Inogen, Inc (INGN) Shares Up 1.3% After Analyst Upgrade
Shares of Inogen, Inc (NASDAQ:INGN) shot up 1.3% during mid-day trading on Thursday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $131.00 price target on the stock. Inogen traded as high as $124.90 and last traded at $118.90. 208,954 shares were traded during trading, an increase of 63% from the average session volume of 127,924 shares. The stock had previously closed at $117.38.
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. Inogen recently signed a lease for its expansion site in Ohio to accelerate growth in domestic direct-to-consumer sales channel. 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.Meanwhile, the company reported a stellar third quarter of 2017, beating the Zacks Consensus Estimate for both the counts. Solid domestic and international business-to-business sales drove revenues.”
INGN has been the topic of several other reports. BidaskClub lowered Inogen from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $108.00 target price on shares of Inogen in a report on Friday, September 1st. Leerink Swann reissued an “outperform” rating and set a $120.00 target price (up from $115.00) on shares of Inogen in a report on Wednesday. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $90.00 target price on shares of Inogen in a report on Tuesday, September 12th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $103.14.
In related news, EVP Alison Bauerlein sold 15,000 shares of the firm’s stock in a transaction dated Tuesday, October 10th. The stock was sold at an average price of $94.93, for a total value of $1,423,950.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Raymond Huggenberger sold 14,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $91.67, for a total value of $1,283,380.00. Following the completion of the sale, the director now directly owns 7,808 shares in the company, valued at $715,759.36. The disclosure for this sale can be found here. Insiders sold 67,000 shares of company stock worth $6,424,010 over the last ninety days. 5.31% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the stock. Schroder Investment Management Group acquired a new stake in Inogen in the second quarter valued at about $132,000. Ameritas Investment Partners Inc. boosted its stake in Inogen by 6.1% in the second quarter. Ameritas Investment Partners Inc. now owns 1,495 shares of the medical technology company’s stock valued at $143,000 after buying an additional 86 shares in the last quarter. Sei Investments Co. boosted its stake in Inogen by 38.1% in the second quarter. Sei Investments Co. now owns 1,606 shares of the medical technology company’s stock valued at $153,000 after buying an additional 443 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Inogen by 17.8% in the second quarter. Victory Capital Management Inc. now owns 2,036 shares of the medical technology company’s stock valued at $194,000 after buying an additional 307 shares in the last quarter. Finally, Pinebridge Investments L.P. boosted its stake in Inogen by 1.6% in the second quarter. Pinebridge Investments L.P. now owns 2,143 shares of the medical technology company’s stock valued at $204,000 after buying an additional 33 shares in the last quarter.
The firm has a market cap of $2,449.76, a P/E ratio of 95.43, a price-to-earnings-growth ratio of 4.90 and a beta of 0.99.
Inogen (NASDAQ:INGN) last released its quarterly earnings data on Tuesday, November 7th. The medical technology company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. The business had revenue of $69.00 million for the quarter, compared to analyst estimates of $63.55 million. Inogen had a return on equity of 13.37% and a net margin of 11.36%. Inogen’s revenue was up 26.8% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share. sell-side analysts anticipate that Inogen, Inc will post 1.2 earnings per share for the current fiscal year.
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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