Inogen (INGN) Rating Increased to Strong-Buy at Zacks Investment Research

Inogen (NASDAQ:INGN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday. The firm presently has a $214.00 price objective on the medical technology company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 14.85% from the stock’s previous close.

According to Zacks, “Inogen outperformed its industry in the last six months. Strong sales in the United States and Europe raise optimism. Solid growth in business-to-business and direct-to-consumer segments are other positives. A raised guidance for 2018 paints a bright picture. Lately, the company has invested in research and development, which is encouraging as well. An expanding Long-term Oxygen Therapy (LTOT) market, inherent benefits of POCs over traditional delivery model, underpenetrated international markets and expanding product portfolio also deserve a mention. On the flip side, declining operating margins owing to surging R&D expenses raise concern. The decline in rental revenues adds to the woes. Additionally, management expects rental revenues to decline around 10% in 2018 from 2017. Stiff competition in the niche space is likely to mar prospects.”

Several other research firms have also weighed in on INGN. JPMorgan Chase & Co. increased their price target on shares of Inogen from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Tuesday, May 1st. ValuEngine upgraded shares of Inogen from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, May 2nd. Leerink Swann restated an “outperform” rating and set a $170.00 price target (up previously from $150.00) on shares of Inogen in a research report on Tuesday, May 1st. BidaskClub upgraded shares of Inogen from a “hold” rating to a “buy” rating in a research report on Friday, March 9th. Finally, Needham & Company LLC restated a “buy” rating on shares of Inogen in a research report on Wednesday, June 13th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and three have given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $193.80.

Shares of NASDAQ INGN opened at $183.64 on Monday. The company has a market capitalization of $3.95 billion, a P/E ratio of 140.18, a price-to-earnings-growth ratio of 4.69 and a beta of 1.11. Inogen has a fifty-two week low of $89.01 and a fifty-two week high of $194.23.

Inogen (NASDAQ:INGN) last posted its earnings results on Monday, April 30th. The medical technology company reported $0.48 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.19. Inogen had a net margin of 9.36% and a return on equity of 14.81%. The firm had revenue of $79.05 million during the quarter, compared to analyst estimates of $63.86 million. During the same quarter in the prior year, the business posted $0.27 EPS. The business’s revenue was up 50.6% compared to the same quarter last year. equities analysts predict that Inogen will post 1.77 EPS for the current fiscal year.

In other Inogen news, EVP Matt Scribner sold 2,500 shares of the company’s stock in a transaction dated Monday, April 16th. The shares were sold at an average price of $139.79, for a total transaction of $349,475.00. Following the sale, the executive vice president now directly owns 8,374 shares of the company’s stock, valued at $1,170,601.46. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Byron Myers sold 11,170 shares of the company’s stock in a transaction dated Thursday, June 7th. The shares were sold at an average price of $187.03, for a total transaction of $2,089,125.10. Following the sale, the executive vice president now directly owns 48,445 shares in the company, valued at $9,060,668.35. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 58,589 shares of company stock worth $10,581,530. Insiders own 5.29% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. lifted its holdings in Inogen by 4.7% during the first quarter. Principal Financial Group Inc. now owns 146,433 shares of the medical technology company’s stock valued at $17,988,000 after purchasing an additional 6,622 shares during the last quarter. Xact Kapitalforvaltning AB purchased a new stake in Inogen during the first quarter valued at about $303,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in Inogen during the first quarter valued at about $1,388,000. Highbridge Capital Management LLC purchased a new stake in Inogen during the first quarter valued at about $217,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Inogen during the first quarter valued at about $486,000. 97.86% of the stock is currently owned by institutional investors and hedge funds.

About Inogen

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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