Cinctive Capital Management LP Makes New Investment in IDEXX Laboratories, Inc. (NASDAQ:IDXX)

Cinctive Capital Management LP acquired a new position in shares of IDEXX Laboratories, Inc. (NASDAQ:IDXX - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm acquired 3,320 shares of the company's stock, valued at approximately $1,677,000.

Several other hedge funds have also modified their holdings of IDXX. Chicago Partners Investment Group LLC boosted its holdings in IDEXX Laboratories by 16.7% in the third quarter. Chicago Partners Investment Group LLC now owns 672 shares of the company's stock valued at $340,000 after purchasing an additional 96 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of IDEXX Laboratories during the second quarter worth $20,418,000. Oppenheimer Asset Management Inc. raised its holdings in IDEXX Laboratories by 13.8% during the second quarter. Oppenheimer Asset Management Inc. now owns 11,957 shares of the company's stock valued at $5,825,000 after buying an additional 1,453 shares in the last quarter. National Pension Service increased its stake in shares of IDEXX Laboratories by 7.3% in the third quarter. National Pension Service now owns 185,972 shares of the company's stock worth $93,957,000 after purchasing an additional 12,647 shares during the period. Finally, EFG Asset Management Americas Corp. boosted its holdings in IDEXX Laboratories by 45.3% during the second quarter. EFG Asset Management Americas Corp. now owns 12,728 shares of the company's stock valued at $6,201,000 after purchasing an additional 3,966 shares in the last quarter. 87.84% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Sophie V. Vandebroek sold 344 shares of the company's stock in a transaction on Wednesday, November 27th. The stock was sold at an average price of $420.44, for a total transaction of $144,631.36. Following the transaction, the director now directly owns 905 shares of the company's stock, valued at approximately $380,498.20. The trade was a 27.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.18% of the company's stock.

IDEXX Laboratories Price Performance

IDXX stock traded up $2.32 during midday trading on Wednesday, reaching $434.43. The stock had a trading volume of 1,303,295 shares, compared to its average volume of 511,002. The company's fifty day simple moving average is $447.62 and its 200 day simple moving average is $475.46. The company has a current ratio of 1.42, a quick ratio of 1.03 and a debt-to-equity ratio of 0.32. The company has a market cap of $35.58 billion, a price-to-earnings ratio of 41.89, a price-to-earnings-growth ratio of 3.76 and a beta of 1.37. IDEXX Laboratories, Inc. has a 52-week low of $398.50 and a 52-week high of $583.39.

IDEXX Laboratories (NASDAQ:IDXX - Get Free Report) last posted its earnings results on Thursday, October 31st. The company reported $2.80 earnings per share for the quarter, topping the consensus estimate of $2.69 by $0.11. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The firm had revenue of $975.50 million during the quarter, compared to analysts' expectations of $980.32 million. During the same quarter in the previous year, the business earned $2.53 earnings per share. The firm's revenue was up 6.6% compared to the same quarter last year. As a group, sell-side analysts predict that IDEXX Laboratories, Inc. will post 10.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have commented on the stock. Leerink Partnrs upgraded shares of IDEXX Laboratories to a "strong-buy" rating in a research report on Monday. StockNews.com raised shares of IDEXX Laboratories from a "hold" rating to a "buy" rating in a report on Thursday, November 28th. Piper Sandler reissued a "neutral" rating and issued a $435.00 price target (down from $520.00) on shares of IDEXX Laboratories in a report on Monday, November 4th. JPMorgan Chase & Co. decreased their target price on shares of IDEXX Laboratories from $630.00 to $575.00 and set an "overweight" rating on the stock in a research report on Friday, October 11th. Finally, Barclays reduced their price target on shares of IDEXX Laboratories from $570.00 to $481.00 and set an "overweight" rating on the stock in a research report on Monday, November 4th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given 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 price target of $546.56.

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.