Inovalon (NASDAQ:INOV) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Inovalon (NASDAQ:INOV) from a buy rating to a hold rating in a research report sent to investors on Wednesday, Zacks.com reports.

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 reports. Wells Fargo & Co cut their target price on shares of Inovalon from $22.00 to $20.00 and set an equal weight rating on the stock in a research report on Thursday, April 30th. KeyCorp upped their target price on shares of Inovalon from $20.00 to $22.00 and gave the company an overweight rating in a research report on Thursday, April 30th. BidaskClub downgraded shares of Inovalon from a strong-buy rating to a buy rating in a research report on Friday, July 10th. Guggenheim increased their price target on shares of Inovalon from $22.00 to $26.00 and gave the company a buy rating in a research report on Thursday, June 11th. Finally, SVB Leerink initiated coverage on shares of Inovalon in a research report on Monday, April 13th. They issued an outperform rating and a $21.00 price target on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $21.10.

INOV opened at $23.53 on Wednesday. The firm’s 50-day simple moving average is $19.62 and its 200-day simple moving average is $18.61. The company has a debt-to-equity ratio of 1.40, a quick ratio of 2.90 and a current ratio of 1.88. Inovalon has a twelve month low of $13.39 and a twelve month high of $25.71. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of 336.14, a PEG ratio of 3.10 and a beta of 0.70.

Inovalon (NASDAQ:INOV) last issued its quarterly earnings results on Wednesday, July 29th. The technology company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.11 by $0.04. The business had revenue of $162.20 million for the quarter, compared to the consensus estimate of $159.46 million. Inovalon had a net margin of 1.75% and a return on equity of 9.09%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. As a group, sell-side analysts anticipate that Inovalon will post 0.43 EPS for the current fiscal year.

In related news, COO Jason Capitel sold 15,000 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $19.28, for a total transaction of $289,200.00. Following the completion of the sale, the chief operating officer now directly owns 596,504 shares of the company’s stock, valued at approximately $11,500,597.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 49.59% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace North America L.P. bought a new position in shares of Inovalon during the 1st quarter worth approximately $31,000. Fifth Third Bancorp lifted its holdings in shares of Inovalon by 107.8% during the first quarter. Fifth Third Bancorp now owns 2,641 shares of the technology company’s stock worth $44,000 after buying an additional 1,370 shares in the last quarter. Financial Management Professionals Inc. acquired a new stake in shares of Inovalon during the second quarter worth $73,000. Firestone Capital Management acquired a new stake in shares of Inovalon during the second quarter worth $77,000. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Inovalon by 21.4% during the first quarter. PNC Financial Services Group Inc. now owns 7,944 shares of the technology company’s stock worth $132,000 after buying an additional 1,403 shares in the last quarter. 33.05% of the stock is 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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