Inogen (INGN) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Inogen (NASDAQ:INGN) from a buy rating to a hold rating in a report released on Wednesday morning.

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.”

INGN has been the topic of several other reports. BidaskClub downgraded Inogen from a hold rating to a sell rating in a research report on Saturday, January 6th. Needham & Company LLC boosted their target price on Inogen from $108.00 to $125.00 and gave the stock a strong-buy rating in a research report on Wednesday, November 8th. Finally, Leerink Swann reiterated an outperform rating and issued a $120.00 target price (up from $115.00) on shares of Inogen in a research report on Wednesday, November 8th. Four analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Inogen presently has a consensus rating of Buy and an average price target of $103.14.

Inogen (NASDAQ INGN) opened at $124.46 on Wednesday. Inogen has a 52-week low of $67.34 and a 52-week high of $130.05. The company has a market capitalization of $2,522.60, a PE ratio of 101.19, a PEG ratio of 4.10 and a beta of 1.02.

In related news, CFO Alison Bauerlein sold 9,737 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $120.05, for a total value of $1,168,926.85. Following the sale, the chief financial officer now directly owns 9,737 shares in the company, valued at $1,168,926.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Brenton Taylor sold 15,000 shares of the business’s stock in a transaction dated Wednesday, February 14th. The stock was sold at an average price of $117.47, for a total value of $1,762,050.00. Following the completion of the sale, the executive vice president now owns 38,982 shares in the company, valued at $4,579,215.54. The disclosure for this sale can be found here. Insiders sold 140,236 shares of company stock worth $16,438,170 over the last quarter. 5.31% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of INGN. Vanguard Group Inc. raised its position in Inogen by 24.9% during the second quarter. Vanguard Group Inc. now owns 1,515,342 shares of the medical technology company’s stock valued at $144,594,000 after purchasing an additional 301,737 shares during the period. BlackRock Inc. raised its position in Inogen by 4.0% during the fourth quarter. BlackRock Inc. now owns 2,306,534 shares of the medical technology company’s stock valued at $274,662,000 after purchasing an additional 87,737 shares during the period. Rock Springs Capital Management LP purchased a new stake in Inogen during the fourth quarter valued at approximately $9,526,000. Fuller & Thaler Asset Management Inc. purchased a new stake in Inogen during the fourth quarter valued at approximately $8,858,000. Finally, Goldman Sachs Group Inc. raised its position in Inogen by 91.8% during the second quarter. Goldman Sachs Group Inc. now owns 128,043 shares of the medical technology company’s stock valued at $12,217,000 after purchasing an additional 61,291 shares during the period.

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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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