IDEXX Laboratories, Inc. $IDXX Shares Sold by Parnassus Investments LLC

Key Points

• Parnassus Investments LLC reduced its stake in IDEXX Laboratories by 24.2%, holding 36,653 shares worth approximately $15.39 million after selling 11,694 shares in the first quarter.
• IDEXX Laboratories reported earnings per share (EPS) of $3.63 for the last quarter, exceeding analyst expectations, and set its FY 2025 EPS guidance between $12.400 and $12.760.
• Institutional investors collectively own 87.84% of IDEXX's stock, and several firms, including Piper Sandler and JPMorgan, have recently adjusted their target prices for the company's shares, reflecting a range of $600 to $765.

Parnassus Investments LLC trimmed its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) by 24.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 36,653 shares of the company's stock after selling 11,694 shares during the quarter. Parnassus Investments LLC's holdings in IDEXX Laboratories were worth $15,392,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. WPG Advisers LLC acquired a new position in shares of IDEXX Laboratories in the first quarter worth $37,000. State of Wyoming acquired a new position in IDEXX Laboratories in the first quarter valued at $66,000. Tema Etfs LLC increased its stake in IDEXX Laboratories by 142.0% in the first quarter. Tema Etfs LLC now owns 1,781 shares of the company's stock valued at $748,000 after purchasing an additional 1,045 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new position in IDEXX Laboratories in the first quarter valued at $283,000. Finally, OMERS ADMINISTRATION Corp increased its stake in IDEXX Laboratories by 8.8% in the first quarter. OMERS ADMINISTRATION Corp now owns 7,483 shares of the company's stock valued at $3,142,000 after purchasing an additional 603 shares during the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Sharon E. Underberg sold 5,450 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $651.60, for a total value of $3,551,220.00. Following the completion of the sale, the executive vice president owned 6,156 shares of the company's stock, valued at $4,011,249.60. This represents a 46.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nimrata Hunt sold 1,200 shares of the company's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $656.53, for a total value of $787,836.00. Following the completion of the sale, the executive vice president directly owned 16,807 shares of the company's stock, valued at $11,034,299.71. The trade was a 6.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 54,057 shares of company stock valued at $34,293,468 in the last 90 days. 0.98% of the stock is owned by corporate insiders.

IDEXX Laboratories Price Performance

IDXX stock opened at $647.09 on Friday. The stock has a 50-day moving average price of $582.04 and a two-hundred day moving average price of $500.18. IDEXX Laboratories, Inc. has a 12-month low of $356.14 and a 12-month high of $688.12. The company has a current ratio of 1.11, a quick ratio of 0.79 and a debt-to-equity ratio of 0.31. The company has a market cap of $51.77 billion, a PE ratio of 53.88, a price-to-earnings-growth ratio of 4.19 and a beta of 1.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $3.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.28 by $0.35. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%.The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter in the previous year, the business earned $2.44 earnings per share. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. IDEXX Laboratories has set its FY 2025 guidance at 12.400-12.760 EPS. As a group, research analysts predict that IDEXX Laboratories, Inc. will post 11.93 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Piper Sandler reiterated a "neutral" rating and issued a $700.00 target price (up from $510.00) on shares of IDEXX Laboratories in a research note on Monday, August 11th. JPMorgan Chase & Co. upped their target price on IDEXX Laboratories from $550.00 to $675.00 and gave the company an "overweight" rating in a research note on Monday, August 4th. Leerink Partners upped their target price on IDEXX Laboratories from $580.00 to $600.00 and gave the company an "outperform" rating in a research note on Thursday, July 17th. Wall Street Zen upgraded IDEXX Laboratories from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Finally, Morgan Stanley upped their target price on IDEXX Laboratories from $722.00 to $765.00 and gave the company an "overweight" rating in a research note on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $649.44.

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.

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