Inogen Inc. (INGN) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Inogen Inc. (NASDAQ:INGN) from a hold rating to a buy rating in a report issued on Tuesday morning. The firm currently has $67.00 price objective on the medical technology company’s stock.
According to Zacks, “Inogen reported strong second quarter 2016 results, beating the Zacks Consensus Estimates on both lines. The company also raised its revenue and net income guidance for the full-year of 2016. However, anticipated reimbursement headwind compelled Inogen to lower rental revenue projections. Nevertheless, Inogen's unique direct-to-customer business model, innovative product line and growing patient base are the key catalysts in our view. New products like the Inogen One G4 and the upgraded Inogen One G3 are expected to drive growth further. Moreover, the growing adoption of portable oxygen containers (POCs) among traditional home medical equipment (HME) providers will significantly boost unit sales volume going ahead.”
A number of other equities analysts have also commented on INGN. JPMorgan Chase & Co. lifted their price objective on Inogen from $60.00 to $62.00 and gave the stock an overweight rating in a research note on Friday, August 5th. Leerink Swann reiterated an outperform rating and issued a $60.00 price objective on shares of Inogen in a research note on Wednesday, June 8th. Needham & Company LLC reiterated a strong-buy rating and issued a $58.00 price objective on shares of Inogen in a research note on Thursday, June 9th. Finally, Stifel Nicolaus lowered Inogen from a buy rating to a hold rating in a research note on Friday, August 5th. They noted that the move was a valuation call. Three analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $58.50.
Shares of Inogen (NASDAQ:INGN) traded up 0.39% during mid-day trading on Tuesday, hitting $61.27. The stock had a trading volume of 9,240 shares. The stock has a market cap of $1.23 billion, a price-to-earnings ratio of 90.10 and a beta of 0.88. Inogen has a one year low of $28.81 and a one year high of $61.87. The firm has a 50 day moving average of $58.87 and a 200 day moving average of $51.38.
Inogen (NASDAQ:INGN) last posted its earnings results on Thursday, August 4th. The medical technology company reported $0.25 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.20 by $0.05. Inogen had a return on equity of 9.50% and a net margin of 7.86%. The company had revenue of $54.57 million for the quarter, compared to analyst estimates of $52.44 million. During the same period last year, the company earned $0.17 earnings per share. The business’s revenue was up 23.9% compared to the same quarter last year. On average, analysts forecast that Inogen will post $0.63 earnings per share for the current year.
In related news, EVP Matt Scribner sold 4,551 shares of Inogen stock in a transaction dated Monday, September 19th. The stock was sold at an average price of $60.18, for a total transaction of $273,879.18. Following the sale, the executive vice president now directly owns 6,884 shares of the company’s stock, valued at $414,279.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Byron Myers sold 13,000 shares of Inogen stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $55.00, for a total value of $715,000.00. Following the sale, the vice president now directly owns 35,185 shares in the company, valued at $1,935,175. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its stake in Inogen by 0.3% in the second quarter. IFP Advisors Inc now owns 2,086 shares of the medical technology company’s stock worth $105,000 after buying an additional 6 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Inogen by 40.3% in the second quarter. Teacher Retirement System of Texas now owns 2,208 shares of the medical technology company’s stock worth $111,000 after buying an additional 634 shares during the last quarter. Legal & General Group Plc increased its stake in Inogen by 35.1% in the first quarter. Legal & General Group Plc now owns 2,738 shares of the medical technology company’s stock worth $117,000 after buying an additional 712 shares during the last quarter. Mason Street Advisors LLC bought a new stake in Inogen during the second quarter worth $142,000. Finally, Pacad Investment Ltd. bought a new stake in Inogen during the second quarter worth $169,000.
Inogen, Inc is a medical technology company. The Company is engaged in developing, manufacturing and marketing 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 weighing approximately 4.8 or seven pounds.
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