Inovalon Holdings Inc. (NASDAQ:INOV)‘s stock had its “buy” rating reissued by equities researchers at Wells Fargo & Co. in a note issued to investors on Wednesday.
Several other brokerages have also issued reports on INOV. William Blair lowered Inovalon Holdings from an “outperform” rating to a “market perform” rating in a report on Thursday, August 4th. KeyCorp dropped their price objective on Inovalon Holdings from $26.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, August 16th. Zacks Investment Research lowered Inovalon Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, August 9th. Goldman Sachs Group Inc. lowered Inovalon Holdings from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $25.00 to $17.00 in a report on Thursday, August 4th. Finally, Citigroup Inc. dropped their price objective on Inovalon Holdings from $18.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, August 4th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. Inovalon Holdings has a consensus rating of “Hold” and a consensus price target of $17.63.
Shares of Inovalon Holdings (NASDAQ:INOV) traded up 1.17% during trading on Wednesday, hitting $14.76. The company had a trading volume of 615,955 shares. The firm has a market capitalization of $2.25 billion, a P/E ratio of 49.86 and a beta of 1.06. The stock’s 50-day moving average is $15.50 and its 200 day moving average is $17.43. Inovalon Holdings has a 52-week low of $13.85 and a 52-week high of $23.87.
Inovalon Holdings (NASDAQ:INOV) last posted its earnings results on Wednesday, August 3rd. The company reported $0.14 EPS for the quarter, meeting the consensus estimate of $0.14. The firm had revenue of $123.80 million for the quarter, compared to analyst estimates of $126.86 million. Inovalon Holdings had a return on equity of 7.51% and a net margin of 9.88%. Inovalon Holdings’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. Equities research analysts predict that Inovalon Holdings will post $0.42 earnings per share for the current fiscal year.
In related news, insider Daniel L. Rizzo sold 43,577 shares of the firm’s stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $20.02, for a total value of $872,411.54. Following the completion of the sale, the insider now owns 320,385 shares in the company, valued at $6,414,107.70. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William D. Green acquired 30,000 shares of Inovalon Holdings stock in a transaction that occurred on Friday, September 16th. The stock was purchased at an average price of $16.22 per share, with a total value of $486,600.00. Following the transaction, the director now owns 38,351 shares of the company’s stock, valued at $622,053.22. The disclosure for this purchase can be found here. Insiders own 50.71% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Black Creek Investment Management Inc. increased its stake in shares of Inovalon Holdings by 11.7% in the second quarter. Black Creek Investment Management Inc. now owns 4,876,456 shares of the company’s stock worth $87,825,000 after buying an additional 508,868 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Inovalon Holdings by 32.9% in the second quarter. Vanguard Group Inc. now owns 4,649,193 shares of the company’s stock worth $83,731,000 after buying an additional 1,150,802 shares during the last quarter. Riverbridge Partners LLC increased its stake in shares of Inovalon Holdings by 29.4% in the second quarter. Riverbridge Partners LLC now owns 3,355,368 shares of the company’s stock worth $60,430,000 after buying an additional 762,680 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Inovalon Holdings by 41.6% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,516,228 shares of the company’s stock worth $27,307,000 after buying an additional 445,748 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its stake in shares of Inovalon Holdings by 4.1% in the second quarter. Neuberger Berman Group LLC now owns 1,477,144 shares of the company’s stock worth $26,603,000 after buying an additional 58,058 shares during the last quarter. Hedge funds and other institutional investors own 32.04% of the company’s stock.
About Inovalon Holdings
Inovalon Holdings, Inc is a technology company. The Company combines advanced cloud-based data analytics and data-driven intervention platforms to provide services for health plans, hospitals, physicians, patients, pharmaceutical companies and researchers. The Company operates through developing cloud-based data analytics and data-driven intervention platforms segment and provides related services to its clients.
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