Needham & Company LLC Reiterates “Buy” Rating for Inogen (INGN)

Needham & Company LLC reissued their buy rating on shares of Inogen (NASDAQ:INGN) in a research report report published on Wednesday, Marketbeat.com reports. The brokerage currently has a $280.00 price objective on the medical technology company’s stock, down from their prior price objective of $296.00.

“INGN beat consensus revenue and EPS expectations in 3Q18 and management raised guidance for revenue and net income. The revenue upside was mainly driven by the DTC sales force expansion. Gross margin was up Y/ Y and beat our estimate while operating margin was down Y/Y and just missed our estimate. INGN continues to see the benefit of its DTC sales force expansion as DTC sales grew 66% in 3Q18 and management reiterated its plans to expand its Cleveland sales team to ~330 reps. We expect the ongoing sales force expansion, new product cycle, and the market shift to POCs to sustain strong growth and drive additional upside to consensus and we reiterate our Buy rating.”,” Needham & Company LLC’s analyst wrote.

A number of other analysts have also recently commented on INGN. Zacks Investment Research raised shares of Inogen from a hold rating to a strong-buy rating and set a $232.00 target price for the company in a report on Wednesday, July 11th. BidaskClub cut shares of Inogen from a strong-buy rating to a buy rating in a research note on Tuesday, July 31st. Piper Jaffray Companies increased their price objective on shares of Inogen to $245.00 and gave the stock an overweight rating in a research note on Tuesday, August 7th. Finally, Stifel Nicolaus set a $258.00 price objective on shares of Inogen and gave the stock a buy rating in a research note on Tuesday, August 21st. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Inogen currently has a consensus rating of Buy and a consensus target price of $244.67.

INGN stock traded down $0.30 during midday trading on Wednesday, reaching $148.51. 867,075 shares of the company’s stock traded hands, compared to its average volume of 491,948. Inogen has a 52-week low of $111.49 and a 52-week high of $287.79. The stock has a market cap of $3.33 billion, a P/E ratio of 113.37, a P/E/G ratio of 3.06 and a beta of 1.56.

Inogen (NASDAQ:INGN) last announced its earnings results on Tuesday, November 6th. The medical technology company reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.52 by $0.21. Inogen had a net margin of 12.28% and a return on equity of 18.91%. The business had revenue of $95.29 million during the quarter, compared to analysts’ expectations of $90.94 million. During the same period in the prior year, the company earned $0.33 earnings per share. The firm’s revenue was up 38.0% on a year-over-year basis. On average, sell-side analysts predict that Inogen will post 2.1 earnings per share for the current year.

In related news, Director Heath Lukatch sold 500 shares of the company’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $261.54, for a total transaction of $130,770.00. Following the completion of the transaction, the director now owns 4,239 shares in the company, valued at $1,108,668.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Raymond Huggenberger sold 10,500 shares of the company’s stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $228.63, for a total transaction of $2,400,615.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,000 shares of company stock valued at $11,098,610. Corporate insiders own 5.29% of the company’s stock.

Several large investors have recently modified their holdings of INGN. Xact Kapitalforvaltning AB bought a new position in shares of Inogen during the first quarter worth $303,000. Principal Financial Group Inc. boosted its position in shares of Inogen by 4.7% during the first quarter. Principal Financial Group Inc. now owns 146,433 shares of the medical technology company’s stock worth $17,988,000 after acquiring an additional 6,622 shares during the last quarter. Mitsubishi UFJ Asset Management UK Ltd. boosted its position in shares of Inogen by 330.0% during the second quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 21,500 shares of the medical technology company’s stock worth $2,052,000 after acquiring an additional 16,500 shares during the last quarter. Amalgamated Bank boosted its position in shares of Inogen by 15.8% during the second quarter. Amalgamated Bank now owns 2,874 shares of the medical technology company’s stock worth $536,000 after acquiring an additional 393 shares during the last quarter. Finally, Fred Alger Management Inc. boosted its position in shares of Inogen by 25.5% during the second quarter. Fred Alger Management Inc. now owns 311,349 shares of the medical technology company’s stock worth $58,014,000 after acquiring an additional 63,308 shares during the last quarter. Hedge funds and other institutional investors own 96.67% of the company’s stock.

About Inogen

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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