Zacks Investment Research upgraded shares of Inovalon (NASDAQ:INOV) from a hold rating to a buy rating in a report released on Friday morning, Zacks.com reports. The brokerage currently has $17.00 price objective on the technology company’s stock.

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 subject of several other research reports. ValuEngine downgraded shares of W&T Offshore from a hold rating to a sell rating in a report on Friday, April 26th. BidaskClub downgraded shares of Xencor from a sell rating to a strong sell rating in a report on Tuesday, June 11th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average price target of $15.75.

INOV opened at $15.30 on Friday. The firm’s 50-day moving average is $14.54. Inovalon has a 52 week low of $9.19 and a 52 week high of $15.65. The company has a market cap of $2.34 billion, a P/E ratio of 85.00, a PEG ratio of 2.98 and a beta of 0.64. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.89 and a quick ratio of 1.89.

Inovalon (NASDAQ:INOV) last released its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.07 by $0.03. Inovalon had a negative net margin of 5.28% and a positive return on equity of 6.43%. The business had revenue of $145.50 million during the quarter, compared to the consensus estimate of $143.75 million. During the same quarter in the prior year, the firm earned ($0.04) EPS. The business’s revenue was up 56.8% on a year-over-year basis. As a group, analysts forecast that Inovalon will post 0.37 earnings per share for the current year.

In other Inovalon news, CEO Keith R. Dunleavy bought 136,995 shares of the firm’s stock in a transaction dated Tuesday, May 14th. The shares were purchased at an average cost of $13.41 per share, for a total transaction of $1,837,102.95. Following the transaction, the chief executive officer now owns 460,801 shares of the company’s stock, valued at $6,179,341.41. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keith R. Dunleavy bought 60,801 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were acquired at an average price of $13.60 per share, for a total transaction of $826,893.60. Following the completion of the transaction, the chief executive officer now directly owns 460,801 shares in the company, valued at approximately $6,266,893.60. The disclosure for this purchase can be found here. 50.44% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Measured Wealth Private Client Group LLC purchased a new position in Inovalon during the 2nd quarter worth $242,000. First Business Financial Services Inc. purchased a new position in Inovalon during the 2nd quarter worth $521,000. Sawgrass Asset Management LLC raised its position in Inovalon by 42.6% during the 2nd quarter. Sawgrass Asset Management LLC now owns 146,965 shares of the technology company’s stock worth $2,132,000 after buying an additional 43,925 shares during the last quarter. Bessemer Group Inc. raised its position in Inovalon by 101.6% during the 2nd quarter. Bessemer Group Inc. now owns 66,265 shares of the technology company’s stock worth $962,000 after buying an additional 33,400 shares during the last quarter. Finally, We Are One Seven LLC purchased a new position in Inovalon during the 2nd quarter worth $393,000. Hedge funds and other institutional investors own 32.39% of the company’s stock.

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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