Innodata (NASDAQ:INOD) Price Target Raised to $75.00

Innodata (NASDAQ:INOD) had its target price increased by research analysts at Maxim Group from $54.00 to $75.00 in a report released on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. Maxim Group’s price target would indicate a potential upside of 21.80% from the company’s previous close.

INOD has been the topic of several other reports. Wedbush started coverage on shares of Innodata in a research report on Thursday, December 19th. They set an “outperform” rating and a $48.00 price objective on the stock. Chardan Capital reissued a “buy” rating and set a $45.00 price objective on shares of Innodata in a research report on Friday, December 13th. StockNews.com raised shares of Innodata from a “sell” rating to a “hold” rating in a research report on Saturday, November 16th. Finally, BWS Financial increased their price objective on shares of Innodata from $45.00 to $74.00 and gave the company a “buy” rating in a research report on Friday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Innodata currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Innodata Trading Up 12.9 %

NASDAQ INOD traded up $7.02 during trading on Friday, hitting $61.58. The company had a trading volume of 9,968,262 shares, compared to its average volume of 1,842,087. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. Innodata has a one year low of $5.46 and a one year high of $71.00. The company has a market cap of $1.79 billion, a price-to-earnings ratio of 104.96 and a beta of 2.57. The company’s fifty day moving average is $41.05 and its 200-day moving average is $29.81.

Innodata (NASDAQ:INOD) last released its earnings results on Thursday, February 20th. The technology company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.20. Innodata had a net margin of 14.57% and a return on equity of 44.38%. The firm had revenue of $59.18 million for the quarter, compared to the consensus estimate of $53.01 million. On average, sell-side analysts predict that Innodata will post 0.62 earnings per share for the current year.

Insider Buying and Selling at Innodata

In other news, CEO Jack Abuhoff sold 187,099 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $46.07, for a total value of $8,619,650.93. Following the transaction, the chief executive officer now owns 1,188,358 shares in the company, valued at $54,747,653.06. This represents a 13.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Louise C. Forlenza sold 4,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $45.10, for a total transaction of $180,400.00. Following the completion of the transaction, the director now owns 8,278 shares in the company, valued at $373,337.80. This trade represents a 32.58 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 559,806 shares of company stock worth $25,353,904. Company insiders own 15.23% of the company’s stock.

Institutional Investors Weigh In On Innodata

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Palisades Investment Partners LLC grew its holdings in Innodata by 6.1% during the 4th quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company’s stock valued at $14,569,000 after buying an additional 21,093 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of Innodata in the fourth quarter valued at $5,282,000. State of Wyoming purchased a new position in shares of Innodata in the fourth quarter valued at $250,000. ProShare Advisors LLC purchased a new position in shares of Innodata in the fourth quarter valued at $301,000. Finally, Nuveen Asset Management LLC grew its holdings in shares of Innodata by 20.6% in the fourth quarter. Nuveen Asset Management LLC now owns 312,639 shares of the technology company’s stock valued at $12,355,000 after purchasing an additional 53,376 shares in the last quarter. Institutional investors own 30.75% of the company’s stock.

Innodata Company Profile

Innodata Inc operates as a global data engineering company in the United States, the United Kingdom, the Netherlands, Canada, and internationally. The company operates through three segments: Digital Data Solutions (DDS), Synodex, and Agility. The DDS segment engages in the provision of artificial intelligence (AI) data preparation services; collecting or creating training data; annotating training data; and training AI algorithms for its customers, as well as AI model deployment and integration services.