Inogen (INGN) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Inogen (NASDAQ:INGN) from a hold rating to a buy rating in a research report released on Monday. The brokerage currently has $135.00 price objective on the medical technology company’s stock.
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.”
A number of other research analysts have also commented on the stock. BidaskClub raised shares of Inogen from a hold rating to a buy rating in a research report on Saturday, February 10th. Leerink Swann reaffirmed an outperform rating and set a $120.00 price objective (up previously from $115.00) on shares of Inogen in a research report on Wednesday, November 8th. Finally, Needham & Company LLC increased their price target on shares of Inogen from $108.00 to $125.00 and gave the stock a strong-buy rating in a research report on Wednesday, November 8th. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $103.71.
In related news, CFO Alison Bauerlein sold 3,192 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $125.41, for a total value of $400,308.72. Following the completion of the transaction, the chief financial officer now owns 8,808 shares of the company’s stock, valued at $1,104,611.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Heath Lukatch sold 2,500 shares of the stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $126.40, for a total transaction of $316,000.00. The disclosure for this sale can be found here. Insiders sold 157,236 shares of company stock valued at $18,565,043 in the last three months. Company insiders own 5.31% of the company’s stock.
A number of large investors have recently bought and sold shares of INGN. BlackRock Inc. raised its position in Inogen by 4.0% in the fourth quarter. BlackRock Inc. now owns 2,306,534 shares of the medical technology company’s stock worth $274,662,000 after purchasing an additional 87,737 shares in the last quarter. Rock Springs Capital Management LP acquired a new stake in shares of Inogen during the fourth quarter worth approximately $9,526,000. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Inogen during the fourth quarter worth approximately $8,858,000. Prudential Financial Inc. increased its holdings in shares of Inogen by 78.2% during the third quarter. Prudential Financial Inc. now owns 124,088 shares of the medical technology company’s stock worth $11,801,000 after buying an additional 54,467 shares in the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in shares of Inogen during the fourth quarter worth approximately $5,874,000.
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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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