Inovalon (NASDAQ:INOV) PT Lowered to $23.00 at SunTrust Banks

Inovalon (NASDAQ:INOV) had its price objective lowered by investment analysts at SunTrust Banks from $26.00 to $23.00 in a research note issued on Thursday, BenzingaRatingsTable reports. The firm presently has a “buy” rating on the technology company’s stock. SunTrust Banks’ price target indicates a potential upside of 50.62% from the stock’s current price.

INOV has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of Inovalon from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Tuesday, February 25th. Wells Fargo & Co upped their price target on shares of Inovalon from $17.50 to $20.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 8th. KeyCorp restated an “overweight” rating and set a $20.00 price target (down previously from $25.00) on shares of Inovalon in a research report on Thursday. BidaskClub upgraded shares of Inovalon from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 23rd. Finally, Piper Sandler increased their price objective on shares of Inovalon from to in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $18.88.

Shares of INOV traded up $0.14 during trading hours on Thursday, reaching $15.27. 71,713 shares of the company traded hands, compared to its average volume of 725,239. The stock has a market capitalization of $2.44 billion, a P/E ratio of 381.75 and a beta of 0.60. The company has a quick ratio of 1.97, a current ratio of 1.97 and a debt-to-equity ratio of 1.37. Inovalon has a 12-month low of $11.50 and a 12-month high of $22.99. The business has a fifty day moving average price of $18.90 and a 200-day moving average price of $17.80.

Inovalon (NASDAQ:INOV) last announced its quarterly earnings data on Wednesday, February 19th. The technology company reported $0.15 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. Inovalon had a net margin of 1.13% and a return on equity of 9.12%. The firm had revenue of $173.50 million for the quarter, compared to analyst estimates of $172.18 million. During the same period in the previous year, the company earned $0.05 earnings per share. The business’s quarterly revenue was up 27.3% compared to the same quarter last year. As a group, research analysts predict that Inovalon will post 0.48 EPS for the current fiscal year.

In related news, President Robert A. Wychulis sold 16,071 shares of the business’s stock in a transaction dated Thursday, March 5th. The shares were sold at an average price of $19.19, for a total transaction of $308,402.49. Following the sale, the president now owns 277,322 shares of the company’s stock, valued at $5,321,809.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keith R. Dunleavy acquired 30,071 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were bought at an average cost of $20.61 per share, for a total transaction of $619,763.31. Following the acquisition, the chief executive officer now owns 567,066 shares of the company’s stock, valued at approximately $11,687,230.26. The disclosure for this purchase can be found here. Corporate insiders own 50.44% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Nuveen Asset Management LLC raised its position in Inovalon by 57.3% during the fourth quarter. Nuveen Asset Management LLC now owns 786,713 shares of the technology company’s stock worth $14,806,000 after acquiring an additional 286,462 shares during the last quarter. Geode Capital Management LLC raised its position in Inovalon by 4.1% during the fourth quarter. Geode Capital Management LLC now owns 1,023,270 shares of the technology company’s stock worth $19,257,000 after acquiring an additional 40,482 shares during the last quarter. Alliancebernstein L.P. raised its position in Inovalon by 2.5% during the fourth quarter. Alliancebernstein L.P. now owns 105,200 shares of the technology company’s stock worth $1,980,000 after acquiring an additional 2,600 shares during the last quarter. AXA acquired a new position in Inovalon during the fourth quarter worth about $467,000. Finally, Man Group plc acquired a new position in Inovalon during the fourth quarter worth about $313,000. Institutional investors own 33.29% of the company’s stock.

About Inovalon

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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Analyst Recommendations for Inovalon (NASDAQ:INOV)

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