EverCommerce (NASDAQ:EVCM) Stock Price Target Cut by Barclays

Key Points

• Barclays cut EverCommerce’s price target to $8.50 from $10 and maintained an “underweight” rating; the target implies 4.46% upside from the prior close.
• Analyst sentiment is mixed but leans negative: MarketBeat’s consensus rating is “Reduce,” with an average price target of $8.42.
• EverCommerce’s latest quarter missed expectations, reporting $0.03 per share versus $0.16 forecast and revenue of $151.45 million versus $152.91 million expected.

EverCommerce (NASDAQ:EVCM - Get Free Report) had its price target dropped by equities research analysts at Barclays from $10.00 to $8.50 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has an "underweight" rating on the stock. Barclays's price objective indicates a potential upside of 4.46% from the company's previous close.

Several other research analysts also recently commented on EVCM. Deutsche Bank Aktiengesellschaft downgraded shares of EverCommerce from a "buy" rating to a "hold" rating and reduced their price target for the stock from $12.00 to $7.00 in a research note on Friday. Royal Bank Of Canada lowered 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 report on Friday. Weiss Ratings downgraded shares of EverCommerce from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Tuesday, November 3rd. Wall Street Zen raised shares of EverCommerce from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Finally, Oppenheimer reduced their target price on shares of EverCommerce from $13.00 to $11.00 and set an "outperform" rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Reduce" and an average target price of $8.42.

EverCommerce Trading Down 1.0%

EVCM traded down $0.08 during trading hours on Monday, reaching $8.14. 11,688 shares of the company's stock traded hands, compared to its average volume of 143,056. The firm has a 50-day moving average price of $8.56 and a 200 day moving average price of $10.25. EverCommerce has a 52-week low of $6.01 and a 52-week high of $14.41. The company has a quick ratio of 2.13, a current ratio of 2.13 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $1.44 billion, a PE ratio of 54.40, a PEG ratio of 0.80 and a beta of 0.63.

EverCommerce (NASDAQ:EVCM - Get Free Report) last released its earnings results 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 business 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 4.00% and a net margin of 4.81%. The firm's revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.03) earnings per share. As a group, sell-side analysts predict that EverCommerce will post 0.52 EPS for the current fiscal year.

Insider Transactions at EverCommerce

In other EverCommerce news, Director Eric Remer sold 47,353 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $8.24, for a total transaction of $390,188.72. Following the transaction, the director owned 5,022,792 shares of the company's stock, valued at approximately $41,387,806.08. This trade represents a 0.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at 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 worth $4,069,251. 10.10% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On EverCommerce

Institutional investors have recently bought and sold shares of the business. CoreCap Advisors LLC purchased a new position in shares of EverCommerce in the 2nd quarter valued at $2,716,000. BlackRock Inc. bought a new position in shares of EverCommerce in the 2nd quarter worth $10,724,000. Black Diamond Financial LLC purchased a new stake in shares of EverCommerce during the 3rd quarter worth $2,464,000. Ethic Inc. purchased a new stake in shares of EverCommerce during the 3rd quarter worth $88,000. Finally, Engineers Gate Manager LP lifted its stake 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 worth $209,000 after purchasing an additional 2,982 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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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