BTIG Research Forecasts Strong Price Appreciation for DexCom (NASDAQ:DXCM) Stock

DexCom (NASDAQ:DXCM) had its price objective hoisted by stock analysts at BTIG Research from $90.00 to $96.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. BTIG Research’s target price suggests a potential upside of 12.86% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Piper Sandler restated an “overweight” rating and issued a $95.00 target price (up from $88.00) on shares of DexCom in a report on Friday, July 31st. Argus raised their target price on DexCom from $86.00 to $96.00 and gave the stock a “buy” rating in a research note on Tuesday, August 4th. Citigroup reiterated a “buy” rating and set a $88.00 price target (up from $84.00) on shares of DexCom in a report on Friday, July 31st. Raymond James Financial reissued a “strong-buy” rating and set a $94.00 price target on shares of DexCom in a research report on Friday, July 31st. Finally, Benchmark boosted their price target on shares of DexCom from $77.00 to $82.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Three analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $92.43.

DexCom Trading Down 1.0%

Shares of DexCom stock opened at $85.06 on Monday. The stock has a market cap of $32.10 billion, a P/E ratio of 33.69, a P/E/G ratio of 1.44 and a beta of 1.48. The stock’s 50 day simple moving average is $87.47 and its 200-day simple moving average is $75.49. DexCom has a 1-year low of $54.11 and a 1-year high of $92.59. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.73 and a quick ratio of 1.43.

DexCom (NASDAQ:DXCM) last posted its quarterly earnings results on Thursday, July 30th. The medical device company reported $0.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.09. DexCom had a return on equity of 35.94% and a net margin of 20.12%. The business had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.29 billion. During the same period in the prior year, the business earned $0.48 earnings per share. The business’s revenue was up 13.1% compared to the same quarter last year. Analysts predict that DexCom will post 2.64 EPS for the current fiscal year.

Insider Activity

In related news, Director Mark Foletta sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $85.32, for a total value of $170,640.00. Following the transaction, the director directly owned 48,852 shares in the company, valued at approximately $4,168,052.64. This represents a 3.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Michael Brown sold 1,700 shares of the company’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $84.04, for a total value of $142,868.00. Following the completion of the transaction, the executive vice president owned 99,885 shares in the company, valued at $8,394,335.40. This represents a 1.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 49,313 shares of company stock worth $3,945,875. 0.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On DexCom

Several large investors have recently modified their holdings of the business. Sax Wealth Advisors LLC grew its holdings in shares of DexCom by 1.3% during the 3rd quarter. Sax Wealth Advisors LLC now owns 17,220 shares of the medical device company’s stock worth $1,486,000 after purchasing an additional 219 shares during the period. Woodstock Corp raised its holdings in DexCom by 0.6% in the 3rd quarter. Woodstock Corp now owns 66,764 shares of the medical device company’s stock valued at $5,761,000 after buying an additional 395 shares during the period. HF Advisory Group LLC purchased a new stake in shares of DexCom in the 3rd quarter valued at approximately $622,000. GK Wealth Management LLC purchased a new stake in DexCom in the third quarter valued at approximately $35,000. Finally, Wedmont Private Capital lifted its position in shares of DexCom by 13.9% during the third quarter. Wedmont Private Capital now owns 3,878 shares of the medical device company’s stock worth $327,000 after purchasing an additional 472 shares in the last quarter. Institutional investors and hedge funds own 97.75% of the company’s stock.

About DexCom

DexCom, Inc (NASDAQ: DXCM) develops and commercializes continuous glucose monitoring (CGM) systems for people with diabetes. Its technology uses a small wearable sensor to measure glucose levels continuously and transmit readings to a compatible receiver, smartphone or other connected device, helping users monitor glucose trends and make more informed treatment and lifestyle decisions.

The company’s product portfolio includes the Dexcom G7 and Dexcom G6 real-time CGM systems, as well as related software and digital health tools such as Dexcom Clarity for glucose data analysis and reporting.