Zacks Investment Research Lowers Inogen (INGN) to Hold
Zacks Investment Research downgraded shares of Inogen (NASDAQ:INGN) from a buy rating to a hold rating in a research note released on Wednesday.
According to Zacks, “Over the last year, 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. The company is also upbeat about its full-year 2017 revenue guidance. Solid domestic and international business-to-business sales has been boosting Inogen. 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. Low POC adoption, intensifying competition, reimbursement cuts and foreign exchange headwinds are other major concerns. Reimbursement cuts and foreign exchange headwinds are other major concerns.”
INGN has been the subject of several other research reports. BidaskClub raised shares of Inogen from a sell rating to a hold rating in a report on Wednesday, January 24th. Leerink Swann reissued an outperform rating and issued a $120.00 price target (up previously from $115.00) on shares of Inogen in a report on Wednesday, November 8th. Finally, Needham & Company LLC boosted their price target on shares of Inogen from $108.00 to $125.00 and gave the stock a strong-buy rating in a report on Wednesday, November 8th. Four investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average price target of $103.29.
Inogen (NASDAQ:INGN) last issued its quarterly earnings results on Tuesday, November 7th. The medical technology company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.29 by $0.04. The company had revenue of $69.00 million during the quarter, compared to analyst estimates of $63.55 million. Inogen had a net margin of 11.36% and a return on equity of 13.37%. The firm’s revenue was up 26.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. analysts anticipate that Inogen will post 1.19 earnings per share for the current year.
In other news, insider Scott Wilkinson sold 30,651 shares of the company’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $115.75, for a total transaction of $3,547,853.25. Following the completion of the sale, the insider now owns 38,107 shares of the company’s stock, valued at $4,410,885.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Raymond Huggenberger sold 14,000 shares of the company’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $119.92, for a total transaction of $1,678,880.00. Following the sale, the director now directly owns 7,808 shares of the company’s stock, valued at approximately $936,335.36. The disclosure for this sale can be found here. Insiders have sold 113,651 shares of company stock valued at $13,299,463 in the last ninety days. Insiders own 5.31% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of Inogen by 4.0% during the fourth quarter. BlackRock Inc. now owns 2,306,534 shares of the medical technology company’s stock worth $274,662,000 after buying an additional 87,737 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Inogen by 24.9% during the second quarter. Vanguard Group Inc. now owns 1,515,342 shares of the medical technology company’s stock worth $144,594,000 after buying an additional 301,737 shares in the last quarter. Koch Industries Inc. grew its holdings in shares of Inogen by 19,485.8% during the second quarter. Koch Industries Inc. now owns 657,102 shares of the medical technology company’s stock worth $650,000 after buying an additional 653,747 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Inogen by 3.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 519,523 shares of the medical technology company’s stock valued at $49,572,000 after acquiring an additional 17,111 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Inogen by 6.8% during the 2nd quarter. State Street Corp now owns 425,662 shares of the medical technology company’s stock valued at $40,619,000 after acquiring an additional 27,250 shares during the last quarter.
Inogen Company Profile
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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