Inogen (INGN) Downgraded by Zacks Investment Research to “Hold”
Inogen (NASDAQ:INGN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Inogen ended the fourth quarter of 2017 on a positive note, with earnings and revenues beating the Zacks Consensus Estimate. Promising business-to-business and direct-to-consumer sales growth is encouraging. The company expects direct-to-consumer sales to be its fastest growing channel, domestic business-to-business sales to have a solid growth rate. Inogen will continue to focus on the European markets. Raised revenue guidance for 2018 also instills confidence. On the flip side, declining rental revenues is a concern. Moreover, the international business-to-business sales declined lately. Adding to the woes, the company saw diminishing gross margin and a rise in operating expenses, driven by gradually increasing research and development spending. Stiff competition in the niche space is likely to mar prospects.”
Several other research analysts have also recently issued reports on INGN. Needham & Company LLC lifted their target price 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. Leerink Swann reaffirmed an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of Inogen in a report on Wednesday, November 8th. BidaskClub cut shares of Inogen from a “buy” rating to a “hold” rating in a report on Tuesday, December 5th. Finally, Piper Jaffray Companies raised shares of Inogen from a “neutral” rating to an “overweight” rating in a report on Tuesday, February 20th. Four investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $107.29.
In other news, EVP Alison Bauerlein sold 27,630 shares of Inogen stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $116.46, for a total value of $3,217,789.80. Following the completion of the sale, the executive vice president now directly owns 11,718 shares in the company, valued at $1,364,678.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Heath Lukatch sold 2,500 shares of Inogen stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $119.15, for a total transaction of $297,875.00. Following the completion of the sale, the director now owns 2,500 shares of the company’s stock, valued at $297,875. The disclosure for this sale can be found here. Insiders sold 167,458 shares of company stock valued at $19,885,478 over the last quarter. Company insiders own 5.31% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Lenox Wealth Advisors Inc. bought a new stake in shares of Inogen in the fourth quarter worth approximately $100,000. Steward Partners Investment Advisory LLC grew its stake in shares of Inogen by 1,000.0% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,100 shares of the medical technology company’s stock worth $130,000 after acquiring an additional 1,000 shares during the period. Ameritas Investment Partners Inc. grew its stake in shares of Inogen by 6.1% in the second quarter. Ameritas Investment Partners Inc. now owns 1,495 shares of the medical technology company’s stock worth $143,000 after acquiring an additional 86 shares during the period. Simplex Trading LLC bought a new stake in shares of Inogen in the fourth quarter worth approximately $153,000. Finally, LS Investment Advisors LLC grew its stake in shares of Inogen by 138.6% in the fourth quarter. LS Investment Advisors LLC now owns 1,515 shares of the medical technology company’s stock worth $180,000 after acquiring an additional 880 shares during the period. Hedge funds and other institutional investors own 98.19% of the company’s stock.
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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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