Morgan Stanley Forecasts Strong Price Appreciation for DexCom (NASDAQ:DXCM) Stock

DexCom (NASDAQ:DXCM) had its price objective boosted by research analysts at Morgan Stanley from $75.00 to $82.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the medical device company’s stock. Morgan Stanley’s price objective would suggest a potential downside of 7.87% from the stock’s previous close.

DXCM has been the topic of several other reports. Sanford C. Bernstein boosted their target price on DexCom from $82.00 to $86.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Redburn Atlantic upgraded DexCom from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $85.00 to $115.00 in a report on Monday, February 3rd. Raymond James lowered their target price on DexCom from $115.00 to $99.00 and set a “strong-buy” rating on the stock in a report on Friday, October 25th. Leerink Partners lowered their target price on DexCom from $90.00 to $87.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Finally, Royal Bank of Canada decreased their price objective on DexCom from $120.00 to $115.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $99.06.

DexCom Price Performance

NASDAQ:DXCM opened at $89.00 on Friday. DexCom has a 12 month low of $62.34 and a 12 month high of $142.00. The stock has a 50 day moving average of $82.11 and a two-hundred day moving average of $75.19. The company has a current ratio of 2.46, a quick ratio of 2.12 and a debt-to-equity ratio of 1.23. The firm has a market cap of $34.76 billion, a P/E ratio of 52.53, a price-to-earnings-growth ratio of 2.26 and a beta of 1.14.

DexCom (NASDAQ:DXCM) last posted its quarterly earnings data on Thursday, February 13th. The medical device company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.05). DexCom had a return on equity of 31.40% and a net margin of 17.22%. On average, analysts expect that DexCom will post 1.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jacob Steven Leach sold 2,634 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $86.91, for a total transaction of $228,920.94. Following the sale, the chief operating officer now owns 268,644 shares of the company’s stock, valued at approximately $23,347,850.04. This represents a 0.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jereme M. Sylvain sold 2,090 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $86.91, for a total value of $181,641.90. Following the sale, the executive vice president now directly owns 83,526 shares in the company, valued at $7,259,244.66. This represents a 2.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,342 shares of company stock worth $3,628,069 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Institutional Trading of DexCom

Large investors have recently modified their holdings of the stock. Jennison Associates LLC increased its holdings in DexCom by 1,683.2% in the third quarter. Jennison Associates LLC now owns 6,932,899 shares of the medical device company’s stock valued at $464,782,000 after buying an additional 6,544,102 shares during the last quarter. Norges Bank purchased a new position in DexCom in the fourth quarter valued at $385,367,000. Congress Asset Management Co. increased its holdings in DexCom by 5,456.9% in the fourth quarter. Congress Asset Management Co. now owns 1,356,941 shares of the medical device company’s stock valued at $105,529,000 after buying an additional 1,332,522 shares during the last quarter. Fisher Funds Management LTD purchased a new position in DexCom in the fourth quarter valued at $96,507,000. Finally, Westfield Capital Management Co. LP increased its holdings in DexCom by 44.6% in the third quarter. Westfield Capital Management Co. LP now owns 2,842,057 shares of the medical device company’s stock valued at $190,532,000 after buying an additional 876,739 shares during the last quarter. Hedge funds and other institutional investors own 97.75% of the company’s stock.

DexCom Company Profile

DexCom, Inc, a medical device company, focuses on the design, development, and commercialization of continuous glucose monitoring (CGM) systems in the United States and internationally. The company provides its systems for use by people with diabetes, as well as for use by healthcare providers. Its products include Dexcom G6 and Dexcom G7, integrated CGM systems for diabetes management; Dexcom Share, a remote monitoring system; Dexcom Real-Time API, which enables authorized third-party software developers to integrate real-time CGM data into their digital health apps and devices; and Dexcom ONE, that is designed to replace finger stick blood glucose testing for diabetes treatment decisions.