Inogen, Inc (NASDAQ:INGN) Downgraded to Hold at Zacks Investment Research
Inogen, Inc (NASDAQ:INGN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Over the last three months, Inogen outperformed the broader industry in terms of price. However, rental revenue headwinds are a concern, thanks to private insurance rate reductions, higher provisions for rental revenue adjustments and lower net patient additions. Inogen reported a solid first quarter of 2017, beating the Zacks Consensus Estimate on both the counts. Inogen generates a significant portion of its revenues from the International market. Volatility in foreign exchange rate is expected to mar the company’s top line in the coming quarters. Furthermore, the stock looks a bit overvalued at the moment when compared to the market at large. However, Inogen has provided a positive guidance for full-year 2017. The company’s unique direct-to-customer business model, an innovative product line and growing patient base are key catalysts in our view.”
A number of other equities research analysts have also issued reports on the stock. Sidoti started coverage on shares of Inogen in a research note on Tuesday, April 18th. They issued a “neutral” rating and a $79.00 target price on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $83.00 price objective on shares of Inogen in a research report on Wednesday, April 5th. Stifel Nicolaus upped their target price on shares of Inogen from $65.00 to $75.00 and gave the stock a “hold” rating in a research report on Wednesday, May 10th. Finally, J P Morgan Chase & Co upped their target price on shares of Inogen to $102.00 and gave the stock an “overweight” rating in a research report on Monday, June 26th. Three analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $91.60.
Inogen (NASDAQ INGN) traded down 0.22% during trading on Tuesday, reaching $93.97. The company had a trading volume of 34,605 shares. Inogen has a 52-week low of $49.60 and a 52-week high of $97.71. The stock has a 50 day moving average price of $89.48 and a 200-day moving average price of $76.19. The company has a market capitalization of $1.93 billion, a PE ratio of 84.05 and a beta of 1.04.
Inogen (NASDAQ:INGN) last issued its quarterly earnings data on Tuesday, May 9th. The medical technology company reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.15. Inogen had a net margin of 9.32% and a return on equity of 11.67%. The firm had revenue of $52.50 million for the quarter, compared to analyst estimates of $49.06 million. During the same quarter in the previous year, the business posted $0.12 EPS. The firm’s revenue was up 22.1% compared to the same quarter last year. On average, equities research analysts anticipate that Inogen will post $1.10 earnings per share for the current fiscal year.
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In other news, Director Ray Benjamin M. Anderson sold 4,445 shares of the stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $81.05, for a total transaction of $360,267.25. Following the transaction, the director now owns 4,445 shares in the company, valued at approximately $360,267.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Scott Wilkinson sold 23,437 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $88.06, for a total transaction of $2,063,862.22. Following the transaction, the insider now owns 54,088 shares in the company, valued at approximately $4,762,989.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 83,848 shares of company stock worth $7,283,201. Company insiders own 5.31% of the company’s stock.
A number of hedge funds have recently modified their holdings of INGN. BlackRock Inc. increased its stake in shares of Inogen by 145,976.1% in the first quarter. BlackRock Inc. now owns 2,110,800 shares of the medical technology company’s stock worth $163,711,000 after buying an additional 2,109,355 shares during the period. Norges Bank bought a new stake in shares of Inogen during the fourth quarter worth $18,813,000. MARSHALL WACE ASIA Ltd bought a new stake in shares of Inogen during the first quarter worth $9,139,000. Marshall Wace North America L.P. bought a new stake in shares of Inogen during the first quarter worth $9,139,000. Finally, FMR LLC increased its stake in shares of Inogen by 56.2% in the first quarter. FMR LLC now owns 324,200 shares of the medical technology company’s stock worth $25,145,000 after buying an additional 116,600 shares during the period.
Inogen, Inc is a medical technology company. The Company develops, manufactures and markets portable oxygen concentrators used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions. The Company’s Inogen One systems concentrate the air around the patient to offer a single source of supplemental oxygen anytime, anywhere with a portable device.
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