Inogen (INGN) Raised 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 on Tuesday. The firm presently has a $132.00 price target on the medical technology company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.01% from the stock’s current price.
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.”
A number of other equities research analysts have also commented on INGN. BidaskClub upgraded Inogen from a “sell” rating to a “hold” rating in a research report on Wednesday, January 24th. 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. Finally, Leerink Swann reiterated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of Inogen in a research report on Wednesday, November 8th. Four analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $103.29.
Inogen (NASDAQ:INGN) last issued its earnings results on Tuesday, November 7th. The medical technology company reported $0.33 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.04. The firm had revenue of $69.00 million for the quarter, compared to analyst estimates of $63.55 million. Inogen had a return on equity of 13.37% and a net margin of 11.36%. Inogen’s revenue for the quarter was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.25 earnings per share. equities analysts anticipate that Inogen will post 1.19 EPS for the current year.
In other Inogen news, EVP Byron Myers sold 35,000 shares of the company’s 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 sale, the executive vice president now owns 48,600 shares in the company, valued at approximately $5,675,022. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Matt Scribner sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $112.35, for a total value of $280,875.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 113,651 shares of company stock worth $13,299,463. Insiders own 5.31% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Piedmont Investment Advisors LLC acquired a new position in shares of Inogen during the 2nd quarter worth approximately $336,000. Parametric Portfolio Associates LLC raised its stake in shares of Inogen by 63.6% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 45,969 shares of the medical technology company’s stock worth $4,386,000 after buying an additional 17,867 shares during the period. Vanguard Group Inc. raised its stake in shares of Inogen by 24.9% during the 2nd quarter. Vanguard Group Inc. now owns 1,515,342 shares of the medical technology company’s stock worth $144,594,000 after buying an additional 301,737 shares during the period. Koch Industries Inc. raised its stake in shares of Inogen by 19,485.8% during the 2nd quarter. Koch Industries Inc. now owns 657,102 shares of the medical technology company’s stock worth $650,000 after buying an additional 653,747 shares during the period. Finally, Verition Fund Management LLC acquired a new position in shares of Inogen during the 2nd quarter worth approximately $280,000.
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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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