California Public Employees Retirement System decreased its position in shares of Inogen Inc. (NASDAQ:INGN) by 35.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,000 shares of the medical technology company’s stock after selling 11,900 shares during the period. California Public Employees Retirement System owned approximately 0.11% of Inogen worth $1,102,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Capstone Asset Management Co. acquired a new stake in Inogen during the second quarter worth about $229,000. BNP Paribas Arbitrage SA raised its stake in Inogen by 102.2% in the second quarter. BNP Paribas Arbitrage SA now owns 4,617 shares of the medical technology company’s stock worth $231,000 after buying an additional 2,334 shares during the period. LPL Financial LLC acquired a new stake in Inogen during the first quarter worth about $1,118,000. A.R.T. Advisors LLC raised its stake in Inogen by 20.3% in the first quarter. A.R.T. Advisors LLC now owns 15,415 shares of the medical technology company’s stock worth $693,000 after buying an additional 2,600 shares during the period. Finally, Springbok Capital Management LLC raised its stake in Inogen by 2.5% in the first quarter. Springbok Capital Management LLC now owns 4,100 shares of the medical technology company’s stock worth $184,000 after buying an additional 100 shares during the period.
Shares of Inogen Inc. (NASDAQ:INGN) traded down 2.02% during mid-day trading on Friday, hitting $56.18. The stock had a trading volume of 146,817 shares. The stock has a market capitalization of $1.13 billion, a P/E ratio of 82.62 and a beta of 0.88. Inogen Inc. has a 52 week low of $28.81 and a 52 week high of $61.87. The stock has a 50 day moving average of $59.16 and a 200-day moving average of $52.07.
Inogen (NASDAQ:INGN) last issued its quarterly earnings results on Thursday, August 4th. The medical technology company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.20 by $0.05. Inogen had a return on equity of 9.50% and a net margin of 7.86%. The firm earned $54.57 million during the quarter, compared to analysts’ expectations of $52.44 million. During the same period in the prior year, the firm posted $0.17 earnings per share. The business’s quarterly revenue was up 23.9% compared to the same quarter last year. On average, equities research analysts predict that Inogen Inc. will post $0.63 earnings per share for the current year.
A number of research firms have issued reports on INGN. JPMorgan Chase & Co. raised their target price on Inogen from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Friday, August 5th. Zacks Investment Research raised Inogen from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Tuesday, October 4th. Needham & Company LLC reaffirmed a “strong-buy” rating and issued a $64.00 target price (up previously from $58.00) on shares of Inogen in a report on Sunday, August 7th. Finally, Stifel Nicolaus lowered Inogen from a “buy” rating to a “hold” rating in a report on Friday, August 5th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $58.50.
In related news, EVP Matt Scribner sold 4,102 shares of the stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $50.46, for a total transaction of $206,986.92. Following the completion of the transaction, the executive vice president now directly owns 6,435 shares of the company’s stock, valued at $324,710.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Raymond Huggenberger sold 20,747 shares of the stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $50.41, for a total value of $1,045,856.27. Following the transaction, the chief executive officer now directly owns 27,555 shares of the company’s stock, valued at $1,389,047.55. The disclosure for this sale can be found here. Corporate insiders own 5.18% of the company’s stock.
Inogen, Inc is a medical technology company. The Company is engaged in developing, manufacturing and marketing 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 weighing approximately 4.8 or seven pounds.
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