5,500 Shares in IDEXX Laboratories, Inc. $IDXX Bought by Sit Investment Associates Inc.

Key Points

• Sit Investment Associates Inc. acquired 5,500 shares of IDEXX Laboratories for approximately $2.31 million during the first quarter, highlighting growing institutional interest in the company.
• IDEXX reported earnings of $3.63 per share, exceeding estimates, with revenues increasing by 10.6% year-over-year to $1.11 billion.
• Recent analyst ratings suggest optimism for IDEXX, with target prices raised by several firms, including BTIG Research, which set a new price target of $785.00.

Sit Investment Associates Inc. bought a new position in IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 5,500 shares of the company's stock, valued at approximately $2,310,000.

Several other hedge funds have also made changes to their positions in IDXX. MorganRosel Wealth Management LLC purchased a new stake in shares of IDEXX Laboratories in the 1st quarter worth $26,000. Colonial Trust Co SC lifted its holdings in shares of IDEXX Laboratories by 84.8% in the 4th quarter. Colonial Trust Co SC now owns 85 shares of the company's stock worth $35,000 after buying an additional 39 shares during the period. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of IDEXX Laboratories by 55.6% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 84 shares of the company's stock worth $35,000 after buying an additional 30 shares during the period. Bank of Jackson Hole Trust lifted its holdings in shares of IDEXX Laboratories by 328.6% in the 1st quarter. Bank of Jackson Hole Trust now owns 90 shares of the company's stock worth $39,000 after buying an additional 69 shares during the period. Finally, Itau Unibanco Holding S.A. lifted its stake in shares of IDEXX Laboratories by 540.0% during the 4th quarter. Itau Unibanco Holding S.A. now owns 96 shares of the company's stock worth $40,000 after purchasing an additional 81 shares during the last quarter. 87.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CEO Jonathan Jay Mazelsky sold 29,260 shares of IDEXX Laboratories stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $631.98, for a total transaction of $18,491,734.80. Following the transaction, the chief executive officer owned 83,311 shares in the company, valued at approximately $52,650,885.78. This trade represents a 25.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael G. Erickson sold 406 shares of IDEXX Laboratories stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $649.96, for a total value of $263,883.76. Following the transaction, the executive vice president owned 11,287 shares in the company, valued at approximately $7,336,098.52. The trade was a 3.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,870 shares of company stock valued at $32,877,757 in the last 90 days. 0.98% of the stock is owned by insiders.

IDEXX Laboratories Stock Performance

IDEXX Laboratories stock traded down $0.1450 during midday trading on Wednesday, hitting $636.5650. 188,876 shares of the company were exchanged, compared to its average volume of 724,792. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.79 and a current ratio of 1.11. IDEXX Laboratories, Inc. has a fifty-two week low of $356.14 and a fifty-two week high of $688.12. The business has a fifty day simple moving average of $563.04 and a two-hundred day simple moving average of $490.56. The firm has a market capitalization of $50.93 billion, a PE ratio of 53.09, a price-to-earnings-growth ratio of 4.13 and a beta of 1.49.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The company reported $3.63 EPS for the quarter, beating the consensus estimate of $3.28 by $0.35. IDEXX Laboratories had a return on equity of 64.42% and a net margin of 24.41%.The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same period last year, the company earned $2.44 earnings per share. IDEXX Laboratories'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. On average, sell-side analysts forecast that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

IDXX has been the subject of a number of analyst reports. Piper Sandler restated a "neutral" rating and set a $700.00 price objective (up from $510.00) on shares of IDEXX Laboratories in a research note on Monday, August 11th. Jefferies Financial Group initiated coverage on IDEXX Laboratories in a research note on Tuesday, July 1st. They set a "buy" rating and a $625.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a research note on Monday, August 4th. Leerink Partners upped their price objective on IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley upped their price objective on IDEXX Laboratories from $722.00 to $765.00 and gave the stock an "overweight" rating in a research note on Friday, August 15th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, IDEXX Laboratories has an average rating of "Moderate Buy" and a consensus price target of $649.44.

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.