Barclays Boosts Iridium Communications (NASDAQ:IRDM) Price Target to $44.00

Iridium Communications (NASDAQ:IRDM) had its price objective lifted by research analysts at Barclays from $42.00 to $44.00 in a report released on Friday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. Barclays‘s price objective points to a potential upside of 40.26% from the company’s previous close.

A number of other research analysts also recently commented on the stock. TheStreet raised shares of Iridium Communications from a “d+” rating to a “c-” rating in a research report on Thursday, February 15th. Raymond James reduced their target price on shares of Iridium Communications from $53.00 to $48.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. William Blair downgraded shares of Iridium Communications from an “outperform” rating to a “market perform” rating in a report on Thursday, February 15th. Finally, BWS Financial reaffirmed a “neutral” rating and set a $30.00 target price on shares of Iridium Communications in a report on Monday, April 22nd. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.75.

Iridium Communications Stock Performance

Shares of IRDM opened at $31.37 on Friday. The firm has a 50-day moving average of $27.30 and a 200-day moving average of $34.41. Iridium Communications has a one year low of $24.14 and a one year high of $65.69. The company has a market cap of $3.81 billion, a PE ratio of 149.38 and a beta of 0.85. The company has a debt-to-equity ratio of 1.86, a current ratio of 3.33 and a quick ratio of 2.52.

Iridium Communications (NASDAQ:IRDM) last announced its quarterly earnings data on Thursday, April 18th. The technology company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. Iridium Communications had a net margin of 3.20% and a return on equity of 2.76%. The company had revenue of $203.80 million during the quarter, compared to the consensus estimate of $193.84 million. During the same quarter last year, the firm posted $0.08 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. As a group, equities analysts forecast that Iridium Communications will post 0.73 earnings per share for the current year.

Institutional Trading of Iridium Communications

A number of institutional investors have recently bought and sold shares of IRDM. Norges Bank bought a new stake in Iridium Communications in the 4th quarter valued at about $55,079,000. Van Berkom & Associates Inc. boosted its holdings in Iridium Communications by 57.5% in the 3rd quarter. Van Berkom & Associates Inc. now owns 2,059,088 shares of the technology company’s stock valued at $93,668,000 after purchasing an additional 751,595 shares during the period. Pacer Advisors Inc. boosted its holdings in Iridium Communications by 2,918.9% in the 4th quarter. Pacer Advisors Inc. now owns 603,900 shares of the technology company’s stock valued at $24,857,000 after purchasing an additional 583,896 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Iridium Communications by 44.9% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after purchasing an additional 539,909 shares during the period. Finally, Nikko Asset Management Americas Inc. boosted its holdings in Iridium Communications by 44.9% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 1,743,482 shares of the technology company’s stock valued at $71,762,000 after purchasing an additional 539,909 shares during the period. Institutional investors own 84.36% 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.