Masimo (NASDAQ:MASI) Sets New 1-Year High Following Strong Earnings

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

The medical equipment provider reported $0.98 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 company had revenue of $504.60 million during the quarter, compared to the consensus estimate of $502.87 million. During the same period in the previous year, the firm posted $0.63 earnings per share. Masimo’s quarterly revenue was up 5.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MASI shares. Piper Sandler lifted their price target on Masimo from $165.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of Masimo in a report on Wednesday. Raymond James raised Masimo from a “market perform” rating to an “outperform” rating and set a $170.00 price target on the stock in a report on Wednesday. Wells Fargo & Company boosted their target price on Masimo from $160.00 to $171.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, BTIG Research boosted their target price on Masimo from $166.00 to $170.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $152.57.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Farallon Capital Management LLC increased its holdings in shares of Masimo by 13.6% in the first quarter. Farallon Capital Management LLC now owns 1,489,563 shares of the medical equipment provider’s stock valued at $218,742,000 after buying an additional 177,914 shares in the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Masimo by 42.1% in the second quarter. Thrivent Financial for Lutherans now owns 1,217,357 shares of the medical equipment provider’s stock valued at $153,314,000 after buying an additional 360,497 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Masimo by 107.8% in the second quarter. Point72 Asset Management L.P. now owns 677,677 shares of the medical equipment provider’s stock valued at $85,347,000 after buying an additional 351,523 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Masimo by 45.9% in the second quarter. Dimensional Fund Advisors LP now owns 525,594 shares of the medical equipment provider’s stock valued at $66,201,000 after buying an additional 165,257 shares in the last quarter. Finally, Bamco Inc. NY bought a new position in shares of Masimo in the first quarter valued at $50,781,000. Institutional investors own 85.96% of the company’s stock.

Masimo Stock Performance

The company has a current ratio of 2.09, a quick ratio of 1.15 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $8.92 billion, a PE ratio of 114.03 and a beta of 0.97. The firm’s 50-day simple moving average is $131.74 and its two-hundred day simple moving average is $125.64.

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.