliancebernstein L.P. now owns 947,391 shares of the medical equipment provider's stock worth $156,604,000 after buying an additional 878,587 shares during the period. Finally, Corient Private Wealth LLC increased its stake in shares of Masimo by 8,847.1% during the fourth quarter. Corient Private Wealth LLC now owns 347,683 shares of the medical equipment provider's stock worth $57,472,000 after buying an additional 343,797 shares during the period. Institutional investors and hedge funds own 85.96% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MASI. Raymond James Financial decreased their price target on Masimo from $204.00 to $185.00 and set an "outperform" rating for the company in a report on Wednesday, May 7th. Wall Street Zen cut Masimo from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Wells Fargo & Company lowered their price target on Masimo from $205.00 to $190.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Piper Sandler reissued an "overweight" rating and set a $200.00 price objective (down previously from $215.00) on shares of Masimo in a report on Wednesday, May 7th. Finally, Needham & Company LLC restated a "hold" rating on shares of Masimo in a research report on Thursday, April 10th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $191.60.

Masimo Stock Performance

NASDAQ:MASI traded down $0.97 during midday trading on Wednesday, reaching $169.30. The stock had a trading volume of 726,874 shares, compared to its average volume of 640,440. The company has a quick ratio of 1.62, a current ratio of 2.17 and a debt-to-equity ratio of 0.67. The stock has a market cap of $9.18 billion, a P/E ratio of -18.46 and a beta of 1.19. The firm has a fifty day simple moving average of $160.11 and a two-hundred day simple moving average of $166.78. Masimo Corporation has a 12-month low of $101.61 and a 12-month high of $194.88.

Masimo (NASDAQ:MASI - Get Free Report) last released its earnings results on Tuesday, May 6th. The medical equipment provider reported $1.36 EPS for the quarter, topping the consensus estimate of $1.24 by $0.12. Masimo had a negative net margin of 25.06% and a positive return on equity of 22.56%. The company had revenue of $372.00 million during the quarter, compared to analysts' expectations of $367.79 million. During the same quarter last year, the business earned $0.77 EPS. The business's revenue was down 24.5% on a year-over-year basis. On average, equities analysts expect that Masimo Corporation will post 4.1 EPS for the current year.

Insiders Place Their Bets

In related news, COO Bilal Muhsin sold 10,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $163.28, for a total value of $1,632,800.00. Following the completion of the sale, the chief operating officer now owns 24,172 shares in the company, valued at $3,946,804.16. This trade represents a 29.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.70% of the stock is currently owned by insiders.

About Masimo

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.