Inogen (INGN) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Inogen (NASDAQ:INGN) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $276.00 target price on the medical technology company’s stock.
According to Zacks, “Inogen outperformed its industry in a year’s time. Solid business-to-business sales in the United States is a major positive. Strong growth of the unit in Europe also buoys optimism. In fact, management expects to see strength in Europe in the quarters ahead. Management is also upbeat about strong contributions from the company’s core direct-to-consumer unit. The company’s increasing hiring in Cleveland is indicative of brighter prospects ahead. Expansion in margins and a raised 2018 guidance are encouraging as well. On the flip side, Inogen’s rental revenues were soft in the quarter. In fact, management expects rental revenues to remain low throughout 2018. Rising operating expenses are discouraging as well. This is likely to keep margins under pressure. Stiff competition in the MedTech space is likely to mar prospects.”
INGN has been the subject of several other research reports. KeyCorp started coverage on Inogen in a research report on Wednesday, June 6th. They issued an equal weight rating for the company. JPMorgan Chase & Co. lifted their price objective on Inogen from $150.00 to $180.00 and gave the company an overweight rating in a research report on Tuesday, May 1st. Needham & Company LLC lifted their price objective on Inogen from $215.00 to $254.00 and gave the company a strong-buy rating in a research report on Wednesday, August 8th. Piper Jaffray Companies lifted their price objective on Inogen to $190.00 and gave the company an overweight rating in a research report on Monday, April 30th. Finally, BidaskClub downgraded Inogen from a strong-buy rating to a buy rating in a research report on Tuesday, July 31st. One research analyst has rated the stock with a hold rating, five have given a buy rating and three have assigned a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $230.50.
Inogen (NASDAQ:INGN) last issued its quarterly earnings data on Tuesday, August 7th. The medical technology company reported $0.65 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.21. Inogen had a return on equity of 16.51% and a net margin of 10.39%. The firm had revenue of $97.24 million during the quarter, compared to the consensus estimate of $81.61 million. equities research analysts expect that Inogen will post 2.06 earnings per share for the current year.
In other news, EVP Byron Myers sold 24,953 shares of the business’s stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $227.13, for a total transaction of $5,667,574.89. Following the completion of the sale, the executive vice president now owns 42,329 shares in the company, valued at $9,614,185.77. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Raymond Huggenberger sold 10,500 shares of the business’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $228.63, for a total value of $2,400,615.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 132,074 shares of company stock valued at $26,680,901. 5.29% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in INGN. Rockefeller Capital Management L.P. bought a new stake in shares of Inogen during the first quarter worth $36,612,000. BlackRock Inc. raised its position in shares of Inogen by 7.2% during the second quarter. BlackRock Inc. now owns 2,591,083 shares of the medical technology company’s stock worth $482,796,000 after acquiring an additional 173,035 shares during the last quarter. Chicago Capital LLC bought a new stake in Inogen in the first quarter valued at about $15,014,000. OppenheimerFunds Inc. increased its holdings in Inogen by 40.3% in the second quarter. OppenheimerFunds Inc. now owns 286,147 shares of the medical technology company’s stock valued at $53,318,000 after purchasing an additional 82,164 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in Inogen by 186.2% in the second quarter. Jennison Associates LLC now owns 119,570 shares of the medical technology company’s stock valued at $22,279,000 after purchasing an additional 77,791 shares during the last quarter. Institutional investors own 97.06% of the company’s stock.
Inogen Company Profile
Inogen, Inc, a medical technology company, primarily develops, manufactures, and markets portable oxygen concentrators for patients, physicians and other clinicians, and third-party payors in the United States and internationally. The company's oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.
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