EverCommerce (NASDAQ:EVCM) Stock Gets Price Target Reduction from Canaccord Genuity Group

Key Points

• Canaccord Genuity cut its EverCommerce price target to $9 from $13 but maintained a Buy rating; the new target implies about 11% upside from the cited share price of $8.11.
• Quarterly results missed expectations: earnings per share were $0.03 versus a $0.16 consensus, while revenue of $151.45 million fell short of estimates. Revenue nevertheless rose 2.6% year over year.
• Analyst sentiment is broadly cautious: RBC and Deutsche Bank set $7 targets, and MarketBeat’s consensus rating is Reduce with an average target of $8.67.

EverCommerce (NASDAQ:EVCM - Get Free Report) had its price target lowered by equities research analysts at Canaccord Genuity Group from $13.00 to $9.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 10.97% from the stock's current price.

EVCM has been the subject of a number of other reports. Royal Bank Of Canada reduced their price objective on shares of EverCommerce from $10.00 to $7.00 and set a "sector perform" rating for the company in a research note on Friday. Deutsche Bank Aktiengesellschaft downgraded shares of EverCommerce from a "buy" rating to a "hold" rating and dropped their target price for the stock from $12.00 to $7.00 in a research report on Friday. Oppenheimer reduced their price target on shares of EverCommerce from $13.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday. Weiss Ratings lowered shares of EverCommerce from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday. Finally, Barclays lifted their price objective on shares of EverCommerce from $8.50 to $10.00 and gave the stock an "underweight" rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Reduce" and an average target price of $8.67.

EverCommerce Price Performance

EverCommerce stock traded down $0.24 during mid-day trading on Friday, hitting $8.11. The company's stock had a trading volume of 93,035 shares, compared to its average volume of 143,371. The company has a quick ratio of 2.14, a current ratio of 2.14 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $1.43 billion, a P/E ratio of 45.01, a P/E/G ratio of 0.83 and a beta of 0.63. EverCommerce has a twelve month low of $6.01 and a twelve month high of $14.41. The stock's fifty day moving average price is $8.59 and its two-hundred day moving average price is $10.26.

EverCommerce (NASDAQ:EVCM - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.13). The company had revenue of $151.45 million for the quarter, compared to the consensus estimate of $152.91 million. EverCommerce had a return on equity of 3.95% and a net margin of 5.69%. The business's revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) earnings per share. Research analysts forecast that EverCommerce will post 0.52 earnings per share for the current year.

Insiders Place Their Bets

In other EverCommerce news, Director Eric Remer sold 47,353 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $8.24, for a total value of $390,188.72. Following the completion of the sale, the director owned 5,022,792 shares in the company, valued at $41,387,806.08. This represents a 0.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 431,327 shares of company stock valued at $4,069,251. 10.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Ethic Inc. bought a new position in shares of EverCommerce in the 3rd quarter valued at approximately $88,000. Black Diamond Financial LLC acquired a new position in EverCommerce during the third quarter valued at approximately $2,464,000. Engineers Gate Manager LP grew its holdings in EverCommerce by 16.7% during the second quarter. Engineers Gate Manager LP now owns 20,821 shares of the company's stock valued at $209,000 after purchasing an additional 2,982 shares during the last quarter. Bank of America Corp DE bought a new position in shares of EverCommerce in the second quarter valued at approximately $125,000. Finally, BlackRock Inc. bought a new position in shares of EverCommerce in the second quarter valued at approximately $10,724,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

Key EverCommerce News

Here are the key news stories impacting EverCommerce this week:

• Positive Sentiment: Oppenheimer maintained its “outperform” rating, despite lowering its price target to $11 from $13, implying potential upside from the cited share price. Oppenheimer rating and price target
• Neutral Sentiment: Revenue increased 2.6% year over year, though growth was modest and quarterly revenue came in slightly below analysts’ expectations. EverCommerce third-quarter results
• Negative Sentiment: EverCommerce reported quarterly EPS of $0.03, below the $0.16 consensus estimate, and revenue of $151.45 million versus estimates of $152.91 million. The earnings shortfall is a likely headwind for the stock. Q3 earnings and revenue estimates
• Negative Sentiment: Deutsche Bank downgraded EVCM from “buy” to “hold” and set a $7 price target, signaling a less favorable view of the shares. Deutsche Bank downgrade
• Negative Sentiment: Royal Bank of Canada cut its target to $7 from $10 and assigned a “sector perform” rating, adding to the cautious analyst outlook. Royal Bank of Canada rating and price target

EverCommerce Company Profile

EverCommerce, Inc is a software and technology company that provides integrated, cloud-based solutions for service-oriented small and midsize businesses. Its platforms are designed to help businesses manage operations, customer relationships, payments, marketing and other administrative functions through specialized applications tailored to specific industries.

The company serves a broad range of vertical markets, including home and field services, health and wellness, fitness, education, professional services and other appointment- or membership-based businesses.

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