TIAA CREF Investment Management LLC cut its position in shares of Inovalon Holdings, Inc. (NASDAQ:INOV) by 8.0% during the first quarter, Holdings Channel reports. The fund owned 137,039 shares of the technology company’s stock after selling 11,909 shares during the period. TIAA CREF Investment Management LLC’s holdings in Inovalon Holdings were worth $1,727,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Fox Run Management L.L.C. bought a new position in shares of Inovalon Holdings during the first quarter worth $147,000. Bell Bank increased its position in shares of Inovalon Holdings by 4.9% in the first quarter. Bell Bank now owns 13,050 shares of the technology company’s stock worth $164,000 after buying an additional 605 shares during the last quarter. Bank of Montreal Can increased its position in shares of Inovalon Holdings by 319.9% in the first quarter. Bank of Montreal Can now owns 13,945 shares of the technology company’s stock worth $176,000 after buying an additional 10,624 shares during the last quarter. Carl Domino Inc increased its position in shares of Inovalon Holdings by 13.0% in the first quarter. Carl Domino Inc now owns 26,000 shares of the technology company’s stock worth $328,000 after buying an additional 3,000 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of Inovalon Holdings by 6.5% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 32,042 shares of the technology company’s stock worth $330,000 after buying an additional 1,950 shares during the last quarter. 29.45% of the stock is currently owned by institutional investors and hedge funds.
Inovalon Holdings, Inc. (INOV) opened at 13.70 on Thursday. The company has a market capitalization of $2.00 billion, a P/E ratio of 115.13 and a beta of 1.19. The firm has a 50-day moving average price of $13.07 and a 200 day moving average price of $12.57. Inovalon Holdings, Inc. has a 12 month low of $8.60 and a 12 month high of $16.64.
Inovalon Holdings (NASDAQ:INOV) last released its quarterly earnings data on Wednesday, August 2nd. The technology company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.01. The firm had revenue of $110.60 million for the quarter, compared to analyst estimates of $108.73 million. Inovalon Holdings had a return on equity of 5.17% and a net margin of 4.13%. The business’s revenue for the quarter was down 10.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.14 earnings per share. Analysts expect that Inovalon Holdings, Inc. will post $0.31 EPS for the current year.
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A number of brokerages recently weighed in on INOV. Zacks Investment Research downgraded Inovalon Holdings from a “buy” rating to a “hold” rating in a research note on Friday, May 5th. Robert W. Baird reissued a “neutral” rating and issued a $12.00 price objective (up from $11.00) on shares of Inovalon Holdings in a research note on Friday, June 16th. Finally, BidaskClub downgraded Inovalon Holdings from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 12th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $15.17.
In other Inovalon Holdings news, insider Shauna L. Vernal sold 19,332 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $13.60, for a total value of $262,915.20. Following the sale, the insider now owns 66,261 shares in the company, valued at $901,149.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 48.28% of the stock is owned by corporate insiders.
Inovalon Holdings Company Profile
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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