Inovalon (NASDAQ:INOV) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Inovalon Holdings, Inc. is a technology company which provides cloud-based data analytics and data-driven intervention platforms for healthcare sector. The company operates through IT and services group. IT operations group manages the process steps from data receipt through to the generation of analytical outputs and services operations group manages the process steps applied to achieve impact through its data-driven intervention platforms. It serves health plans, hospitals, physicians, patients, pharmaceutical companies and researchers. Inovalon Holdings, Inc. is headquartered in Bowie, Maryland. “
INOV has been the topic of a number of other research reports. BidaskClub lowered shares of Inovalon from a “hold” rating to a “sell” rating in a research report on Saturday, December 2nd. KeyCorp reissued a “hold” rating on shares of Inovalon in a research report on Tuesday, September 12th. Morgan Stanley raised shares of Inovalon from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $9.00 to $14.00 in a research report on Tuesday, September 12th. Finally, TheStreet raised shares of Inovalon from a “d+” rating to a “c-” rating in a research report on Thursday, October 5th. Three equities research analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $12.00.
Inovalon (NASDAQ:INOV) last released its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.09 EPS for the quarter, beating the Zacks’ consensus estimate of $0.08 by $0.01. Inovalon had a net margin of 4.07% and a return on equity of 4.63%. The company had revenue of $115.90 million for the quarter, compared to analyst estimates of $114.79 million. During the same quarter last year, the firm posted $0.10 earnings per share. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. research analysts expect that Inovalon will post 0.24 EPS for the current fiscal year.
In related news, President Robert A. Wychulis sold 85,828 shares of the business’s stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $15.54, for a total transaction of $1,333,767.12. Following the transaction, the president now owns 466,286 shares of the company’s stock, valued at $7,246,084.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Shauna L. Vernal sold 5,908 shares of the business’s stock in a transaction on Friday, November 17th. The stock was sold at an average price of $16.01, for a total transaction of $94,587.08. Following the transaction, the insider now directly owns 47,309 shares in the company, valued at approximately $757,417.09. The disclosure for this sale can be found here. Insiders own 48.28% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Neuberger Berman Group LLC boosted its stake in shares of Inovalon by 3.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 1,955,690 shares of the technology company’s stock valued at $33,345,000 after purchasing an additional 58,447 shares in the last quarter. Perceptive Advisors LLC acquired a new position in Inovalon during the 3rd quarter worth about $511,000. Oppenheimer Asset Management Inc. lifted its position in Inovalon by 3.4% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 104,171 shares of the technology company’s stock worth $1,776,000 after buying an additional 3,388 shares in the last quarter. Allianz Asset Management GmbH acquired a new position in Inovalon during the 3rd quarter worth about $1,293,000. Finally, Engineers Gate Manager LP lifted its position in Inovalon by 16.5% during the 3rd quarter. Engineers Gate Manager LP now owns 42,877 shares of the technology company’s stock worth $731,000 after buying an additional 6,068 shares in the last quarter. Hedge funds and other institutional investors own 28.08% of the company’s stock.
Inovalon Holdings, Inc (Inovalon) is a technology company. The Company provides cloud-based platforms empowering a data-driven transformation from volume-based to value-based models to the healthcare industry. Leveraging large-scale data interconnectivity capabilities, unparalleled proprietary data sets, advanced analytics, data-driven intervention systems, and subject matter expertise, Inovalon enables the assessment and improvement of clinical and quality outcomes and financial performance across the healthcare ecosystem.
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