Victory Capital Management Inc. Sells 10,145 Shares of Iridium Communications Inc. (NASDAQ:IRDM)

Victory Capital Management Inc. trimmed its stake in shares of Iridium Communications Inc. (NASDAQ:IRDM) by 0.6% in the fourth quarter, HoldingsChannel reports. The firm owned 1,599,504 shares of the technology company’s stock after selling 10,145 shares during the quarter. Victory Capital Management Inc.’s holdings in Iridium Communications were worth $46,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State of Alaska Department of Revenue lifted its stake in shares of Iridium Communications by 2.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 13,750 shares of the technology company’s stock worth $418,000 after buying an additional 375 shares during the last quarter. Van ECK Associates Corp raised its holdings in Iridium Communications by 18.2% in the 3rd quarter. Van ECK Associates Corp now owns 56,182 shares of the technology company’s stock valued at $1,673,000 after acquiring an additional 8,662 shares during the period. QRG Capital Management Inc. bought a new stake in shares of Iridium Communications during the third quarter worth approximately $226,000. Capital Performance Advisors LLP acquired a new position in shares of Iridium Communications in the third quarter valued at approximately $57,000. Finally, Axxcess Wealth Management LLC grew its position in shares of Iridium Communications by 15.2% in the third quarter. Axxcess Wealth Management LLC now owns 22,467 shares of the technology company’s stock valued at $684,000 after purchasing an additional 2,959 shares during the last quarter. 84.36% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Thomas Fitzpatrick sold 12,500 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $28.53, for a total value of $356,625.00. Following the completion of the transaction, the director now directly owns 241,030 shares in the company, valued at approximately $6,876,585.90. The trade was a 4.93 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.00% of the stock is currently owned by company insiders.

Analyst Ratings Changes

IRDM has been the subject of several recent research reports. Cantor Fitzgerald began coverage on Iridium Communications in a research note on Friday, January 24th. They issued an “overweight” rating and a $40.00 price target for the company. StockNews.com raised shares of Iridium Communications from a “hold” rating to a “buy” rating in a research report on Thursday, February 27th.

Iridium Communications Trading Up 1.2 %

Shares of IRDM stock opened at $30.65 on Friday. The stock has a market cap of $3.34 billion, a P/E ratio of 32.26, a price-to-earnings-growth ratio of 1.28 and a beta of 0.70. Iridium Communications Inc. has a 1 year low of $24.14 and a 1 year high of $35.85. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 3.05. The stock has a 50 day simple moving average of $29.69 and a 200 day simple moving average of $29.27.

Iridium Communications (NASDAQ:IRDM) last released its earnings results on Thursday, February 13th. The technology company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.15 by $0.16. Iridium Communications had a return on equity of 15.66% and a net margin of 13.58%. The firm had revenue of $212.99 million during the quarter, compared to the consensus estimate of $203.78 million. On average, research analysts predict that Iridium Communications Inc. will post 0.89 earnings per share for the current fiscal year.

Iridium Communications Company Profile

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.