ArrowMark Colorado Holdings LLC Sells 49,219 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

ArrowMark Colorado Holdings LLC cut its holdings in Iridium Communications Inc. (NASDAQ:IRDM) by 3.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,520,889 shares of the technology company’s stock after selling 49,219 shares during the quarter. ArrowMark Colorado Holdings LLC owned about 1.34% of Iridium Communications worth $46,311,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its stake in shares of Iridium Communications by 7,684.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,012 shares of the technology company’s stock valued at $27,000 after acquiring an additional 999 shares during the last quarter. Mather Group LLC. acquired a new stake in Iridium Communications in the second quarter worth $32,000. Blue Trust Inc. boosted its position in shares of Iridium Communications by 109.7% during the second quarter. Blue Trust Inc. now owns 1,491 shares of the technology company’s stock worth $39,000 after purchasing an additional 780 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Iridium Communications in the 2nd quarter valued at $45,000. Finally, Fifth Third Bancorp increased its position in shares of Iridium Communications by 322.1% in the 2nd quarter. Fifth Third Bancorp now owns 1,735 shares of the technology company’s stock valued at $46,000 after buying an additional 1,324 shares in the last quarter. Institutional investors and hedge funds own 84.36% of the company’s stock.

Analyst Ratings Changes

Separately, BWS Financial restated a “neutral” rating and issued a $30.00 price target on shares of Iridium Communications in a report on Monday, October 21st. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $41.00.

Iridium Communications Price Performance

Shares of IRDM opened at $29.72 on Monday. The company has a quick ratio of 2.01, a current ratio of 2.62 and a debt-to-equity ratio of 2.68. Iridium Communications Inc. has a twelve month low of $24.14 and a twelve month high of $41.66. The stock has a market capitalization of $3.38 billion, a P/E ratio of 31.62 and a beta of 0.65. The company has a 50 day moving average of $29.72 and a 200-day moving average of $28.22.

Iridium Communications (NASDAQ:IRDM) last posted its quarterly earnings data on Thursday, October 17th. The technology company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. The company had revenue of $212.77 million during the quarter, compared to the consensus estimate of $205.68 million. Iridium Communications had a net margin of 14.09% and a return on equity of 14.34%. As a group, equities research analysts forecast that Iridium Communications Inc. will post 0.8 EPS for the current fiscal year.

Iridium Communications announced that its board has initiated a share repurchase program on Thursday, September 19th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the technology company to reacquire up to 14.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Iridium Communications

In related news, insider Suzanne E. Mcbride sold 4,420 shares of the firm’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $29.48, for a total value of $130,301.60. Following the completion of the sale, the insider now directly owns 182,797 shares in the company, valued at approximately $5,388,855.56. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert H. Niehaus sold 38,355 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.39, for a total value of $1,127,253.45. Following the completion of the sale, the director now owns 254,824 shares in the company, valued at $7,489,277.36. This represents a 13.08 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

About Iridium Communications

Iridium Communications Inc provides mobile voice and data communications services and products to businesses, the United States and international governments, non-governmental organizations, and consumers worldwide. The company offers postpaid mobile voice and data satellite communications; prepaid mobile voice satellite communications; push-to-talk; broadband data; and Internet of Things (IoT) services.