Fred Alger Management LLC Takes $595,000 Position in Masimo Co. (NASDAQ:MASI)

Fred Alger Management LLC purchased a new position in Masimo Co. (NASDAQ:MASI) during the third quarter, Holdings Channel reports. The firm purchased 4,459 shares of the medical equipment provider’s stock, valued at approximately $595,000.

A number of other hedge funds also recently modified their holdings of MASI. Lazard Asset Management LLC increased its holdings in Masimo by 5,730.0% in the 1st quarter. Lazard Asset Management LLC now owns 583 shares of the medical equipment provider’s stock valued at $85,000 after buying an additional 573 shares during the period. Tidal Investments LLC raised its position in Masimo by 14.1% during the first quarter. Tidal Investments LLC now owns 2,179 shares of the medical equipment provider’s stock valued at $320,000 after purchasing an additional 269 shares in the last quarter. GAMMA Investing LLC lifted its stake in Masimo by 75.0% during the second quarter. GAMMA Investing LLC now owns 259 shares of the medical equipment provider’s stock worth $33,000 after purchasing an additional 111 shares during the last quarter. Juncture Wealth Strategies LLC boosted its holdings in shares of Masimo by 294.3% in the 2nd quarter. Juncture Wealth Strategies LLC now owns 7,992 shares of the medical equipment provider’s stock valued at $1,007,000 after purchasing an additional 5,965 shares in the last quarter. Finally, Cardinal Capital Management increased its stake in shares of Masimo by 4.6% in the 2nd quarter. Cardinal Capital Management now owns 15,440 shares of the medical equipment provider’s stock valued at $1,945,000 after purchasing an additional 676 shares during the last quarter. Institutional investors own 85.96% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on MASI shares. Piper Sandler raised their price objective on Masimo from $165.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Stifel Nicolaus reaffirmed a “buy” rating and set a $190.00 price target (up from $170.00) on shares of Masimo in a report on Friday, November 22nd. BTIG Research increased their price objective on shares of Masimo from $166.00 to $170.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Raymond James upgraded Masimo from a “market perform” rating to an “outperform” rating and set a $170.00 price objective on the stock in a research report on Wednesday, November 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Masimo in a research note on Wednesday, November 6th. Three equities 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.com, the company has an average rating of “Moderate Buy” and a consensus price target of $167.00.

Masimo Stock Performance

NASDAQ:MASI opened at $172.54 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 2.01. Masimo Co. has a fifty-two week low of $91.60 and a fifty-two week high of $178.27. The company has a 50 day simple moving average of $149.24 and a two-hundred day simple moving average of $129.91. The company has a market capitalization of $9.24 billion, a PE ratio of 118.99 and a beta of 0.97.

Masimo (NASDAQ:MASI) last announced its earnings results on Tuesday, November 5th. The medical equipment provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.14. The business had revenue of $504.60 million during the quarter, compared to the consensus estimate of $502.87 million. Masimo had a net margin of 3.85% and a return on equity of 14.98%. Masimo’s quarterly revenue was up 5.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 earnings per share. Research analysts anticipate that Masimo Co. will post 4.03 earnings per share for the current year.

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.