Arizona State Retirement System Makes New Investment in Innodata Inc. (NASDAQ:INOD)

Arizona State Retirement System purchased a new position in Innodata Inc. (NASDAQ:INOD - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 7,893 shares of the technology company's stock, valued at approximately $283,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in INOD. Northern Trust Corp boosted its holdings in Innodata by 9.9% during the 4th quarter. Northern Trust Corp now owns 252,753 shares of the technology company's stock valued at $9,989,000 after acquiring an additional 22,808 shares during the period. Strong Tower Advisory Services bought a new stake in Innodata in the first quarter valued at approximately $835,000. Palisades Investment Partners LLC boosted its stake in shares of Innodata by 6.1% during the fourth quarter. Palisades Investment Partners LLC now owns 368,651 shares of the technology company's stock valued at $14,569,000 after purchasing an additional 21,093 shares during the period. Deutsche Bank AG grew its holdings in shares of Innodata by 47.6% in the fourth quarter. Deutsche Bank AG now owns 25,018 shares of the technology company's stock worth $989,000 after purchasing an additional 8,063 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Innodata by 7.7% in the fourth quarter. Vanguard Group Inc. now owns 1,639,724 shares of the technology company's stock worth $64,802,000 after buying an additional 117,000 shares during the period. Hedge funds and other institutional investors own 30.75% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on INOD shares. BWS Financial reaffirmed a "buy" rating and issued a $74.00 price target on shares of Innodata in a research note on Monday, June 16th. Wedbush reduced their price target on shares of Innodata from $75.00 to $58.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $55.00.

Innodata Trading Down 2.7%

Shares of NASDAQ:INOD opened at $46.43 on Wednesday. The stock's 50-day simple moving average is $44.47 and its two-hundred day simple moving average is $42.34. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 44.64 and a beta of 2.68. Innodata Inc. has a 52-week low of $13.02 and a 52-week high of $71.00. The company has a debt-to-equity ratio of 0.09, a quick ratio of 2.36 and a current ratio of 2.36.

Innodata (NASDAQ:INOD - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The technology company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.05. Innodata had a return on equity of 55.38% and a net margin of 17.53%. The business had revenue of $58.34 million during the quarter, compared to analysts' expectations of $57.64 million. The company's revenue was up 120.1% on a year-over-year basis. Analysts expect that Innodata Inc. will post 0.81 EPS for the current year.

Innodata 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.

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