Masimo (NASDAQ:MASI) Reaches New 1-Year High After Earnings Beat

Masimo Co. (NASDAQ:MASI)’s share price hit a new 52-week high 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 changing hands. The stock had previously closed at $151.56.

The medical equipment provider reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.14. Masimo had a net margin of 3.94% and a return on equity of 14.07%. The business had revenue of $504.60 million during the quarter, compared to analysts’ expectations of $502.87 million. During the same period last year, the company posted $0.63 earnings per share. The business’s quarterly revenue was up 5.4% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MASI shares. Needham & Company LLC reaffirmed a “hold” rating on shares of Masimo in a research note on Wednesday. Piper Sandler upped their target price on Masimo from $165.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday. BTIG Research increased 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. Finally, Raymond James upgraded shares of Masimo from a “market perform” rating to an “outperform” rating and set a $170.00 price target for the company in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $151.00.

Hedge Funds Weigh In On Masimo

A number of hedge funds have recently bought and sold shares of the company. Edgestream Partners L.P. bought a new position in shares of Masimo during the second quarter valued at about $645,000. Simplify Asset Management Inc. lifted its position in shares of Masimo by 120.4% during the 2nd quarter. Simplify Asset Management Inc. now owns 21,670 shares of the medical equipment provider’s stock worth $2,729,000 after buying an additional 11,838 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Masimo by 11.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 54,839 shares of the medical equipment provider’s stock worth $8,053,000 after buying an additional 5,688 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in shares of Masimo by 32.1% in the 1st quarter. Advisors Asset Management Inc. now owns 9,009 shares of the medical equipment provider’s stock worth $1,323,000 after buying an additional 2,187 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Masimo by 33.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 42,196 shares of the medical equipment provider’s stock valued at $6,196,000 after acquiring an additional 10,683 shares during the last quarter. 85.96% of the stock is owned by hedge funds and other institutional investors.

Masimo Stock Up 6.6 %

The stock has a 50-day moving average of $130.72 and a 200 day moving average of $125.34. The company has a market capitalization of $8.59 billion, a PE ratio of 103.10 and a beta of 0.97. The company has a quick ratio of 1.15, a current ratio of 2.09 and a debt-to-equity ratio of 0.55.

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.