The Manufacturers Life Insurance Company increased its stake in shares of Inovalon Holdings, Inc. (NASDAQ:INOV) by 1,146.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 51,876 shares of the technology company’s stock after purchasing an additional 47,714 shares during the quarter. The Manufacturers Life Insurance Company owned 0.08% of Inovalon worth $682,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Black Creek Investment Management Inc. grew its position in Inovalon by 11.8% in the 2nd quarter. Black Creek Investment Management Inc. now owns 10,925,250 shares of the technology company’s stock valued at $143,667,000 after acquiring an additional 1,152,815 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Inovalon by 3.1% in the 2nd quarter. Vanguard Group Inc. now owns 4,960,754 shares of the technology company’s stock worth $65,234,000 after buying an additional 151,473 shares during the period. State Street Corp lifted its holdings in shares of Inovalon by 59.1% in the 2nd quarter. State Street Corp now owns 1,151,392 shares of the technology company’s stock worth $15,140,000 after buying an additional 427,528 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Inovalon by 4.0% in the 1st quarter. Geode Capital Management LLC now owns 500,364 shares of the technology company’s stock worth $6,304,000 after buying an additional 19,367 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Inovalon by 86.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 472,597 shares of the technology company’s stock worth $5,954,000 after buying an additional 219,465 shares during the period. 28.09% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Inovalon Holdings, Inc. (NASDAQ INOV) traded up $0.10 on Tuesday, reaching $15.30. The company’s stock had a trading volume of 409,698 shares, compared to its average volume of 567,830. The company has a debt-to-equity ratio of 0.31, a quick ratio of 5.62 and a current ratio of 5.62. Inovalon Holdings, Inc. has a one year low of $8.60 and a one year high of $17.80. The firm has a market capitalization of $2,275.60, a price-to-earnings ratio of 74.29, a P/E/G ratio of 4.57 and a beta of 1.24.
Inovalon (NASDAQ:INOV) last issued its quarterly earnings data on Wednesday, November 1st. The technology company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.08 by $0.01. The company had revenue of $115.90 million for the quarter, compared to analyst estimates of $114.79 million. Inovalon had a return on equity of 4.63% and a net margin of 4.07%. Inovalon’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period last year, the company earned $0.10 earnings per share. analysts anticipate that Inovalon Holdings, Inc. will post 0.24 earnings per share for the current fiscal year.
A number of research firms have commented on INOV. Zacks Investment Research cut Inovalon from a “hold” rating to a “sell” rating in a research note on Tuesday, November 7th. ValuEngine raised Inovalon from a “sell” rating to a “hold” rating in a report on Wednesday, September 6th. Morgan Stanley raised Inovalon from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $9.00 to $14.00 in a report on Tuesday, September 12th. BidaskClub lowered Inovalon from a “buy” rating to a “hold” rating in a report on Friday, August 11th. Finally, TheStreet raised Inovalon from a “d+” rating to a “c-” rating in a report on Thursday, October 5th. Three research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $12.00.
In related news, CEO Keith R. Dunleavy acquired 62,000 shares of Inovalon stock in a transaction that occurred on Wednesday, September 13th. The shares were purchased at an average price of $16.38 per share, for a total transaction of $1,015,560.00. Following the completion of the transaction, the chief executive officer now owns 270,000 shares in the company, valued at approximately $4,422,600. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Shauna L. Vernal sold 5,908 shares of Inovalon stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $16.01, for a total value of $94,587.08. Following the transaction, the insider now owns 47,309 shares in the company, valued at approximately $757,417.09. The disclosure for this sale can be found here. Company insiders own 48.28% of the company’s stock.
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Inovalon Holdings, Inc (Inovalon) is a technology company. The Company provides cloud-based platforms empowering a data-driven transformation from volume-based to value-based models to the healthcare industry. Leveraging large-scale data interconnectivity capabilities, unparalleled proprietary data sets, advanced analytics, data-driven intervention systems, and subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes and financial performance across the healthcare ecosystem.
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