Inovalon (NASDAQ:INOV) had its price objective boosted by investment analysts at Morgan Stanley from $18.00 to $25.00 in a report released on Friday, BenzingaRatingsTable reports. The firm currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s target price would suggest a potential upside of 6.25% from the stock’s previous close.
Several other brokerages have also recently issued reports on INOV. KeyCorp upped their price target on shares of Inovalon from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Thursday. Guggenheim upped their price objective on shares of Inovalon from $22.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. Zacks Investment Research lowered shares of Inovalon from a “buy” rating to a “hold” rating in a research note on Wednesday. BidaskClub raised shares of Inovalon from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Finally, SVB Leerink upped their price objective on shares of Inovalon from $21.00 to $25.00 and gave the company an “outperform” rating in a research note on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $21.10.
INOV stock opened at $23.53 on Friday. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.88 and a quick ratio of 2.90. Inovalon has a 1 year low of $13.39 and a 1 year high of $25.71. The company has a 50 day simple moving average of $19.62 and a 200 day simple moving average of $18.61. The stock has a market cap of $3.66 billion, a price-to-earnings ratio of 336.14, a P/E/G ratio of 3.01 and a beta of 0.70.
In related news, COO Jason Capitel sold 15,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $19.28, for a total transaction of $289,200.00. Following the transaction, the chief operating officer now directly owns 596,504 shares of the company’s stock, valued at $11,500,597.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 49.59% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sigma Planning Corp bought a new position in shares of Inovalon in the second quarter valued at approximately $210,000. Campbell & CO Investment Adviser LLC purchased a new position in shares of Inovalon in the second quarter worth $405,000. Firestone Capital Management purchased a new position in shares of Inovalon in the second quarter worth $77,000. Dupont Capital Management Corp increased its position in Inovalon by 17.2% during the 2nd quarter. Dupont Capital Management Corp now owns 59,014 shares of the technology company’s stock valued at $1,137,000 after purchasing an additional 8,672 shares during the period. Finally, Banque Cantonale Vaudoise purchased a new position in Inovalon during the 2nd quarter valued at $139,000. 33.05% of the stock is currently owned by institutional investors and hedge funds.
Inovalon Company Profile
Inovalon Holdings, Inc, a technology company, provides cloud-based platforms empowering data-driven healthcare. It operates the Inovalon ONE Platform, a cloud-based platform that interconnect with the healthcare ecosystem to aggregate and analyze data in real-time, as well as empowers the application in resulting insights.
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