Inovalon (NASDAQ:INOV) Price Target Increased to $18.00 by Analysts at Morgan Stanley

Inovalon (NASDAQ:INOV) had its price target upped by equities researchers at Morgan Stanley from $14.00 to $18.00 in a research note issued to investors on Friday, AnalystRatings.com reports. The brokerage currently has an “equal weight” rating on the technology company’s stock. Morgan Stanley’s price target indicates a potential upside of 13.21% from the company’s current price.

Several other analysts also recently weighed in on the company. BidaskClub downgraded Inovalon from a “buy” rating to a “hold” rating in a research note on Tuesday, June 11th. Zacks Investment Research cut shares of Inovalon from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th. Finally, ValuEngine cut shares of Inovalon from a “buy” rating to a “hold” rating in a research report on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $17.00.

Shares of INOV traded down $0.11 during trading hours on Friday, hitting $15.90. The stock had a trading volume of 11,746 shares, compared to its average volume of 450,475. The company has a debt-to-equity ratio of 1.49, a quick ratio of 2.03 and a current ratio of 2.03. The firm has a market cap of $2.46 billion, a P/E ratio of 88.94, a P/E/G ratio of 3.11 and a beta of 0.64. The company’s fifty day simple moving average is $15.61 and its 200 day simple moving average is $13.97. Inovalon has a 12-month low of $9.19 and a 12-month high of $17.70.

Inovalon (NASDAQ:INOV) last issued its earnings results on Wednesday, July 31st. The technology company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.08 by $0.03. The business had revenue of $156.98 million for the quarter, compared to analyst estimates of $155.72 million. Inovalon had a positive return on equity of 6.39% and a negative net margin of 2.70%. The business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period last year, the company posted $0.13 EPS. As a group, sell-side analysts predict that Inovalon will post 0.38 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the company. Bank of America Corp DE lifted its holdings in Inovalon by 26.2% in the fourth quarter. Bank of America Corp DE now owns 111,559 shares of the technology company’s stock worth $1,581,000 after acquiring an additional 23,170 shares during the last quarter. Legal & General Group Plc lifted its holdings in Inovalon by 19.9% in the fourth quarter. Legal & General Group Plc now owns 13,021 shares of the technology company’s stock worth $185,000 after acquiring an additional 2,163 shares during the last quarter. Deutsche Bank AG lifted its holdings in Inovalon by 7.7% in the fourth quarter. Deutsche Bank AG now owns 322,136 shares of the technology company’s stock worth $4,566,000 after acquiring an additional 22,911 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Inovalon by 850.8% in the first quarter. BNP Paribas Arbitrage SA now owns 15,954 shares of the technology company’s stock worth $198,000 after acquiring an additional 14,276 shares during the last quarter. Finally, Penn Davis Mcfarland Inc. lifted its holdings in Inovalon by 11.6% in the first quarter. Penn Davis Mcfarland Inc. now owns 476,969 shares of the technology company’s stock worth $5,929,000 after acquiring an additional 49,721 shares during the last quarter. 33.61% of the stock is currently owned by institutional investors and hedge funds.

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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