Goldman Sachs Group Inc. decreased its stake in ORBCOMM Inc. (NASDAQ:ORBC) by 80.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,202 shares of the technology company’s stock after selling 268,333 shares during the period. Goldman Sachs Group Inc.’s holdings in ORBCOMM were worth $642,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ORBC. Swiss National Bank boosted its position in ORBCOMM by 5.0% in the first quarter. Swiss National Bank now owns 105,100 shares of the technology company’s stock worth $1,004,000 after buying an additional 5,000 shares during the last quarter. Trexquant Investment LP acquired a new position in ORBCOMM during the first quarter worth approximately $548,000. Jane Street Group LLC acquired a new position in ORBCOMM during the first quarter worth approximately $518,000. Teachers Advisors LLC boosted its position in ORBCOMM by 9.3% in the fourth quarter. Teachers Advisors LLC now owns 113,021 shares of the technology company’s stock worth $935,000 after buying an additional 9,600 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its position in ORBCOMM by 8.1% in the first quarter. Suntrust Banks Inc. now owns 37,523 shares of the technology company’s stock worth $357,000 after buying an additional 2,807 shares during the last quarter. 79.75% of the stock is currently owned by institutional investors and hedge funds.

ORBCOMM Inc. (ORBC) traded up 0.09% during mid-day trading on Friday, hitting $10.92. 642,932 shares of the stock were exchanged. The company has a 50-day moving average of $11.37 and a 200-day moving average of $9.97. The stock’s market capitalization is $802.60 million. ORBCOMM Inc. has a 52 week low of $7.15 and a 52 week high of $11.99.

ORBCOMM (NASDAQ:ORBC) last announced its earnings results on Thursday, August 3rd. The technology company reported ($0.12) earnings per share 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 firm had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $52.93 million. During the same period in the prior year, the company posted ($0.06) EPS. The company’s revenue was up 13.8% compared to the same quarter last year. On average, equities analysts predict that ORBCOMM Inc. will post ($0.36) EPS for the current fiscal year.

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A number of brokerages have recently issued reports on ORBC. Zacks Investment Research cut ORBCOMM from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Canaccord Genuity reiterated a “buy” rating and set a $14.00 price target on shares of ORBCOMM in a 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 report on Tuesday, June 13th. ValuEngine upgraded shares of ORBCOMM from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Benchmark Co. initiated coverage on ORBCOMM in a report on Tuesday, April 25th. They issued a “buy” rating and a $13.00 price objective for the company. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. ORBCOMM has a consensus rating of “Buy” and a consensus target price of $12.90.

In other ORBCOMM news, Director Jerome B. Eisenberg sold 24,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $11.04, for a total transaction of $264,960.00. Following the transaction, the director now owns 1,056,141 shares of the company’s stock, valued at approximately $11,659,796.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Marc Eisenberg sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, June 6th. The shares were sold at an average price of $10.53, for a total transaction of $315,900.00. Following the transaction, the chief executive officer now directly owns 215,321 shares in the company, valued at approximately $2,267,330.13. The disclosure for this sale can be found here. Insiders sold a total of 513,032 shares of company stock worth $5,738,128 in the last ninety days. 9.50% of the stock is currently owned by insiders.

About ORBCOMM

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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