Zacks Investment Research Lowers Inogen Inc. (INGN) to Hold
Inogen Inc. (NASDAQ:INGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “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. However total revenue for full year 2016 is expected to be hurt by competitive bidding rate reductions. Additionally, rental revenue headwinds remain a concern, thanks to private insurance rate reductions, higher provisions for rental revenue adjustments, and lower net patient additions.”
Other analysts have also recently issued research reports about the stock. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $64.00 target price (up previously from $58.00) on shares of Inogen in a report on Sunday, August 7th. JPMorgan Chase & Co. raised their price objective on shares of Inogen from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Friday, August 5th. Stifel Nicolaus cut shares of 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, Leerink Swann reissued an “outperform” rating and set a $60.00 price objective on shares of Inogen in a report on Wednesday, June 8th. Three investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Inogen presently has an average rating of “Buy” and an average target price of $58.50.
Inogen (NASDAQ:INGN) traded up 2.24% during trading on Wednesday, hitting $60.75. 42,635 shares of the company traded hands. Inogen has a 52-week low of $28.81 and a 52-week high of $61.87. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 89.34 and a beta of 0.88. The company’s 50-day moving average is $58.62 and its 200 day moving average is $51.24.
Inogen (NASDAQ:INGN) last issued its earnings results on Thursday, August 4th. The medical technology company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.05. The firm had revenue of $54.57 million for the quarter, compared to analysts’ expectations of $52.44 million. Inogen had a net margin of 7.86% and a return on equity of 9.50%. The firm’s revenue was up 23.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 earnings per share. On average, equities analysts anticipate that Inogen will post $0.63 earnings per share for the current year.
In other news, CEO Raymond Huggenberger sold 20,747 shares of the firm’s stock in a transaction that occurred on Monday, July 18th. The shares were 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 in the company, valued at $1,389,047.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Matt Scribner sold 4,102 shares of the firm’s stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $50.46, for a total transaction of $206,986.92. Following the transaction, the executive vice president now owns 6,435 shares in the company, valued at $324,710.10. The disclosure for this sale can be found here. Insiders own 5.18% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. TIAA CREF Investment Management LLC raised its position in shares of Inogen by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 100,661 shares of the medical technology company’s stock worth $4,528,000 after buying an additional 940 shares during the period. JPMorgan Chase & Co. raised its position in shares of Inogen by 4.8% in the first quarter. JPMorgan Chase & Co. now owns 444,075 shares of the medical technology company’s stock worth $19,975,000 after buying an additional 20,525 shares during the period. TimesSquare Capital Management LLC raised its position in shares of Inogen by 21.7% in the first quarter. TimesSquare Capital Management LLC now owns 1,186,720 shares of the medical technology company’s stock worth $53,379,000 after buying an additional 211,720 shares during the period. Royce & Associates LP raised its position in shares of Inogen by 2.8% in the first quarter. Royce & Associates LP now owns 259,455 shares of the medical technology company’s stock worth $11,670,000 after buying an additional 7,000 shares during the period. Finally, Menta Capital LLC acquired a new position in shares of Inogen during the first quarter worth about $446,000.
Inogen Company Profile
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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