Inovalon Holdings, Inc. (INOV) Upgraded at Morgan Stanley
Morgan Stanley upgraded shares of Inovalon Holdings, Inc. (NASDAQ:INOV) from an underweight rating to an equal weight rating in a report published on Tuesday morning, Marketbeat reports. They currently have $14.00 target price on the technology company’s stock, up from their prior target price of $9.00.
A number of other equities research analysts have also recently weighed in on INOV. BidaskClub upgraded Inovalon Holdings from a buy rating to a strong-buy rating in a report on Saturday, June 10th. Robert W. Baird restated a neutral rating and issued a $12.00 price target (up previously from $11.00) on shares of Inovalon Holdings in a report on Friday, June 16th. Finally, ValuEngine upgraded Inovalon Holdings from a sell rating to a hold rating in a report on Wednesday, September 6th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Inovalon Holdings presently has an average rating of Hold and an average price target of $14.17.
Shares of Inovalon Holdings (NASDAQ:INOV) traded down 0.446% during mid-day trading on Tuesday, hitting $16.725. The stock had a trading volume of 413,790 shares. Inovalon Holdings has a 52-week low of $8.60 and a 52-week high of $17.80. The stock has a 50 day moving average price of $16.19 and a 200-day moving average price of $13.82. The company has a market cap of $2.44 billion, a PE ratio of 140.546 and a beta of 1.17.
Inovalon Holdings (NASDAQ:INOV) last released its quarterly earnings results on Wednesday, August 2nd. The technology company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.01. The business had revenue of $110.60 million for the quarter, compared to analysts’ expectations of $108.73 million. Inovalon Holdings had a return on equity of 5.17% and a net margin of 4.13%. The company’s revenue was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.14 EPS. On average, equities analysts expect that Inovalon Holdings will post $0.32 earnings per share for the current fiscal year.
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In related news, CEO Keith R. Dunleavy bought 62,000 shares of the stock in a transaction 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 acquisition, the chief executive officer now owns 270,000 shares in the company, valued at $4,422,600. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 48.28% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in INOV. Neuberger Berman Group LLC grew its holdings in Inovalon Holdings by 183.1% during the 1st quarter. Neuberger Berman Group LLC now owns 1,938,715 shares of the technology company’s stock valued at $24,428,000 after buying an additional 1,253,887 shares during the last quarter. Black Creek Investment Management Inc. boosted its holdings in shares of Inovalon Holdings by 13.6% during the first quarter. Black Creek Investment Management Inc. now owns 9,772,435 shares of the technology company’s stock worth $123,133,000 after purchasing an additional 1,171,150 shares during the last quarter. Parametric Portfolio Associates LLC boosted its holdings in shares of Inovalon Holdings by 2,014.6% during the first quarter. Parametric Portfolio Associates LLC now owns 1,161,768 shares of the technology company’s stock worth $14,638,000 after purchasing an additional 1,106,827 shares during the last quarter. State Street Corp boosted its holdings in shares of Inovalon Holdings by 59.1% during the second quarter. State Street Corp now owns 1,151,392 shares of the technology company’s stock worth $15,140,000 after purchasing an additional 427,528 shares during the last quarter. Finally, Koch Industries Inc. acquired a new stake in shares of Inovalon Holdings during the second quarter worth $234,000. Hedge funds and other institutional investors own 28.67% of the company’s stock.
About Inovalon Holdings
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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