Morgan Stanley Increases IDEXX Laboratories (NASDAQ:IDXX) Price Target to $765.00

Key Points

• Morgan Stanley raised the price target for IDEXX Laboratories from $722.00 to $765.00, indicating a potential upside of 16.98% based on the stock's previous close.
• The stock currently holds an "overweight" rating from Morgan Stanley, and several other firms have also upgraded their ratings, contributing to a consensus target price of $649.44.
• IDEXX Laboratories reported earnings of $3.63 per share for the last quarter, exceeding analysts' expectations and showing a 10.6% increase in revenue year-over-year.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) had its target price boosted by investment analysts at Morgan Stanley from $722.00 to $765.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Morgan Stanley's price objective would suggest a potential upside of 16.98% from the company's previous close.

A number of other research firms have also weighed in on IDXX. Wall Street Zen upgraded shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a research note on Saturday, July 12th. Leerink Partners boosted their price target on shares of IDEXX Laboratories from $580.00 to $600.00 and gave the stock an "outperform" rating in a report on Thursday, July 17th. Jefferies Financial Group initiated coverage on shares of IDEXX Laboratories in a report on Tuesday, July 1st. They issued a "buy" rating and a $625.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price on shares of IDEXX Laboratories from $550.00 to $675.00 and gave the stock an "overweight" rating in a research note on Monday, August 4th. Finally, Piper Sandler restated a "neutral" rating and issued a $700.00 price target (up from $510.00) on shares of IDEXX Laboratories in a research note on Monday. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $649.44.

IDEXX Laboratories Trading Down 1.5%

NASDAQ IDXX opened at $653.95 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.79 and a current ratio of 1.11. The firm has a market cap of $52.32 billion, a price-to-earnings ratio of 54.45, a PEG ratio of 4.30 and a beta of 1.49. The firm has a 50 day simple moving average of $555.92 and a 200-day simple moving average of $485.51. IDEXX Laboratories has a one year low of $356.14 and a one year high of $688.12.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last released its 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 analyst estimates of $1.06 billion. During the same period last year, the business posted $2.44 earnings per share. IDEXX Laboratories's revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that IDEXX Laboratories will post 11.93 EPS for the current fiscal year.

Insiders Place Their Bets

In other IDEXX Laboratories news, 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 transaction of $263,883.76. Following the transaction, the executive vice president owned 11,287 shares of the company's stock, valued at $7,336,098.52. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Nimrata Hunt sold 1,200 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 54,176 shares of company stock worth $34,060,678. Corporate insiders own 0.98% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Opal Wealth Advisors LLC acquired a new position in IDEXX Laboratories in the 2nd quarter valued at about $29,000. MorganRosel Wealth Management LLC purchased a new position in shares of IDEXX Laboratories in the 1st quarter valued at approximately $26,000. Ameritas Advisory Services LLC acquired a new position in shares of IDEXX Laboratories in the second quarter valued at approximately $36,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of IDEXX Laboratories during the second quarter worth approximately $36,000. Finally, NewSquare Capital LLC lifted its holdings in shares of IDEXX Laboratories by 87.5% during the second quarter. NewSquare Capital LLC now owns 75 shares of the company's stock worth $40,000 after purchasing an additional 35 shares during the period. 87.84% of the stock is currently owned by institutional investors and hedge funds.

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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