Zacks Investment Research Lowers Inogen Inc (INGN) to Sell

Zacks Investment Research downgraded shares of Inogen Inc (NASDAQ:INGN) from a hold rating to a sell rating in a report published on Wednesday, May 10th.

According to Zacks, “Inogen reported a solid first quarter of 2017, beating the Zacks Consensus Estimate on both the counts. Over the last three months, the company 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 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 analysts also recently weighed in on the company. Needham & Company LLC began coverage on Inogen in a research report on Thursday, January 19th. They set a strong-buy rating for the company. Stifel Nicolaus upped their target price on Inogen from $65.00 to $75.00 and gave the company a hold rating in a research report on Wednesday, May 10th. TheStreet upgraded Inogen from a c rating to a b- rating in a research report on Tuesday, February 28th. Sidoti began coverage on Inogen in a research report on Tuesday, April 18th. They set a neutral rating and a $79.00 price objective for the company. Finally, JPMorgan Chase & Co. set a $78.00 price objective on Inogen and gave the stock a buy rating in a research report on Wednesday, March 1st. Two investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Inogen has a consensus rating of Buy and a consensus target price of $80.33.

Shares of Inogen (NASDAQ:INGN) traded up 3.00% during midday trading on Wednesday, reaching $84.15. 188,957 shares of the company’s stock were exchanged. The company has a market capitalization of $1.73 billion, a PE ratio of 75.27 and a beta of 1.07. The firm has a 50-day moving average of $80.32 and a 200-day moving average of $70.30. Inogen has a 1-year low of $44.26 and a 1-year high of $88.61.

Inogen (NASDAQ:INGN) last issued its quarterly earnings data on Tuesday, May 9th. The medical technology company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.15. Inogen had a return on equity of 9.59% and a net margin of 7.70%. The firm had revenue of $52.50 million for the quarter, compared to analyst estimates of $49.06 million. During the same period in the prior year, the firm posted $0.12 EPS. The company’s revenue for the quarter was up 22.1% on a year-over-year basis. Equities analysts expect that Inogen will post $1.04 earnings per share for the current fiscal year.

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In related news, EVP Alison Bauerlein sold 6,666 shares of the firm’s stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $83.24, for a total transaction of $554,877.84. Following the completion of the sale, the executive vice president now owns 25,758 shares of the company’s stock, valued at $2,144,095.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brenton Taylor sold 3,750 shares of the firm’s stock in a transaction that occurred on Tuesday, February 28th. The stock was sold at an average price of $70.07, for a total value of $262,762.50. Following the sale, the executive vice president now directly owns 31,851 shares of the company’s stock, valued at approximately $2,231,799.57. The disclosure for this sale can be found here. Insiders have sold 25,416 shares of company stock valued at $1,990,465 in the last ninety days. 5.18% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. raised its position in 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 in the last quarter. Brown Capital Management LLC raised its position in Inogen by 2.1% in the first quarter. Brown Capital Management LLC now owns 1,446,332 shares of the medical technology company’s stock worth $112,178,000 after buying an additional 29,084 shares in the last quarter. Vanguard Group Inc. raised its position in Inogen by 4.8% in the first quarter. Vanguard Group Inc. now owns 1,213,605 shares of the medical technology company’s stock worth $94,127,000 after buying an additional 55,802 shares in the last quarter. BlackRock Fund Advisors raised its position in Inogen by 11.5% in the third quarter. BlackRock Fund Advisors now owns 1,179,565 shares of the medical technology company’s stock worth $70,656,000 after buying an additional 121,397 shares in the last quarter. Finally, Blair William & Co. IL raised its stake in shares of Inogen by 1.9% in the first quarter. Blair William & Co. IL now owns 921,693 shares of the medical technology company’s stock worth $63,462,000 after buying an additional 17,377 shares during the period.

Inogen Company Profile

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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