Zacks Investment Research upgraded shares of Inogen Inc. (NASDAQ:INGN) from a sell rating to a hold rating in a research note released on Monday.
According to Zacks, “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. However total revenue for full year 2016 is expected to be hurt by competitive bidding rate reductions. Additionally, rental revenue headwinds remain a concern, thanks to private insurance rate reductions, higher provisions for rental revenue adjustments, and lower net patient additions.”
Several other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. increased 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. Needham & Company LLC increased their price objective on Inogen from $64.00 to $66.00 and gave the stock a strong-buy rating in a research note on Friday. Finally, Stifel Nicolaus downgraded 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 research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $58.83.
Inogen (NASDAQ:INGN) traded down 0.03% during trading on Monday, reaching $58.95. The company’s stock had a trading volume of 137,608 shares. Inogen has a 52-week low of $28.81 and a 52-week high of $61.87. The firm has a market capitalization of $1.18 billion, a price-to-earnings ratio of 86.69 and a beta of 0.99. The stock’s 50-day moving average is $57.82 and its 200 day moving average is $53.17.
Inogen (NASDAQ:INGN) last announced its earnings results on Thursday, November 3rd. The medical technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.13 by $0.03. Inogen had a return on equity of 9.59% and a net margin of 7.70%. The business earned $54.42 million during the quarter, compared to the consensus estimate of $47.89 million. During the same period in the prior year, the business posted $0.13 earnings per share. Inogen’s revenue was up 33.5% compared to the same quarter last year. On average, analysts predict that Inogen will post $0.62 EPS for the current fiscal year.
In other news, CEO Raymond Huggenberger sold 20,747 shares of the stock in a transaction dated Monday, August 15th. The stock was sold at an average price of $57.48, for a total transaction of $1,192,537.56. Following the transaction, the chief executive officer now owns 27,555 shares of the company’s stock, valued at approximately $1,583,861.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Matt Scribner sold 4,551 shares of the stock in a transaction dated Wednesday, October 12th. The shares were sold at an average price of $59.45, for a total value of $270,556.95. Following the transaction, the executive vice president now directly owns 6,884 shares in the company, valued at approximately $409,253.80. The disclosure for this sale can be found here. Insiders own 5.18% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. TIAA CREF Investment Management LLC raised its position in shares of Inogen by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 100,661 shares of the medical technology company’s stock worth $4,528,000 after buying an additional 940 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Inogen by 8.2% in the second quarter. Principal Financial Group Inc. now owns 106,295 shares of the medical technology company’s stock worth $5,326,000 after buying an additional 8,046 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Inogen by 66.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 6,000 shares of the medical technology company’s stock worth $301,000 after buying an additional 2,400 shares in the last quarter. Bayesian Capital Management LP bought a new position in shares of Inogen during the first quarter worth approximately $238,000. Finally, Nationwide Fund Advisors raised its position in shares of Inogen by 62.3% in the second quarter. Nationwide Fund Advisors now owns 77,139 shares of the medical technology company’s stock worth $3,865,000 after buying an additional 29,597 shares in the last quarter.
About Inogen
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.