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

Masimo Co. (NASDAQ:MASI)’s share price hit a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $188.60 and last traded at $183.86, with a volume of 323487 shares traded. The stock had previously closed at $169.54.

The medical equipment provider reported $1.80 EPS for the quarter, topping analysts’ consensus estimates of $1.42 by $0.38. Masimo had a return on equity of 14.98% and a net margin of 3.85%. The company had revenue of $600.70 million for the quarter, compared to analysts’ expectations of $593.35 million.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Raymond James lifted their price target on shares of Masimo from $170.00 to $194.00 and gave the company an “outperform” rating in a report on Friday, December 27th. Piper Sandler lifted their target price on Masimo from $180.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Stifel Nicolaus reiterated a “buy” rating and issued a $190.00 target price (up from $170.00) on shares of Masimo in a research report on Friday, November 22nd. Needham & Company LLC restated a “hold” rating on shares of Masimo in a report on Wednesday. Finally, Wells Fargo & Company upped their price objective on Masimo from $193.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Masimo presently has a consensus rating of “Moderate Buy” and an average target price of $193.80.

Institutional Investors Weigh In On Masimo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp bought a new position in shares of Masimo during the 4th quarter valued at approximately $27,000. UMB Bank n.a. boosted its stake in Masimo by 180.9% during the fourth quarter. UMB Bank n.a. now owns 191 shares of the medical equipment provider’s stock worth $32,000 after buying an additional 123 shares during the period. Trust Co. of Vermont bought a new position in Masimo during the fourth quarter valued at $33,000. Blue Trust Inc. increased its position in Masimo by 56.3% during the fourth quarter. Blue Trust Inc. now owns 197 shares of the medical equipment provider’s stock valued at $33,000 after acquiring an additional 71 shares during the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Masimo by 40.0% in the fourth quarter. EverSource Wealth Advisors LLC now owns 224 shares of the medical equipment provider’s stock valued at $37,000 after acquiring an additional 64 shares during the period. 85.96% of the stock is currently owned by hedge funds and other institutional investors.

Masimo Stock Up 8.4 %

The stock has a market cap of $9.84 billion, a P/E ratio of 127.12 and a beta of 1.02. The company’s fifty day moving average price is $172.65 and its 200-day moving average price is $152.54. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 2.01.

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.