Inovalon (INOV) Upgraded by Zacks Investment Research to Buy

Inovalon (NASDAQ:INOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage currently has a $12.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.38% from the company’s previous close.

According to Zacks, “Inovalon Holdings, Inc. is a technology company which provides cloud-based data analytics and data-driven intervention platforms for healthcare sector. The company operates through IT and services group. IT operations group manages the process steps from data receipt through to the generation of analytical outputs and services operations group manages the process steps applied to achieve impact through its data-driven intervention platforms. It serves health plans, hospitals, physicians, patients, pharmaceutical companies and researchers. Inovalon Holdings, Inc. is headquartered in Bowie, Maryland. “

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A number of other brokerages have also issued reports on INOV. Wells Fargo restated a “market perform” rating and issued a $14.00 price target (down previously from $16.00) on shares of Inovalon in a research note on Wednesday, February 21st. ValuEngine lowered shares of Inovalon from a “hold” rating to a “sell” rating in a research note on Wednesday, March 7th. Morgan Stanley lowered shares of Inovalon from an “equal weight” rating to an “underweight” rating and set a $10.00 price target for the company. in a research note on Wednesday, March 14th. Finally, TheStreet upgraded shares of Inovalon from a “d+” rating to a “c” rating in a research note on Thursday, March 15th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $12.00.

INOV opened at $10.40 on Tuesday. The company has a market cap of $1,501.78, a PE ratio of 45.22, a PEG ratio of 2.91 and a beta of 1.03. Inovalon has a 52-week low of $10.10 and a 52-week high of $17.80. The company has a debt-to-equity ratio of 0.32, a quick ratio of 4.82 and a current ratio of 4.82.

Inovalon (NASDAQ:INOV) last issued its quarterly earnings results on Tuesday, February 20th. The technology company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.01). The company had revenue of $114.60 million during the quarter, compared to the consensus estimate of $116.83 million. Inovalon had a return on equity of 4.79% and a net margin of 7.51%. The firm’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 EPS. equities research analysts predict that Inovalon will post 0.25 EPS for the current fiscal year.

In other Inovalon news, insider Shauna L. Vernal sold 44,270 shares of the business’s stock in a transaction on Tuesday, January 23rd. The shares were sold at an average price of $14.00, for a total transaction of $619,780.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 48.28% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. FNY Managed Accounts LLC bought a new stake in Inovalon during the fourth quarter valued at $150,000. Creative Planning bought a new stake in Inovalon during the fourth quarter valued at $152,000. Teacher Retirement System of Texas bought a new stake in Inovalon during the fourth quarter valued at $294,000. Macquarie Group Ltd. increased its stake in Inovalon by 877.8% during the fourth quarter. Macquarie Group Ltd. now owns 26,400 shares of the technology company’s stock valued at $396,000 after purchasing an additional 23,700 shares during the last quarter. Finally, Smith Asset Management Group LP bought a new stake in Inovalon during the fourth quarter valued at $436,000. Hedge funds and other institutional investors own 27.28% of the company’s stock.

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Inovalon Company Profile

Inovalon Holdings, Inc, a technology company, provides cloud-based platforms empowering a data-driven transformation from volume-based to value-based models in the healthcare industry. The company's platform enables the assessment and enhancement of clinical and quality outcomes and financial performance.

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