Inovalon Holdings Inc. (INOV) Upgraded to “Buy” at Zacks Investment Research
Inovalon Holdings Inc. (NASDAQ:INOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The brokerage currently has a $16.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 15.52% from the stock’s previous close.
According to Zacks, “Inovalon Holdings, Inc. is a technology company which provides cloud-based data analytics and data-driven intervention platforms for healthcare sector. The company operates through IT and services group. IT operations group manages the process steps from data receipt through to the generation of analytical outputs and services operations group manages the process steps applied to achieve impact through its data-driven intervention platforms. It serves health plans, hospitals, physicians, patients, pharmaceutical companies and researchers. Inovalon Holdings, Inc. is headquartered in Bowie, Maryland. “
Other research analysts have also recently issued reports about the company. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Inovalon Holdings in a research report on Wednesday, September 28th. TheStreet raised Inovalon Holdings from a “sell” rating to a “hold” rating in a research report on Monday, July 18th. William Blair cut Inovalon Holdings from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 4th. Citigroup Inc. reduced their price objective on Inovalon Holdings from $18.00 to $17.00 and set a “neutral” rating for the company in a research report on Thursday, August 4th. Finally, Goldman Sachs Group Inc. cut Inovalon Holdings from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $25.00 to $17.00 in a research report on Thursday, August 4th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $17.13.
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Shares of Inovalon Holdings (NASDAQ:INOV) traded up 0.73% on Monday, hitting $13.85. The company had a trading volume of 896,208 shares. Inovalon Holdings has a 12-month low of $13.50 and a 12-month high of $23.87. The firm has a market capitalization of $2.11 billion, a P/E ratio of 46.79 and a beta of 1.06. The firm has a 50 day moving average of $15.22 and a 200-day moving average of $17.01.
Inovalon Holdings (NASDAQ:INOV) last posted its earnings results on Wednesday, August 3rd. The company reported $0.14 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.14. Inovalon Holdings had a return on equity of 7.51% and a net margin of 9.88%. The firm earned $123.80 million during the quarter, compared to analysts’ expectations of $126.86 million. During the same period in the previous year, the firm earned $0.18 earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. On average, equities analysts predict that Inovalon Holdings will post $0.42 EPS for the current year.
In other Inovalon Holdings news, Director William J. Teuber, Jr. acquired 60,000 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were purchased at an average price of $16.46 per share, for a total transaction of $987,600.00. Following the completion of the purchase, the director now directly owns 69,559 shares of the company’s stock, valued at $1,144,941.14. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director William D. Green acquired 30,000 shares of the company’s stock in a transaction on Friday, September 16th. The stock was acquired at an average price of $16.22 per share, for a total transaction of $486,600.00. Following the purchase, the director now directly owns 38,351 shares of the company’s stock, valued at $622,053.22. The disclosure for this purchase can be found here. 50.71% of the stock is owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Inovalon Holdings by 94.0% in the second quarter. BlackRock Inc. now owns 7,868 shares of the company’s stock valued at $142,000 after buying an additional 3,812 shares in the last quarter. TLP Group LLC acquired a new stake in Inovalon Holdings during the second quarter valued at about $150,000. Teacher Retirement System of Texas raised its stake in Inovalon Holdings by 43.4% in the second quarter. Teacher Retirement System of Texas now owns 8,686 shares of the company’s stock valued at $156,000 after buying an additional 2,629 shares in the last quarter. Public Employees Retirement System of Ohio raised its stake in Inovalon Holdings by 94.3% in the second quarter. Public Employees Retirement System of Ohio now owns 8,827 shares of the company’s stock valued at $159,000 after buying an additional 4,285 shares in the last quarter. Finally, Utah Retirement Systems acquired a new stake in Inovalon Holdings during the second quarter valued at about $192,000. Hedge funds and other institutional investors own 32.04% of the company’s stock.
About Inovalon Holdings
Inovalon Holdings, Inc is a technology company. The Company combines advanced cloud-based data analytics and data-driven intervention platforms to provide services for health plans, hospitals, physicians, patients, pharmaceutical companies and researchers. The Company operates through developing cloud-based data analytics and data-driven intervention platforms segment and provides related services to its clients.
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