Masimo (NASDAQ:MASI) Updates Q1 2024 Earnings Guidance

Masimo (NASDAQ:MASI) issued an update on its first quarter 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 0.670-0.740 for the period, compared to the consensus EPS estimate of 0.690. The company issued revenue guidance of $476.0 million-$501.0 million, compared to the consensus revenue estimate of $487.6 million.

Masimo Stock Down 0.9 %

Shares of NASDAQ:MASI traded down $1.30 during midday trading on Wednesday, reaching $136.88. The company had a trading volume of 144,246 shares, compared to its average volume of 583,275. The company has a quick ratio of 1.22, a current ratio of 2.18 and a debt-to-equity ratio of 0.64. The business’s 50 day moving average price is $135.65 and its 200 day moving average price is $113.89. The stock has a market cap of $7.24 billion, a PE ratio of 90.52 and a beta of 0.97. Masimo has a 1-year low of $75.22 and a 1-year high of $198.00.

Masimo (NASDAQ:MASI) last released its earnings results on Tuesday, February 27th. The medical equipment provider reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.82 by $0.43. The business had revenue of $548.90 million for the quarter, compared to the consensus estimate of $545.69 million. Masimo had a return on equity of 13.77% and a net margin of 3.98%. Masimo’s quarterly revenue was down 11.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.32 earnings per share. Research analysts forecast that Masimo will post 3.51 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have weighed in on MASI. Jefferies Financial Group reissued a hold rating and set a $121.00 price target (up previously from $107.00) on shares of Masimo in a research report on Tuesday, January 30th. BTIG Research boosted their price objective on Masimo from $145.00 to $166.00 and gave the stock a buy rating in a report on Monday, March 25th. Piper Sandler boosted their price objective on Masimo from $70.00 to $117.00 and gave the stock a neutral rating in a report on Monday, February 26th. Stifel Nicolaus upgraded Masimo from a hold rating to a buy rating and boosted their price objective for the stock from $148.00 to $170.00 in a report on Monday. Finally, StockNews.com upgraded Masimo from a sell rating to a hold rating in a report on Friday, March 29th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Masimo presently has an average rating of Hold and an average price target of $137.43.

Institutional Investors Weigh In On Masimo

Several institutional investors have recently made changes to their positions in MASI. Caisse DE Depot ET Placement DU Quebec acquired a new position in Masimo during the first quarter valued at approximately $37,000. Belpointe Asset Management LLC increased its holdings in Masimo by 31.4% in the first quarter. Belpointe Asset Management LLC now owns 339 shares of the medical equipment provider’s stock valued at $63,000 after purchasing an additional 81 shares during the period. UniSuper Management Pty Ltd acquired a new stake in Masimo in the second quarter valued at $66,000. Castleview Partners LLC acquired a new stake in Masimo in the first quarter valued at $69,000. Finally, Lazard Asset Management LLC increased its holdings in Masimo by 20.0% in the first quarter. Lazard Asset Management LLC now owns 485 shares of the medical equipment provider’s stock valued at $70,000 after purchasing an additional 81 shares during the period. 85.96% of the stock is currently owned by institutional investors.

About Masimo

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.