Inogen Inc. (INGN) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Inogen Inc. (NASDAQ:INGN) from a hold rating to a buy rating in a research note released on Tuesday. They currently have $67.00 price objective on the medical technology company’s stock.
According to Zacks, “Inogen reported strong second quarter 2016 results, beating the Zacks Consensus Estimates on both lines. The company also raised its revenue and net income guidance for the full-year of 2016. However, anticipated reimbursement headwind compelled Inogen to lower rental revenue projections. Nevertheless, Inogen's unique direct-to-customer business model, innovative product line and growing patient base are the key catalysts in our view. New products like the Inogen One G4 and the upgraded Inogen One G3 are expected to drive growth further. Moreover, the growing adoption of portable oxygen containers (POCs) among traditional home medical equipment (HME) providers will significantly boost unit sales volume going ahead.”
INGN has been the subject of several other reports. JPMorgan Chase & Co. initiated coverage on Inogen in a report on Wednesday, July 13th. They set an overweight rating for the company. Leerink Swann reiterated an outperform rating and issued a $60.00 price objective on shares of Inogen in a report on Wednesday, June 8th. Stifel Nicolaus downgraded Inogen from a buy rating to a hold rating in a report on Friday, August 5th. They noted that the move was a valuation call. Finally, Needham & Company LLC reiterated a strong-buy rating and issued a $58.00 price objective on shares of Inogen in a report on Thursday, June 9th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Inogen currently has a consensus rating of Buy and an average price target of $58.50.
Shares of Inogen (NASDAQ:INGN) opened at 59.42 on Tuesday. The firm’s 50-day moving average is $58.62 and its 200-day moving average is $51.24. Inogen has a 52 week low of $28.81 and a 52 week high of $61.87. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 87.38 and a beta of 0.88.
Inogen (NASDAQ:INGN) last issued its quarterly earnings results on Thursday, August 4th. The medical technology company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.05. Inogen had a return on equity of 9.50% and a net margin of 7.86%. The firm earned $54.57 million during the quarter, compared to the consensus estimate of $52.44 million. During the same period last year, the company earned $0.17 earnings per share. The company’s revenue was up 23.9% on a year-over-year basis. Equities research analysts predict that Inogen will post $0.63 earnings per share for the current year.
In other news, CEO Raymond Huggenberger sold 20,747 shares of Inogen stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $50.41, for a total transaction of $1,045,856.27. Following the transaction, the chief executive officer now directly owns 27,555 shares of the company’s stock, valued at approximately $1,389,047.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Matt Scribner sold 4,102 shares of Inogen stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $50.46, for a total value of $206,986.92. Following the transaction, the executive vice president now directly owns 6,435 shares in the company, valued at $324,710.10. The disclosure for this sale can be found here. Company insiders own 5.18% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. IFP Advisors Inc boosted its position in Inogen by 0.3% in the second quarter. IFP Advisors Inc now owns 2,086 shares of the medical technology company’s stock worth $105,000 after buying an additional 6 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Inogen by 40.3% in the second quarter. Teacher Retirement System of Texas now owns 2,208 shares of the medical technology company’s stock worth $111,000 after buying an additional 634 shares during the last quarter. Legal & General Group Plc boosted its position in Inogen by 35.1% in the first quarter. Legal & General Group Plc now owns 2,738 shares of the medical technology company’s stock worth $117,000 after buying an additional 712 shares during the last quarter. Mason Street Advisors LLC bought a new position in Inogen during the second quarter worth $142,000. Finally, Pacad Investment Ltd. bought a new position in Inogen during the second quarter worth $169,000.
Inogen, Inc is a medical technology company. The Company is engaged in developing, manufacturing and marketing 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 weighing approximately 4.8 or seven pounds.
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