Principal Financial Group Inc. Takes Position in Innodata Inc. (NASDAQ:INOD)

Principal Financial Group Inc. acquired a new stake in Innodata Inc. (NASDAQ:INOD - Free Report) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 18,558 shares of the technology company's stock, valued at approximately $311,000. Principal Financial Group Inc. owned about 0.06% of Innodata as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also made changes to their positions in INOD. Point72 Asset Management L.P. acquired a new position in Innodata in the third quarter valued at $206,000. BNP Paribas Financial Markets boosted its position in shares of Innodata by 38.5% in the 3rd quarter. BNP Paribas Financial Markets now owns 13,443 shares of the technology company's stock valued at $225,000 after purchasing an additional 3,739 shares during the period. Private Advisor Group LLC grew its stake in Innodata by 17.4% during the 3rd quarter. Private Advisor Group LLC now owns 14,907 shares of the technology company's stock worth $250,000 after buying an additional 2,207 shares during the last quarter. Centiva Capital LP acquired a new position in Innodata during the third quarter worth approximately $318,000. Finally, XTX Topco Ltd purchased a new stake in Innodata in the second quarter valued at approximately $285,000. Hedge funds and other institutional investors own 30.75% of the company's stock.

Wall Street Analysts Forecast Growth

INOD has been the topic of a number of research reports. Craig Hallum initiated coverage on shares of Innodata in a research report on Tuesday, September 17th. They set a "buy" rating and a $23.00 target price on the stock. BWS Financial raised their price objective on shares of Innodata from $30.00 to $45.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. Wedbush initiated coverage on shares of Innodata in a research note on Thursday, December 19th. They issued an "outperform" rating and a $48.00 price objective on the stock. Chardan Capital reiterated a "buy" rating and set a $45.00 target price on shares of Innodata in a research note on Friday, December 13th. Finally, StockNews.com upgraded Innodata from a "sell" rating to a "hold" rating in a research report on Saturday, November 16th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.20.

Innodata Stock Performance

Shares of NASDAQ:INOD traded down $4.66 during midday trading on Tuesday, hitting $39.10. The stock had a trading volume of 2,473,054 shares, compared to its average volume of 1,643,970. Innodata Inc. has a 1 year low of $5.46 and a 1 year high of $55.17. The company has a current ratio of 1.84, a quick ratio of 1.84 and a debt-to-equity ratio of 0.15. The stock has a 50 day moving average price of $38.36 and a two-hundred day moving average price of $24.37. The company has a market capitalization of $1.13 billion, a PE ratio of 66.27 and a beta of 2.59.

Insider Buying and Selling

In other news, CEO Jack Abuhoff sold 225,000 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $46.38, for a total transaction of $10,435,500.00. Following the sale, the chief executive officer now owns 1,188,358 shares of the company's stock, valued at $55,116,044.04. The trade was a 15.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stewart R. Massey sold 50,000 shares of the company's stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $40.55, for a total value of $2,027,500.00. Following the completion of the sale, the director now owns 25,262 shares in the company, valued at approximately $1,024,374.10. This represents a 66.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,035,083 shares of company stock valued at $46,889,370 over the last quarter. Company insiders own 15.23% of the company's stock.

About Innodata

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.