Inogen, Inc (NASDAQ:INGN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday, May 15th. The firm presently has a $94.00 price target on the medical technology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 1.89% from the company’s current price.
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.”
Several other analysts have also issued reports on the stock. Stifel Nicolaus upped their price target on shares of Inogen to $65.00 in a research report on Wednesday, March 1st. TheStreet raised shares of Inogen from a “c” rating to a “b-” rating in a research report on Tuesday, February 28th. J P Morgan Chase & Co set a $78.00 price target on shares of Inogen and gave the company a “buy” rating in a research note on Wednesday, March 1st. Needham & Company LLC restated a “buy” rating and issued a $96.00 price target on shares of Inogen in a research note on Wednesday, May 10th. Finally, Sidoti began coverage on shares of Inogen in a research note on Tuesday, April 18th. They issued a “neutral” rating and a $79.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $86.80.
Inogen (INGN) traded up 0.51% during midday trading on Monday, reaching $92.31. 493,227 shares of the company’s stock were exchanged. Inogen has a 1-year low of $44.26 and a 1-year high of $95.43. The stock has a market cap of $1.90 billion, a P/E ratio of 82.57 and a beta of 1.04. The firm’s 50-day moving average is $86.78 and its 200 day moving average is $74.20.
Inogen (NASDAQ:INGN) last announced its quarterly earnings data on Tuesday, May 9th. The medical technology company reported $0.27 EPS for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.15. The business had revenue of $52.50 million for the quarter, compared to analyst estimates of $49.06 million. Inogen had a net margin of 9.32% and a return on equity of 11.67%. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.12 earnings per share. Equities analysts anticipate that Inogen will post $1.04 earnings per share for the current fiscal year.
In other Inogen news, EVP Byron Myers sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $90.00, for a total transaction of $900,000.00. Following the completion of the transaction, the executive vice president now owns 45,185 shares in the company, valued at approximately $4,066,650. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ray Benjamin M. Anderson sold 4,445 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was 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 of the company’s stock, valued at approximately $360,267.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,048 shares of company stock valued at $5,663,887. 5.31% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its position in Inogen by 24.9% in the first quarter. Point72 Asset Management L.P. now owns 118,805 shares of the medical technology company’s stock valued at $9,215,000 after buying an additional 23,705 shares during the last quarter. Driehaus Capital Management LLC raised its position in Inogen by 6.8% in the first quarter. Driehaus Capital Management LLC now owns 178,640 shares of the medical technology company’s stock valued at $13,855,000 after buying an additional 11,341 shares during the last quarter. Caxton Associates LP purchased a new position in Inogen during the first quarter valued at about $323,000. Jane Street Group LLC purchased a new position in Inogen during the first quarter valued at about $203,000. Finally, Paloma Partners Management Co raised its position in Inogen by 83.6% in the first quarter. Paloma Partners Management Co now owns 22,200 shares of the medical technology company’s stock valued at $1,721,000 after buying an additional 10,110 shares during the last quarter.
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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