EverCommerce (NASDAQ:EVCM) Stock Dropped to "Buy" by Wall Street Zen

Key Points

• Wall Street Zen downgraded EverCommerce from “strong buy” to “buy,” while the broader analyst consensus remains “hold” with an average price target of $11.00.
• EverCommerce shares opened at $8.08, down 2.9%, after the company reported quarterly EPS of $0.05, missing estimates of $0.15, while revenue of $152.02 million was roughly in line with expectations.
• Insiders have sold 616,031 shares worth about $6.1 million over the past 90 days, although institutional ownership remains high at 97.91%; institutional investors including BlackRock and CoreCap Advisors recently initiated positions.

EverCommerce (NASDAQ:EVCM - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Saturday, Wall Street Zen reports.

A number of other equities research analysts have also commented on EVCM. Barclays upped their price target on EverCommerce from $8.50 to $10.00 and gave the company an "underweight" rating in a research report on Thursday, August 6th. Royal Bank Of Canada cut their price objective on EverCommerce from $11.00 to $10.00 and set a "sector perform" rating on the stock in a research note on Thursday, August 6th. Finally, Weiss Ratings upgraded EverCommerce from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $11.00.

EverCommerce Trading Down 2.9%

EVCM opened at $8.08 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.14 and a quick ratio of 2.14. EverCommerce has a fifty-two week low of $6.21 and a fifty-two week high of $14.41. The company's 50 day moving average price is $9.53 and its two-hundred day moving average price is $10.27. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of 44.89, a PEG ratio of 0.81 and a beta of 0.84.

EverCommerce (NASDAQ:EVCM - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.10). The business had revenue of $152.02 million for the quarter, compared to the consensus estimate of $152.29 million. EverCommerce had a net margin of 5.69% and a return on equity of 3.95%. EverCommerce's revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.04 EPS. As a group, research analysts predict that EverCommerce will post 0.52 earnings per share for the current year.

Insider Activity

In other news, Director Eric Remer sold 47,353 shares of the business's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $8.24, for a total value of $390,188.72. Following the transaction, the director directly owned 5,022,792 shares of the company's stock, valued at $41,387,806.08. The trade was a 0.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 616,031 shares of company stock valued at $6,078,783. 10.10% of the stock is owned by insiders.

Institutional Investors Weigh In On EverCommerce

Hedge funds have recently added to or reduced their stakes in the business. CoreCap Advisors LLC bought a new position in shares of EverCommerce during the 2nd quarter worth approximately $2,716,000. BlackRock Inc. bought a new stake in shares of EverCommerce in the 2nd quarter valued at $10,724,000. Deutsche Bank AG bought a new stake in shares of EverCommerce in the 2nd quarter valued at $144,000. Quantinno Capital Management LP lifted its position in shares of EverCommerce by 117.7% during the 1st quarter. Quantinno Capital Management LP now owns 48,290 shares of the company's stock valued at $552,000 after acquiring an additional 26,109 shares during the period. Finally, Engineers Gate Manager LP lifted its position in shares of EverCommerce by 16.7% during the 2nd quarter. Engineers Gate Manager LP now owns 20,821 shares of the company's stock valued at $209,000 after acquiring an additional 2,982 shares during the period. 97.91% of the stock is currently owned by institutional investors.

EverCommerce Company Profile

EverCommerce Inc is a provider of integrated software and payment solutions designed primarily for small and midsize service-based businesses. Its cloud-based technology helps customers manage daily operations, including scheduling, customer relationship management, billing, payment processing, marketing, business reporting and communications.

The company serves a range of vertical markets, including home and field services, health and wellness, fitness, education, veterinary care, and other personal and professional services.

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