Inovalon Holdings Inc. (INOV) Receives “Buy” Rating from Wells Fargo & Co.
Inovalon Holdings Inc. (NASDAQ:INOV)‘s stock had its “buy” rating restated by analysts at Wells Fargo & Co. in a note issued to investors on Wednesday.
Several other research analysts also recently commented on the company. Goldman Sachs Group Inc. downgraded Inovalon Holdings from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $25.00 to $17.00 in a report on Thursday, August 4th. Zacks Investment Research downgraded Inovalon Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Citigroup Inc. cut their price target on Inovalon Holdings from $18.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, August 4th. Robert W. Baird cut their price target on Inovalon Holdings from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, September 23rd. Finally, KeyCorp cut their price target on Inovalon Holdings from $26.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, August 16th. Four equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.63.
Inovalon Holdings (NASDAQ:INOV) traded up 1.17% during mid-day trading on Wednesday, reaching $14.76. The company had a trading volume of 615,955 shares. The stock’s 50-day moving average price is $15.50 and its 200 day moving average price is $17.43. Inovalon Holdings has a 52 week low of $13.85 and a 52 week high of $23.87. The firm has a market capitalization of $2.25 billion, a PE ratio of 49.86 and a beta of 1.06.
Inovalon Holdings (NASDAQ:INOV) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.14 EPS for the quarter, hitting the consensus estimate of $0.14. The company had revenue of $123.80 million for the quarter, compared to the consensus estimate of $126.86 million. Inovalon Holdings had a return on equity of 7.51% and a net margin of 9.88%. Inovalon Holdings’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the business posted $0.18 EPS. On average, equities research analysts predict that Inovalon Holdings will post $0.42 EPS for the current year.
In other news, Director William J. Teuber, Jr. purchased 60,000 shares of the stock in a transaction on Thursday, September 8th. The stock was bought at an average price of $16.46 per share, with a total value of $987,600.00. Following the transaction, the director now owns 69,559 shares in the company, valued at approximately $1,144,941.14. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Daniel L. Rizzo sold 43,577 shares of Inovalon Holdings stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $20.02, for a total value of $872,411.54. Following the sale, the insider now directly owns 320,385 shares of the company’s stock, valued at approximately $6,414,107.70. The disclosure for this sale can be found here. 50.71% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of INOV. Goldman Sachs Group Inc. boosted its stake in shares of Inovalon Holdings by 26.7% in the first quarter. Goldman Sachs Group Inc. now owns 263,103 shares of the company’s stock worth $4,873,000 after buying an additional 55,440 shares in the last quarter. Swiss National Bank boosted its position in shares of Inovalon Holdings by 21.6% in the second quarter. Swiss National Bank now owns 97,800 shares of the company’s stock valued at $1,761,000 after buying an additional 17,400 shares during the period. State Street Corp boosted its position in shares of Inovalon Holdings by 17.2% in the first quarter. State Street Corp now owns 344,556 shares of the company’s stock valued at $6,380,000 after buying an additional 50,572 shares during the period. Tiverton Asset Management LLC bought a new position in shares of Inovalon Holdings during the first quarter valued at about $2,539,000. Finally, First Trust Advisors LP bought a new position in shares of Inovalon Holdings during the second quarter valued at about $2,155,000. 32.04% of the stock is owned by institutional investors.
About Inovalon Holdings
Inovalon Holdings, Inc is a technology company. The Company combines advanced cloud-based data analytics and data-driven intervention platforms to provide services for health plans, hospitals, physicians, patients, pharmaceutical companies and researchers. The Company operates through developing cloud-based data analytics and data-driven intervention platforms segment and provides related services to its clients.
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