William Blair Investment Management LLC boosted its position in shares of ORBCOMM Inc. (NASDAQ:ORBC) by 10.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,236,064 shares of the technology company’s stock after buying an additional 116,878 shares during the period. William Blair Investment Management LLC owned about 1.72% of ORBCOMM worth $13,968,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of the stock. Gamco Investors INC. ET AL raised its position in ORBCOMM by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 56,323 shares of the technology company’s stock worth $538,000 after buying an additional 165 shares in the last quarter. Principal Financial Group Inc. raised its position in ORBCOMM by 3.9% in the first quarter. Principal Financial Group Inc. now owns 12,006 shares of the technology company’s stock worth $115,000 after buying an additional 447 shares in the last quarter. Paloma Partners Management Co raised its position in ORBCOMM by 3.3% in the first quarter. Paloma Partners Management Co now owns 19,881 shares of the technology company’s stock worth $190,000 after buying an additional 644 shares in the last quarter. Legal & General Group Plc raised its position in ORBCOMM by 4.4% in the second quarter. Legal & General Group Plc now owns 15,881 shares of the technology company’s stock worth $180,000 after buying an additional 670 shares in the last quarter. Finally, Rhumbline Advisers raised its position in ORBCOMM by 1.7% in the second quarter. Rhumbline Advisers now owns 73,374 shares of the technology company’s stock worth $829,000 after buying an additional 1,235 shares in the last quarter. 79.75% of the stock is owned by institutional investors and hedge funds.
ORBCOMM Inc. (ORBC) opened at 11.10 on Friday. ORBCOMM Inc. has a 12 month low of $7.15 and a 12 month high of $11.99. The firm’s market cap is $815.83 million. The company’s 50-day moving average is $11.33 and its 200 day moving average is $10.08.
ORBCOMM (NASDAQ:ORBC) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported ($0.12) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by $0.05. ORBCOMM had a negative net margin of 15.52% and a negative return on equity of 6.16%. The business had revenue of $56.96 million during the quarter, compared to analyst estimates of $52.93 million. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. ORBCOMM’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities research analysts predict that ORBCOMM Inc. will post ($0.36) earnings per share for the current year.
A number of equities analysts have recently weighed in on the stock. Canaccord Genuity reissued a “buy” rating and issued a $14.00 price objective on shares of ORBCOMM in a research report on Thursday, August 3rd. Craig Hallum set a $13.00 price target on shares of ORBCOMM and gave the stock a “buy” rating in a research report on Tuesday, June 13th. ValuEngine raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Zacks Investment Research raised shares of ORBCOMM from a “sell” rating to a “hold” rating in a research report on Thursday, July 6th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $12.90.
In related news, EVP Brun Christian Le sold 82,901 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $11.17, for a total value of $926,004.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Marc Eisenberg sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $10.53, for a total value of $315,900.00. Following the completion of the transaction, the chief executive officer now owns 215,321 shares of the company’s stock, valued at $2,267,330.13. The disclosure for this sale can be found here. Insiders sold a total of 526,864 shares of company stock valued at $5,894,015 over the last quarter. 9.50% of the stock is owned by insiders.
ORBCOMM Company Profile
ORBCOMM Inc is a provider of Internet of Things (IoT) solutions, including network connectivity, devices, device management and Web reporting applications. The Company’s IoT products and services are designed to track, monitor and manage security for a range of assets, such as trailers, trucks, rail cars, sea containers, generators, fluid tanks, marine vessels, diesel or electric powered generators (gensets), oil and gas wells, pipeline monitoring equipment, irrigation control systems, and utility meters, in industries for transportation and supply chain, heavy equipment, fixed asset monitoring, maritime and government.
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