New York State Teachers Retirement System Invests $127,000 in Innodata Inc. $INOD

New York State Teachers Retirement System bought a new position in Innodata Inc. (NASDAQ:INOD) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,470 shares of the technology company’s stock, valued at approximately $127,000.

Several other hedge funds and other institutional investors have also modified their holdings of INOD. Oppenheimer & Co. Inc. acquired a new stake in shares of Innodata in the first quarter worth $296,000. Spire Wealth Management boosted its position in Innodata by 120.0% during the first quarter. Spire Wealth Management now owns 9,253 shares of the technology company’s stock valued at $332,000 after purchasing an additional 5,048 shares during the last quarter. Creative Financial Designs Inc. ADV acquired a new stake in Innodata during the first quarter valued at $29,000. KBC Group NV acquired a new stake in Innodata during the first quarter valued at $52,000. Finally, Principal Financial Group Inc. boosted its position in Innodata by 8.1% during the first quarter. Principal Financial Group Inc. now owns 22,047 shares of the technology company’s stock valued at $791,000 after purchasing an additional 1,661 shares during the last quarter. Institutional investors and hedge funds own 30.75% of the company’s stock.

Innodata Price Performance

NASDAQ INOD opened at $73.90 on Friday. Innodata Inc. has a fifty-two week low of $18.77 and a fifty-two week high of $93.85. The stock’s 50-day moving average is $62.98 and its two-hundred day moving average is $49.50. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.87 and a quick ratio of 2.87. The firm has a market cap of $2.35 billion, a P/E ratio of 59.60 and a beta of 2.96.

Innodata (NASDAQ:INOD) last posted its earnings results on Thursday, July 31st. The technology company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.09. Innodata had a return on equity of 54.27% and a net margin of 18.71%.The company had revenue of $58.39 million for the quarter, compared to analyst estimates of $56.35 million. Innodata’s revenue for the quarter was up 79.7% on a year-over-year basis. On average, analysts anticipate that Innodata Inc. will post 0.81 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on INOD. BWS Financial lifted their price objective on Innodata from $74.00 to $110.00 and gave the company a “buy” rating in a research report on Friday, October 10th. Wedbush lifted their price objective on Innodata from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday, October 15th. Zacks Research raised Innodata from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Innodata in a research report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Innodata currently has an average rating of “Buy” and an average price target of $80.00.

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.