IDEXX Laboratories, Inc. (NASDAQ:IDXX) Short Interest Down 9.2% in October

IDEXX Laboratories, Inc. (NASDAQ:IDXX) saw a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 2,080,000 shares, a decline of 9.2% from the October 15th total of 2,290,000 shares. Based on an average daily volume of 517,400 shares, the short-interest ratio is presently 4.0 days. Approximately 2.6% of the shares of the company are sold short.

IDEXX Laboratories Price Performance

Shares of NASDAQ IDXX traded down $1.08 during trading hours on Monday, reaching $419.83. 437,566 shares of the stock traded hands, compared to its average volume of 501,503. The company’s 50-day simple moving average is $468.32 and its two-hundred day simple moving average is $482.83. IDEXX Laboratories has a 52-week low of $404.74 and a 52-week high of $583.39. The company has a market capitalization of $34.38 billion, a P/E ratio of 40.59, a price-to-earnings-growth ratio of 3.67 and a beta of 1.36. The company has a quick ratio of 1.03, a current ratio of 1.42 and a debt-to-equity ratio of 0.32.

IDEXX Laboratories (NASDAQ:IDXX) last announced its quarterly earnings results on Thursday, October 31st. The company reported $2.80 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.11. IDEXX Laboratories had a return on equity of 55.42% and a net margin of 22.53%. The business had revenue of $975.50 million for the quarter, compared to analysts’ expectations of $980.32 million. During the same period in the previous year, the firm earned $2.53 EPS. The business’s quarterly revenue was up 6.6% on a year-over-year basis. Equities research analysts forecast that IDEXX Laboratories will post 10.43 EPS for the current year.

Institutional Investors Weigh In On IDEXX Laboratories

A number of large investors have recently added to or reduced their stakes in IDXX. Vanguard Group Inc. increased its holdings in IDEXX Laboratories by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 8,476,054 shares of the company’s stock valued at $4,576,476,000 after purchasing an additional 98,387 shares during the period. Geode Capital Management LLC raised its holdings in shares of IDEXX Laboratories by 1.8% during the third quarter. Geode Capital Management LLC now owns 2,259,537 shares of the company’s stock valued at $1,138,732,000 after acquiring an additional 40,349 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in IDEXX Laboratories by 0.3% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 751,900 shares of the company’s stock worth $379,875,000 after acquiring an additional 2,463 shares during the period. American Century Companies Inc. lifted its stake in IDEXX Laboratories by 46.0% in the second quarter. American Century Companies Inc. now owns 562,764 shares of the company’s stock worth $274,179,000 after acquiring an additional 177,226 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in IDEXX Laboratories by 52,746.0% in the third quarter. International Assets Investment Management LLC now owns 528,460 shares of the company’s stock valued at $2,669,890,000 after acquiring an additional 527,460 shares in the last quarter. Institutional investors own 87.84% of the company’s stock.

Wall Street Analysts Forecast Growth

IDXX has been the topic of a number of research analyst reports. BTIG Research began coverage on shares of IDEXX Laboratories in a research note on Thursday, July 25th. They issued a “buy” rating and a $580.00 target price on the stock. Stifel Nicolaus cut their price target on IDEXX Laboratories from $510.00 to $500.00 and set a “hold” rating for the company in a research note on Thursday, October 10th. Barclays lowered their price objective on IDEXX Laboratories from $570.00 to $481.00 and set an “overweight” rating on the stock in a research note on Monday, November 4th. Piper Sandler reiterated a “neutral” rating and set a $435.00 target price (down previously from $520.00) on shares of IDEXX Laboratories in a research report on Monday, November 4th. Finally, JPMorgan Chase & Co. lowered their price target 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. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $552.38.

IDEXX Laboratories Company Profile

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.