Zacks Investment Research upgraded shares of Inogen (NASDAQ:INGN) from a hold rating to a buy rating in a research note released on Tuesday. Zacks Investment Research currently has $128.00 price target on the medical technology company’s stock.
According to Zacks, “Over the last six months, Inogen has outperformed the broader industry in terms of price. The company expects direct-to-consumer sales to be its fastest growing channel, followed by domestic business-to-business sales in the coming quarters, with solid focus in Europe. The company is also upbeat about its full-year 2017 revenue guidance. Solid domestic and international business-to-business sales has been boosting Inogen. The company took a series of strategic initiatives to strengthen its product offerings and market position. On the flip side, declining rental revenues raise concern. Moreover, since the company generates a significant portion of its revenues from the international market, volatile foreign exchange rate will continue to raise concern. Low POC adoption, intensifying competition, reimbursement cuts and foreign exchange headwinds are other major concerns.”
A number of other research firms have also recently commented on INGN. Needham & Company LLC increased their price target on Inogen from $108.00 to $125.00 and gave the company a strong-buy rating in a research note on Wednesday, November 8th. Piper Jaffray Companies reiterated a hold rating and issued a $90.00 price target on shares of Inogen in a research note on Tuesday, September 12th. Leerink Swann reiterated an outperform rating and issued a $120.00 price target (up from $115.00) on shares of Inogen in a research note on Wednesday, November 8th. Finally, BidaskClub cut Inogen from a buy rating to a hold rating in a research note on Tuesday, December 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. Inogen has an average rating of Hold and an average price target of $102.71.
Inogen (NASDAQ INGN) traded up $0.42 during trading on Tuesday, reaching $115.59. The company’s stock had a trading volume of 177,929 shares, compared to its average volume of 135,002. Inogen has a 52 week low of $62.69 and a 52 week high of $130.05. The stock has a market capitalization of $2,403.64, a PE ratio of 93.98, a PEG ratio of 3.90 and a beta of 1.13.
Inogen (NASDAQ:INGN) last released its quarterly earnings results on Tuesday, November 7th. The medical technology company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Inogen had a return on equity of 13.37% and a net margin of 11.36%. The company had revenue of $69.00 million during the quarter, compared to analysts’ expectations of $63.55 million. During the same period last year, the business posted $0.25 earnings per share. The firm’s revenue was up 26.8% compared to the same quarter last year. equities analysts expect that Inogen will post 1.19 EPS for the current fiscal year.
In other news, EVP Byron Myers sold 35,000 shares of the stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $116.77, for a total value of $4,086,950.00. Following the transaction, the executive vice president now directly owns 48,600 shares of the company’s stock, valued at $5,675,022. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raymond Huggenberger sold 14,000 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $94.07, for a total value of $1,316,980.00. Following the completion of the transaction, the director now directly owns 7,808 shares in the company, valued at $734,498.56. The disclosure for this sale can be found here. Insiders sold 81,500 shares of company stock worth $9,267,695 over the last three months. Corporate insiders own 5.31% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Piedmont Investment Advisors LLC acquired a new position in shares of Inogen in the second quarter valued at about $336,000. Parametric Portfolio Associates LLC grew its holdings in Inogen by 63.6% during the second quarter. Parametric Portfolio Associates LLC now owns 45,969 shares of the medical technology company’s stock worth $4,386,000 after acquiring an additional 17,867 shares during the period. Vanguard Group Inc. grew its holdings in Inogen by 24.9% during the second quarter. Vanguard Group Inc. now owns 1,515,342 shares of the medical technology company’s stock worth $144,594,000 after acquiring an additional 301,737 shares during the period. Bank of New York Mellon Corp grew its holdings in Inogen by 4.7% during the second quarter. Bank of New York Mellon Corp now owns 293,070 shares of the medical technology company’s stock worth $27,964,000 after acquiring an additional 13,160 shares during the period. Finally, Koch Industries Inc. grew its holdings in Inogen by 19,485.8% during the second quarter. Koch Industries Inc. now owns 657,102 shares of the medical technology company’s stock worth $650,000 after acquiring an additional 653,747 shares during the period.
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Inogen, Inc is a medical technology company. The Company develops, manufactures and markets 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.
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