Inogen (INGN) Rating Increased to Buy at Zacks Investment Research

Inogen (NASDAQ:INGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $131.00 price objective on the medical technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 11.11% from the stock’s previous close.

According to Zacks, “Over the last year, Inogen has outperformed the broader industry in terms of price. The company expects direct-to-consumer sales to be its fastest growing channel, followed by domestic business-to-business sales in the coming quarters, with solid focus in Europe. The company is also upbeat about its full-year 2017 revenue guidance. Solid domestic and international business-to-business sales has been boosting Inogen. The company took a series of strategic initiatives to strengthen its product offerings and market position. On the flip side, declining rental revenues raise concern. Moreover, since the company generates a significant portion of its revenues from the international market, volatile foreign exchange rate will continue to raise concern. Low POC adoption, intensifying competition, reimbursement cuts and foreign exchange headwinds are other major concerns. Reimbursement cuts and foreign exchange headwinds are other major concerns.”

Several other equities research analysts have also commented on INGN. Needham & Company LLC upped their target price on Inogen from $108.00 to $125.00 and gave the company a “strong-buy” rating in a research report on Wednesday, November 8th. Leerink Swann restated an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of Inogen in a research report on Wednesday, November 8th. Finally, BidaskClub lowered Inogen from a “buy” rating to a “hold” rating in a research report on Tuesday, December 5th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $103.14.

Shares of Inogen (NASDAQ INGN) traded up $0.49 during trading on Tuesday, hitting $117.90. The company had a trading volume of 123,377 shares, compared to its average volume of 134,843. Inogen has a 52 week low of $66.51 and a 52 week high of $130.05. The company has a market cap of $2,435.15, a price-to-earnings ratio of 95.46, a price-to-earnings-growth ratio of 3.96 and a beta of 1.02.

In other Inogen news, EVP Byron Myers sold 35,000 shares of the stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $116.77, for a total value of $4,086,950.00. Following the transaction, the executive vice president now owns 48,600 shares in the company, valued at $5,675,022. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Heath Lukatch sold 2,500 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $126.40, for a total value of $316,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,151 shares of company stock worth $13,018,588. Corporate insiders own 5.31% of the company’s stock.

Large investors have recently made changes to their positions in the business. Lenox Wealth Advisors Inc. purchased a new stake in shares of Inogen in the fourth quarter worth approximately $100,000. Steward Partners Investment Advisory LLC raised its stake in shares of Inogen by 1,000.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,100 shares of the medical technology company’s stock worth $130,000 after purchasing an additional 1,000 shares during the last quarter. Simplex Trading LLC purchased a new stake in shares of Inogen in the fourth quarter worth approximately $153,000. Ameritas Investment Partners Inc. raised its stake in shares of Inogen by 6.1% in the second quarter. Ameritas Investment Partners Inc. now owns 1,495 shares of the medical technology company’s stock worth $143,000 after purchasing an additional 86 shares during the last quarter. Finally, LS Investment Advisors LLC raised its stake in shares of Inogen by 138.6% in the fourth quarter. LS Investment Advisors LLC now owns 1,515 shares of the medical technology company’s stock worth $180,000 after purchasing an additional 880 shares during the last quarter.

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About Inogen

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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