Masimo Corp. (NASDAQ:MASI) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Masimo reported strong second quarter 2016 results. We believe the company's expanding product portfolio is the key catalyst. Wider adoption of non-invasive patient monitoring technology will help the company gain market traction. Masimo’s SET pulse oximetry business represents considerable growth opportunities in international markets. Moreover, the recent FDA 510 (k) approvals for the Radius 7 wearable and the O3 regional oximetry device is significantly positive. Further, the recent launch of Pronto Pulse CO-Oximeter, its next-generation SpHb Spot Check technology, for markets outside the U.S. and next-generation SedLine Brain Function monitoring technology are key catalysts in the long haul.”
A number of other equities research analysts have also weighed in on MASI. Piper Jaffray Cos. restated an “overweight” rating and issued a $55.00 price objective (up from $52.00) on shares of Masimo Corp. in a report on Friday, August 5th. BTIG Research restated a “hold” rating on shares of Masimo Corp. in a report on Friday, August 5th. Finally, Wedbush restated an “outperform” rating and issued a $63.00 price objective (up from $60.00) on shares of Masimo Corp. in a report on Thursday, August 4th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Masimo Corp. presently has an average rating of “Buy” and an average target price of $52.60.
Masimo Corp. (NASDAQ:MASI) traded down 1.42% during midday trading on Tuesday, reaching $59.15. 131,830 shares of the company’s stock traded hands. Masimo Corp. has a 1-year low of $33.03 and a 1-year high of $60.52. The company has a market capitalization of $2.92 billion, a PE ratio of 31.02 and a beta of 0.70. The firm’s 50 day moving average price is $58.98 and its 200-day moving average price is $51.07.
Masimo Corp. (NASDAQ:MASI) last released its earnings results on Wednesday, August 3rd. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.16. The company had revenue of $172.64 million for the quarter, compared to analyst estimates of $166.02 million. Masimo Corp. had a net margin of 15.40% and a return on equity of 29.07%. The firm’s quarterly revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.36 EPS. Equities analysts expect that Masimo Corp. will post $2.02 EPS for the current year.
In related news, Director Sanford Fitch sold 2,000 shares of Masimo Corp. stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $52.62, for a total transaction of $105,240.00. Following the sale, the director now directly owns 56,000 shares in the company, valued at approximately $2,946,720. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joe E. Kiani sold 33,536 shares of Masimo Corp. stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $60.00, for a total transaction of $2,012,160.00. Following the sale, the chief executive officer now owns 152,777 shares in the company, valued at $9,166,620. The disclosure for this sale can be found here. Corporate insiders own 16.60% of the company’s stock.
Large investors have recently made changes to their positions in the company. Victory Capital Management Inc. raised its stake in shares of Masimo Corp. by 76.9% in the second quarter. Victory Capital Management Inc. now owns 2,148 shares of the company’s stock valued at $113,000 after buying an additional 934 shares in the last quarter. Tower Research Capital LLC TRC acquired a new position in shares of Masimo Corp. during the second quarter valued at about $116,000. Quantbot Technologies LP acquired a new position in shares of Masimo Corp. during the second quarter valued at about $155,000. Reynders McVeigh Capital Management LLC acquired a new position in shares of Masimo Corp. during the second quarter valued at about $203,000. Finally, Janney Capital Management LLC acquired a new position in shares of Masimo Corp. during the second quarter valued at about $205,000. Hedge funds and other institutional investors own 79.88% of the company’s stock.
Masimo Corp. Company Profile
Masimo Corporation is a medical technology company that develops, manufactures and markets non-invasive patient monitoring products. The Company’s business is measure-through-motion and low-perfusion pulse oximetry monitoring, known as Masimo Signal Extraction Technology (SET) pulse oximetry. Its product offerings include monitoring blood constituents with an optical signature, optical organ oximetry monitoring, electrical brain function monitoring, acoustic respiration monitoring and exhaled gas monitoring.
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