Oak Ridge Investments LLC Lowers Position in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Oak Ridge Investments LLC lessened its stake in IDEXX Laboratories, Inc. (NASDAQ:IDXX) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,746 shares of the company’s stock after selling 44 shares during the period. Oak Ridge Investments LLC’s holdings in IDEXX Laboratories were worth $733,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of IDXX. MorganRosel Wealth Management LLC purchased a new stake in IDEXX Laboratories in the 1st quarter worth approximately $26,000. Colonial Trust Co SC boosted its position in 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 purchasing an additional 39 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its position in 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 purchasing an additional 30 shares in the last quarter. Bank of Jackson Hole Trust lifted its position in shares of IDEXX Laboratories by 328.6% during the 1st quarter. Bank of Jackson Hole Trust now owns 90 shares of the company’s stock valued at $39,000 after buying an additional 69 shares in the last quarter. Finally, Itau Unibanco Holding S.A. lifted its position 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 valued at $40,000 after buying an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 87.84% of the company’s stock.

IDEXX Laboratories Trading Down 1.5%

Shares of IDXX stock opened at $653.95 on Friday. IDEXX Laboratories, Inc. has a fifty-two week low of $356.14 and a fifty-two week high of $688.12. The firm has a market capitalization of $52.32 billion, a P/E ratio of 54.45, a PEG ratio of 4.30 and a beta of 1.49. The stock’s fifty day moving average is $555.92 and its two-hundred day moving average is $485.51. 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 (NASDAQ:IDXX) last issued its earnings results on Monday, August 4th. The company reported $3.63 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the company earned $2.44 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Research analysts expect that IDEXX Laboratories, Inc. will post 11.93 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IDXX. Piper Sandler reiterated a “neutral” rating and set a $700.00 target price (up previously from $510.00) on shares of IDEXX Laboratories in a research report on Monday. JPMorgan Chase & Co. increased their target price on IDEXX Laboratories from $550.00 to $675.00 and gave the company an “overweight” rating in a research report on Monday, August 4th. BTIG Research increased their target price on IDEXX Laboratories from $545.00 to $785.00 and gave the company a “buy” rating in a research report on Tuesday, August 5th. Leerink Partners raised their price objective on IDEXX Laboratories from $580.00 to $600.00 and gave the company an “outperform” rating in a report on Thursday, July 17th. Finally, Jefferies Financial Group began coverage on IDEXX Laboratories in a report on Tuesday, July 1st. They issued a “buy” rating and a $625.00 price objective on the stock. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, IDEXX Laboratories presently has an average rating of “Moderate Buy” and a consensus target price of $644.67.

Insiders Place Their Bets

In other IDEXX Laboratories news, CEO Jonathan Jay Mazelsky sold 29,260 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $631.98, for a total value of $18,491,734.80. Following the completion of the sale, the chief executive officer directly owned 83,311 shares of the company’s stock, valued at $52,650,885.78. This trade represents a 25.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Michael G. Erickson sold 406 shares of the firm’s stock in a transaction 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 completion of the sale, the executive vice president directly owned 11,287 shares of the company’s stock, valued at $7,336,098.52. This trade represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,176 shares of company stock worth $34,060,678. 0.98% of the stock is currently owned by company insiders.

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.