Westfield Capital Management Co. LP boosted its holdings in ORBCOMM Inc. (NASDAQ:ORBC) by 1.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,065,085 shares of the technology company’s stock after purchasing an additional 12,185 shares during the period. Westfield Capital Management Co. LP owned about 1.43% of ORBCOMM worth $11,151,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of ORBC. Hood River Capital Management LLC purchased a new position in ORBCOMM in the second quarter valued at about $13,120,000. Vanguard Group Inc. lifted its holdings in ORBCOMM by 16.6% during the 1st quarter. Vanguard Group Inc. now owns 5,803,530 shares of the technology company’s stock worth $55,424,000 after buying an additional 824,761 shares during the last quarter. Pax World Management LLC bought a new position in ORBCOMM during the 2nd quarter worth approximately $8,743,000. Eagle Asset Management Inc. bought a new position in ORBCOMM during the 2nd quarter worth approximately $7,211,000. Finally, Nicholas Investment Partners LP bought a new position in ORBCOMM during the 2nd quarter worth approximately $2,758,000. 77.83% of the stock is owned by hedge funds and other institutional investors.

Shares of ORBCOMM Inc. (ORBC) opened at $10.53 on Wednesday. The company has a current ratio of 2.79, a quick ratio of 2.21 and a debt-to-equity ratio of 0.99. ORBCOMM Inc. has a 1 year low of $7.77 and a 1 year high of $11.99.

ORBCOMM (NASDAQ:ORBC) last announced its quarterly earnings results on Thursday, November 2nd. The technology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $69.37 million for the quarter, compared to analyst estimates of $65.62 million. ORBCOMM had a negative return on equity of 8.01% and a negative net margin of 25.32%. The firm’s revenue for the quarter was up 49.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.04) earnings per share. research analysts anticipate that ORBCOMM Inc. will post -0.84 earnings per share for the current year.

A number of research analysts have commented on ORBC shares. ValuEngine raised ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research raised ORBCOMM from a “sell” rating to a “hold” rating in a report on Wednesday, November 8th. Canaccord Genuity increased their target price on ORBCOMM from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, September 11th. Finally, Northland Securities set a $13.00 target price on ORBCOMM and gave the stock a “buy” rating in a report on Monday, August 28th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $13.25.

In other news, EVP John J. Stolte, Jr. sold 39,230 shares of the stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $10.45, for a total transaction of $409,953.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jerome B. Eisenberg sold 7,000 shares of the stock in a transaction that occurred on Wednesday, November 1st. The stock was sold at an average price of $11.46, for a total value of $80,220.00. Following the sale, the director now owns 967,363 shares in the company, valued at $11,085,979.98. The disclosure for this sale can be found here. Insiders have sold a total of 60,230 shares of company stock worth $638,714 over the last quarter. Insiders own 9.50% of the company’s stock.

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ORBCOMM 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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Institutional Ownership by Quarter for ORBCOMM (NASDAQ:ORBC)

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