Zacks Investment Research Downgrades Inogen (INGN) to Hold

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Inogen (NASDAQ:INGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Inogen outperformed its industry in a year’s time. Solid business-to-business sales in the United States is a major positive. Strong growth of the unit in Europe also buoys optimism. In fact, management expects to see strength in Europe in the quarters ahead. Management is also upbeat about strong contributions from the company’s core direct-to-consumer unit. The company’s increasing hiring in Cleveland is indicative of brighter prospects ahead. Expansion in margins and a raised 2018 guidance are encouraging as well. On the flip side, Inogen’s rental revenues were soft in the quarter. In fact, management expects rental revenues to remain low throughout 2018. Rising operating expenses are discouraging as well. This is likely to keep margins under pressure. Stiff competition in the MedTech space is likely to mar prospects.”

INGN has been the subject of several other research reports. KeyCorp started coverage on Inogen in a research note on Wednesday, June 6th. They set an “equal weight” rating for the company. Needham & Company LLC raised their target price on Inogen from $215.00 to $254.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 8th. BidaskClub cut Inogen from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 31st. Piper Jaffray Companies raised their target price on Inogen to $235.00 and gave the company an “overweight” rating in a research note on Monday, July 9th. Finally, Stifel Nicolaus set a $258.00 target price on Inogen and gave the company a “buy” rating in a research note on Tuesday, August 21st. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and three have assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $230.50.

Shares of INGN stock opened at $259.31 on Wednesday. Inogen has a fifty-two week low of $91.80 and a fifty-two week high of $266.58. The stock has a market cap of $5.63 billion, a P/E ratio of 149.03, a PEG ratio of 5.23 and a beta of 1.24.

Inogen (NASDAQ:INGN) last announced its earnings results on Tuesday, August 7th. The medical technology company reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.21. Inogen had a return on equity of 16.51% and a net margin of 10.39%. The business had revenue of $97.24 million during the quarter, compared to analysts’ expectations of $81.61 million. equities analysts forecast that Inogen will post 2.06 EPS for the current fiscal year.

In related news, EVP Byron Myers sold 24,953 shares of the stock in a transaction on Thursday, August 9th. The stock was sold at an average price of $227.13, for a total value of $5,667,574.89. Following the completion of the transaction, the executive vice president now owns 42,329 shares in the company, valued at approximately $9,614,185.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Brenton Taylor sold 5,000 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $259.42, for a total value of $1,297,100.00. The disclosure for this sale can be found here. Insiders sold a total of 118,654 shares of company stock valued at $24,544,256 in the last quarter. 5.29% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the stock. Catalyst Capital Advisors LLC purchased a new stake in Inogen in the 2nd quarter worth about $112,000. Advisors Preferred LLC purchased a new stake in Inogen in the 2nd quarter worth about $176,000. Thompson Siegel & Walmsley LLC purchased a new stake in Inogen in the 2nd quarter worth about $186,000. Raymond James Financial Services Advisors Inc. purchased a new stake in Inogen in the 2nd quarter worth about $216,000. Finally, SG Americas Securities LLC purchased a new stake in Inogen in the 1st quarter worth about $178,000. Institutional investors and hedge funds own 97.06% of the company’s stock.

Inogen Company Profile

Inogen, Inc, a medical technology company, primarily develops, manufactures, and markets portable oxygen concentrators for patients, physicians and other clinicians, and third-party payors in the United States and internationally. The company's oxygen concentrators are used to deliver supplemental long-term oxygen therapy to patients suffering from chronic respiratory conditions.

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