Innovex International (NYSE:INVX) Price Target Raised to $26.00

Key Points

• Barclays raised its price target on Innovex to $26.00 (from $24.00) with an "equal weight" rating — Barclays' target implies roughly a 3.45% downside from the current share price, while the Street consensus average target is $29.33 and Citigroup recently initiated coverage with a $35 "buy".
• Major insider selling: Amberjack Capital Partners sold 6,612,500 shares for about $162.6 million and the CEO sold 18,837 shares; insiders sold 13,257,078 shares totaling ~$326 million over the past three months, though insiders still own ~34.9% of the stock.
• In the latest quarter Innovex reported an EPS of $0.20 (missing estimates of $0.29) but posted revenue of $273.6 million (above the $240.0 million estimate); the stock recently traded around $26.93 with a 52-week range of $13.44–$29.48.

Innovex International (NYSE:INVX - Get Free Report) had its price objective raised by stock analysts at Barclays from $24.00 to $26.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "equal weight" rating on the stock. Barclays's price target indicates a potential downside of 3.45% from the stock's current price.

Other research analysts have also issued research reports about the company. Citigroup began coverage on Innovex International in a report on Thursday. They issued a "buy" rating and a $35.00 price target on the stock. Zacks Research lowered Innovex International from a "hold" rating to a "strong sell" rating in a report on Wednesday, March 4th. Finally, Weiss Ratings lowered Innovex International from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $29.33.

Innovex International Price Performance

INVX traded up $0.30 on Friday, reaching $26.93. The stock had a trading volume of 45,919 shares, compared to its average volume of 517,458. Innovex International has a fifty-two week low of $13.44 and a fifty-two week high of $29.48. The firm has a 50-day moving average of $25.94 and a 200-day moving average of $23.97. The company has a current ratio of 5.10, a quick ratio of 3.24 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 35.91 and a beta of 0.84.

Innovex International (NYSE:INVX - Get Free Report) last released its quarterly earnings results on Monday, February 23rd. The company reported $0.20 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.09). Innovex International had a net margin of 5.31% and a return on equity of 6.72%. The company had revenue of $273.60 million during the quarter, compared to the consensus estimate of $240.00 million. As a group, sell-side analysts anticipate that Innovex International will post 1.32 EPS for the current year.

Insider Activity at Innovex International

In other Innovex International news, CEO Adam Anderson sold 18,837 shares of the firm's stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $28.50, for a total value of $536,854.50. Following the completion of the sale, the chief executive officer directly owned 466,744 shares of the company's stock, valued at $13,302,204. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Amberjack Capital Partners, L. sold 6,612,500 shares of the firm's stock in a transaction on Friday, February 27th. The stock was sold at an average price of $24.59, for a total value of $162,601,375.00. Following the completion of the sale, the director directly owned 399 shares of the company's stock, valued at $9,811.41. This represents a 99.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 13,257,078 shares of company stock valued at $326,097,112. 34.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Innovex International

Large investors have recently made changes to their positions in the stock. Heartland Advisors Inc. bought a new position in shares of Innovex International in the third quarter worth $3,708,000. Fisher Asset Management LLC boosted its holdings in shares of Innovex International by 69.0% in the third quarter. Fisher Asset Management LLC now owns 228,887 shares of the company's stock worth $4,244,000 after acquiring an additional 93,412 shares during the period. SG Americas Securities LLC bought a new position in shares of Innovex International in the fourth quarter worth $12,702,000. Citigroup Inc. boosted its holdings in shares of Innovex International by 79.8% in the third quarter. Citigroup Inc. now owns 197,020 shares of the company's stock worth $3,653,000 after acquiring an additional 87,458 shares during the period. Finally, Exencial Wealth Advisors LLC bought a new position in shares of Innovex International in the third quarter worth $608,000.

Innovex International Company Profile

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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