Inovalon (NASDAQ:INOV) Upgraded to Buy at Zacks Investment Research

Inovalon (NASDAQ:INOV) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The brokerage currently has a $34.00 price target on the technology company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.51% from the company’s previous close.

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 research reports. BTIG Research raised their price objective on shares of Inovalon from $25.00 to $30.00 and gave the company a “buy” rating in a research note on Tuesday, January 12th. TheStreet upgraded shares of Inovalon from a “c” rating to a “b-” rating in a research note on Thursday, February 4th. Morgan Stanley raised their price objective on shares of Inovalon from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Thursday, February 4th. SVB Leerink raised their price objective on shares of Inovalon from $31.00 to $35.00 and gave the company an “outperform” rating in a research note on Thursday, April 29th. Finally, Piper Sandler raised their target price on shares of Inovalon from $14.00 to $22.00 and gave the stock an “underweight” rating in a report on Thursday, February 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $29.13.

INOV opened at $30.49 on Wednesday. The firm has a market cap of $4.74 billion, a price-to-earnings ratio of 762.44, a price-to-earnings-growth ratio of 2.19 and a beta of 0.64. Inovalon has a fifty-two week low of $15.15 and a fifty-two week high of $31.12. The company’s 50-day moving average price is $29.00 and its 200 day moving average price is $24.15. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 1.33.

Inovalon (NASDAQ:INOV) last announced its quarterly earnings results on Wednesday, April 28th. The technology company reported $0.17 EPS for the quarter, beating the consensus estimate of $0.15 by $0.02. Inovalon had a net margin of 0.87% and a return on equity of 9.07%. The company had revenue of $177.18 million for the quarter, compared to analyst estimates of $174.09 million. During the same quarter last year, the business earned $0.11 earnings per share. Inovalon’s revenue was up 14.9% compared to the same quarter last year. Research analysts anticipate that Inovalon will post 0.45 earnings per share for the current year.

In related news, Director Mark Pulido sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, February 5th. The shares were sold at an average price of $26.39, for a total value of $2,639,000.00. Following the completion of the transaction, the director now owns 254,760 shares of the company’s stock, valued at approximately $6,723,116.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jason Capitel sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 1st. The stock was sold at an average price of $28.88, for a total transaction of $577,600.00. Company insiders own 49.59% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Inovalon by 5.2% in the 4th quarter. BlackRock Inc. now owns 6,388,696 shares of the technology company’s stock worth $116,084,000 after buying an additional 313,443 shares in the last quarter. Black Creek Investment Management Inc. lifted its position in Inovalon by 30.8% in the 4th quarter. Black Creek Investment Management Inc. now owns 3,842,578 shares of the technology company’s stock worth $69,820,000 after buying an additional 905,803 shares in the last quarter. Riverbridge Partners LLC lifted its position in Inovalon by 12.0% in the 4th quarter. Riverbridge Partners LLC now owns 1,638,909 shares of the technology company’s stock worth $29,779,000 after buying an additional 175,499 shares in the last quarter. Oak Ridge Investments LLC purchased a new stake in Inovalon in the 1st quarter worth approximately $46,906,000. Finally, Cowen Prime Services LLC lifted its position in Inovalon by 21.7% in the 4th quarter. Cowen Prime Services LLC now owns 650,300 shares of the technology company’s stock worth $11,816,000 after buying an additional 115,750 shares in the last quarter. Institutional investors own 33.64% of the company’s stock.

About Inovalon

Inovalon Holdings, Inc provides cloud-based platforms for data-driven healthcare. It operates Inovalon ONE Platform, an integrated, real-time cloud native 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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