Masimo (NASDAQ:MASI) Reaches New 1-Year High on Better-Than-Expected Earnings

Shares of Masimo Co. (NASDAQ:MASI - Get Free Report) reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The company traded as high as $173.90 and last traded at $164.09, with a volume of 71900 shares traded. The stock had previously closed at $151.56.

The medical equipment provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.84 by $0.14. Masimo had a return on equity of 14.07% and a net margin of 3.94%. The business had revenue of $504.60 million for the quarter, compared to analyst estimates of $502.87 million. During the same quarter in the previous year, the company posted $0.63 earnings per share. The company's revenue for the quarter was up 5.4% compared to the same quarter last year.

Analysts Set New Price Targets

MASI has been the topic of several analyst reports. Needham & Company LLC reaffirmed a "hold" rating on shares of Masimo in a report on Wednesday. BTIG Research boosted their target price on Masimo from $166.00 to $170.00 and gave the stock a "buy" rating in a research report on Monday, October 14th. Piper Sandler raised their price target on Masimo from $165.00 to $180.00 and gave the company an "overweight" rating in a report on Wednesday. Wells Fargo & Company upped their price objective on Masimo from $160.00 to $171.00 and gave the stock an "overweight" rating in a report on Wednesday. Finally, Raymond James raised Masimo from a "market perform" rating to an "outperform" rating and set a $170.00 target price for the company in a report on Wednesday. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $152.57.

Institutional Trading of Masimo

Several large investors have recently bought and sold shares of MASI. Empowered Funds LLC purchased a new stake in shares of Masimo in the 3rd quarter worth about $279,000. CIBC Asset Management Inc purchased a new stake in shares of Masimo in the third quarter valued at about $206,000. ING Groep NV lifted its holdings in shares of Masimo by 143.3% in the third quarter. ING Groep NV now owns 240,900 shares of the medical equipment provider's stock valued at $32,119,000 after purchasing an additional 141,900 shares in the last quarter. KBC Group NV grew its position in shares of Masimo by 17.3% in the third quarter. KBC Group NV now owns 1,280 shares of the medical equipment provider's stock valued at $171,000 after purchasing an additional 189 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in shares of Masimo during the 3rd quarter worth approximately $478,000. Institutional investors and hedge funds own 85.96% of the company's stock.

Masimo Price Performance

The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.15 and a current ratio of 2.09. The company has a 50-day moving average of $130.72 and a 200-day moving average of $125.34. The stock has a market capitalization of $8.92 billion, a price-to-earnings ratio of 114.03 and a beta of 0.97.

Masimo Company Profile

Masimo Corporation develops, manufactures, and markets various patient monitoring technologies, and automation and connectivity solutions worldwide. The company offers masimo signal extraction technology (SET) pulse oximetry with measure-through motion and low perfusion pulse oximetry monitoring to address the primary limitations of conventional pulse oximetry; Masimo rainbow SET platform, including rainbow SET Pulse CO-Oximetry products that allows noninvasive monitoring of carboxyhemoglobin, methemoglobin, hemoglobin concentration, fractional arterial oxygen saturation, oxygen content, pleth variability index, rainbow pleth variability index, respiration rate from the pleth, and oxygen reserve index, as well as acoustic respiration monitoring, SedLine brain function monitoring, NomoLine capnography and gas monitoring, and regional oximetry.