Zacks Investment Research Downgrades Inogen, Inc (INGN) to Hold

Zacks Investment Research lowered shares of Inogen, Inc (NASDAQ:INGN) from a strong-buy rating to a hold rating in a report released on Tuesday, August 8th.

According to Zacks, “Inogen reported a stellar second quarter of 2017, beating the Zacks Consensus Estimate for both the counts. Solid domestic and international business-to-business sales drove revenues. In fact, 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. Over the last three months, Inogen has outperformed the broader industry in terms of price.”

Several other analysts also recently issued reports on INGN. Sidoti began coverage on shares of Inogen in a research report on Tuesday, April 18th. They issued a neutral rating and a $79.00 price target for the company. Needham & Company LLC restated a buy rating and set a $96.00 price objective on shares of Inogen in a research note on Wednesday, May 10th. Stifel Nicolaus raised their price objective on Inogen from $65.00 to $75.00 and gave the company a hold rating in a research note on Wednesday, May 10th. J P Morgan Chase & Co raised their price objective on Inogen to $102.00 and gave the company an overweight rating in a research note on Monday, June 26th. Finally, BidaskClub cut Inogen from a strong-buy rating to a buy rating in a research note on Monday, July 31st. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $91.60.

Shares of Inogen (NASDAQ INGN) traded up 0.93% on Tuesday, reaching $93.96. 106,538 shares of the company were exchanged. The company has a market cap of $1.95 billion, a price-to-earnings ratio of 81.56 and a beta of 1.01. Inogen has a 12 month low of $50.24 and a 12 month high of $98.33. The company’s 50-day moving average price is $94.32 and its 200 day moving average price is $83.24.

Inogen (NASDAQ:INGN) last announced its quarterly earnings data on Thursday, August 3rd. The medical technology company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.28 by $0.10. The company had revenue of $64.10 million during the quarter, compared to the consensus estimate of $59.99 million. Inogen had a net margin of 10.36% and a return on equity of 12.45%. The company’s quarterly revenue was up 17.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.25 EPS. On average, equities research analysts expect that Inogen will post $1.21 EPS for the current year.

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In other news, Director Raymond Huggenberger sold 14,000 shares of the business’s stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $91.67, for a total transaction of $1,283,380.00. Following the completion of the transaction, the director now owns 7,808 shares of the company’s stock, valued at $715,759.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Matt Scribner sold 2,500 shares of the business’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $91.54, for a total value of $228,850.00. Following the transaction, the executive vice president now directly owns 4,833 shares of the company’s stock, valued at approximately $442,412.82. The disclosure for this sale can be found here. Insiders sold a total of 97,404 shares of company stock worth $8,817,832 over the last 90 days. 5.31% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. raised its position in shares of Inogen by 9.6% in the first quarter. Ameriprise Financial Inc. now owns 127,985 shares of the medical technology company’s stock valued at $9,927,000 after buying an additional 11,223 shares during the last quarter. Texas Permanent School Fund raised its stake in shares of Inogen by 0.3% in the first quarter. Texas Permanent School Fund now owns 11,712 shares of the medical technology company’s stock valued at $908,000 after buying an additional 37 shares in the last quarter. Comerica Bank raised its stake in shares of Inogen by 5.4% in the first quarter. Comerica Bank now owns 17,906 shares of the medical technology company’s stock valued at $1,497,000 after buying an additional 919 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in shares of Inogen by 13.6% in the first quarter. BNP Paribas Arbitrage SA now owns 3,091 shares of the medical technology company’s stock valued at $240,000 after buying an additional 370 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Inogen by 0.4% in the first quarter. First Trust Advisors LP now owns 29,267 shares of the medical technology company’s stock valued at $2,270,000 after buying an additional 114 shares in the last quarter.

About Inogen

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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