William Blair Investment Management LLC Sells 77,074 Shares of Innovex International, Inc. $INVX

Key Points

• William Blair Investment Management reduced its Innovex International stake by 11.6% in the fourth quarter, selling 77,074 shares and ending with 585,375 shares valued at about $12.8 million.
• Insider selling was substantial: two directors each sold 6,612,500 shares at $24.59 apiece, leaving them with only 399 shares each after the transaction.
• Innovex International reported mixed quarterly results, missing EPS estimates but beating revenue expectations, while analysts currently rate the stock a Moderate Buy with a consensus price target of $31.67.

William Blair Investment Management LLC cut its stake in shares of Innovex International, Inc. (NYSE:INVX - Free Report) by 11.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 585,375 shares of the company's stock after selling 77,074 shares during the period. William Blair Investment Management LLC owned 0.85% of Innovex International worth $12,802,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of INVX. AQR Capital Management LLC acquired a new position in shares of Innovex International during the 1st quarter worth approximately $269,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Innovex International by 7.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 21,093 shares of the company's stock valued at $379,000 after buying an additional 1,467 shares during the last quarter. Caxton Associates LLP bought a new position in shares of Innovex International in the first quarter valued at $270,000. Empowered Funds LLC grew its stake in shares of Innovex International by 8.2% in the first quarter. Empowered Funds LLC now owns 58,131 shares of the company's stock valued at $1,044,000 after buying an additional 4,386 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Innovex International by 11.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,225 shares of the company's stock worth $1,764,000 after buying an additional 10,401 shares during the last quarter.

Insider Activity

In other news, Director Co-Invest Fund L.P. Innovex sold 6,612,500 shares of the firm's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the completion of the sale, the director owned 399 shares in the company, valued at approximately $9,811.41. This trade represents a 99.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of Innovex International stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $24.59, for a total transaction of $162,601,375.00. Following the sale, the director directly owned 399 shares of the company's stock, valued at $9,811.41. The trade was a 99.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 34.90% of the stock is owned by corporate insiders.

Innovex International Stock Down 0.2%

INVX opened at $30.00 on Tuesday. Innovex International, Inc. has a 1-year low of $13.44 and a 1-year high of $32.25. The stock's fifty day simple moving average is $26.52 and its 200 day simple moving average is $24.73. The company has a current ratio of 5.10, a quick ratio of 3.38 and a debt-to-equity ratio of 0.02. The stock has a market cap of $2.06 billion, a PE ratio of 40.00 and a beta of 0.84.

Innovex International (NYSE:INVX - Get Free Report) last announced its quarterly earnings results on Monday, February 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.09). Innovex International had a net margin of 5.31% and a return on equity of 6.72%. The business had revenue of $273.60 million for the quarter, compared to analyst estimates of $240.00 million. As a group, research analysts expect that Innovex International, Inc. will post 1.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Barclays upped their price target on shares of Innovex International from $24.00 to $26.00 and gave the stock an "equal weight" rating in a research report on Friday, May 8th. Piper Sandler boosted their price objective on shares of Innovex International from $33.00 to $34.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Weiss Ratings cut shares of Innovex International from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, May 11th. Citigroup assumed coverage on shares of Innovex International in a research note on Thursday, May 7th. They issued a "buy" rating and a $35.00 target price for the company. Finally, Zacks Research upgraded Innovex International from a "strong sell" rating to a "hold" rating in a report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Innovex International currently has an average rating of "Moderate Buy" and a consensus price target of $31.67.

About Innovex International

Innovex International, Inc engages in the provision of solutions for both onshore and offshore applications within the oil and gas industry. The company was founded on September 15, 2016 and is headquartered in Humble, TX.

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