Barry West Sells 4,564 Shares of Iridium Communications Inc. (NASDAQ:IRDM) Stock

Iridium Communications Inc. (NASDAQ:IRDM – Get Rating) Director Barry West sold 4,564 shares of Iridium Communications stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $60.50, for a total transaction of $276,122.00. Following the transaction, the director now directly owns 52,455 shares in the company, valued at $3,173,527.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Barry West also recently made the following trade(s):

• On Wednesday, February 22nd, Barry West sold 10,900 shares of Iridium Communications stock. The shares were sold at an average price of $62.88, for a total transaction of $685,392.00.

Iridium Communications Trading Up 4.5 %

NASDAQ IRDM opened at $61.99 on Wednesday. The company’s fifty day simple moving average is $59.75 and its 200-day simple moving average is $52.56. Iridium Communications Inc. has a 52 week low of $32.88 and a 52 week high of $65.41. The company has a current ratio of 2.16, a quick ratio of 1.88 and a debt-to-equity ratio of 1.30. The stock has a market cap of $7.81 billion, a P/E ratio of 849.69 and a beta of 1.11.

Iridium Communications (NASDAQ:IRDM – Get Rating) last posted its earnings results on Thursday, February 16th. The technology company reported ($0.01) EPS for the quarter. Iridium Communications had a return on equity of 0.75% and a net margin of 1.21%. The firm had revenue of $193.80 million for the quarter, compared to analyst estimates of $172.52 million. During the same period in the previous year, the firm posted ($0.04) earnings per share. The company’s revenue for the quarter was up 24.3% on a year-over-year basis. Equities research analysts predict that Iridium Communications Inc. will post 0.09 EPS for the current fiscal year.

Analyst Ratings Changes

IRDM has been the topic of a number of recent research reports. Raymond James lifted their price target on shares of Iridium Communications from $60.00 to $71.00 and gave the company a “strong-buy” rating in a research report on Friday, February 17th. BWS Financial lifted their price target on shares of Iridium Communications from $60.00 to $75.00 and gave the company a “buy” rating in a research report on Monday, January 9th. Finally, StockNews.com cut shares of Iridium Communications from a “buy” rating to a “hold” rating in a research report on Friday, February 17th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $63.75.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IRDM. Norges Bank acquired a new stake in Iridium Communications in the fourth quarter valued at $59,062,000. State Street Corp raised its holdings in Iridium Communications by 13.5% in the first quarter. State Street Corp now owns 4,733,034 shares of the technology company’s stock valued at $190,836,000 after acquiring an additional 564,367 shares in the last quarter. Macquarie Group Ltd. raised its holdings in Iridium Communications by 1,200.8% in the fourth quarter. Macquarie Group Ltd. now owns 526,699 shares of the technology company’s stock valued at $27,072,000 after acquiring an additional 486,209 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Iridium Communications by 174.7% in the first quarter. Renaissance Technologies LLC now owns 688,699 shares of the technology company’s stock valued at $27,768,000 after acquiring an additional 438,000 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Iridium Communications by 27.1% in the second quarter. Goldman Sachs Group Inc. now owns 2,025,586 shares of the technology company’s stock valued at $76,081,000 after acquiring an additional 431,792 shares in the last quarter. 83.82% of the stock is owned by institutional investors and hedge funds.

About Iridium Communications

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Iridium Communications, Inc engages in the provision of global satellite communications services and products. Its products include personal communicators, messengers, and trackers, satellite phones, push-to-talk-devices, broadband, midband, and external terminals, docking stations, apps, and accessories.