Goosehead Insurance (NASDAQ:GSHD) Price Target Cut to $48.00 by Analysts at Truist Financial

Key Points

• Truist Financial cut Goosehead Insurance’s price target from $58 to $48 and maintained a “hold” rating, implying roughly 9.2% upside from the prior close.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” consensus and an average price target of $64.42; recent firms have lowered targets, while Texas Capital upgraded the shares to “Strong Buy.”
• Goosehead reported quarterly EPS of $0.64, beating estimates of $0.47, while revenue of $95.63 million fell short of expectations but increased 20.6% year over year. The stock opened at $43.96 and has traded between $33.68 and $79.85 over the past year.

Goosehead Insurance (NASDAQ:GSHD - Get Free Report) had its price objective dropped by equities researchers at Truist Financial from $58.00 to $48.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price objective indicates a potential upside of 9.19% from the company's previous close.

GSHD has been the subject of a number of other research reports. Texas Capital raised shares of Goosehead Insurance from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 29th. JPMorgan Chase & Co. dropped their price target on shares of Goosehead Insurance from $68.00 to $60.00 and set a "neutral" rating on the stock in a research report on Thursday, October 1st. Citizens Jmp dropped their price target on shares of Goosehead Insurance from $100.00 to $80.00 and set a "market outperform" rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft set a $80.00 price objective on shares of Goosehead Insurance in a research note on Monday. Finally, Piper Sandler cut shares of Goosehead Insurance from an "overweight" rating to a "neutral" rating and decreased their price objective for the stock from $72.00 to $48.00 in a research report on Tuesday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $64.42.

Goosehead Insurance Trading Up 1.0%

NASDAQ GSHD opened at $43.96 on Tuesday. The business's 50-day moving average price is $58.75 and its two-hundred day moving average price is $50.00. Goosehead Insurance has a 12 month low of $33.68 and a 12 month high of $79.85. The firm has a market capitalization of $1.56 billion, a PE ratio of 32.09, a price-to-earnings-growth ratio of 1.56 and a beta of 1.46.

Goosehead Insurance (NASDAQ:GSHD - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.17. The company had revenue of $95.63 million during the quarter, compared to the consensus estimate of $103.30 million. Goosehead Insurance had a negative return on equity of 21.00% and a net margin of 8.78%. The firm's revenue was up 20.6% compared to the same quarter last year. During the same period last year, the company earned $0.49 earnings per share. As a group, analysts forecast that Goosehead Insurance will post 1.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Adrienne Kebodeaux sold 7,000 shares of the firm's stock in a transaction that occurred on Thursday, August 20th. The stock was sold at an average price of $70.00, for a total transaction of $490,000.00. Following the completion of the sale, the insider owned 273,027 shares of the company's stock, valued at $19,111,890. This trade represents a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder & Robyn Jones Descendants Mark sold 125,000 shares of Goosehead Insurance stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $69.71, for a total value of $8,713,750.00. Following the completion of the sale, the insider owned 6,870,180 shares of the company's stock, valued at approximately $478,920,247.80. The trade was a 1.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders purchased 339,979 shares of company stock valued at $18,446,632 and sold 267,000 shares valued at $18,056,139. 38.07% of the stock is owned by company insiders.

Institutional Trading of Goosehead Insurance

Several large investors have recently modified their holdings of the stock. Wasatch Advisors LP increased its stake in shares of Goosehead Insurance by 32.3% in the 1st quarter. Wasatch Advisors LP now owns 2,292,227 shares of the company's stock valued at $97,786,000 after acquiring an additional 559,087 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Goosehead Insurance by 3,485.1% during the 1st quarter. Janus Henderson Group PLC now owns 386,906 shares of the company's stock valued at $16,506,000 after acquiring an additional 376,114 shares during the period. Bank of America Corp DE lifted its position in shares of Goosehead Insurance by 28.2% during the 1st quarter. Bank of America Corp DE now owns 329,333 shares of the company's stock valued at $14,049,000 after acquiring an additional 72,527 shares during the period. 3G Capital Partners LP boosted its stake in Goosehead Insurance by 80.0% during the fourth quarter. 3G Capital Partners LP now owns 225,000 shares of the company's stock worth $16,571,000 after acquiring an additional 100,000 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Goosehead Insurance by 23.2% during the first quarter. Principal Financial Group Inc. now owns 219,745 shares of the company's stock worth $9,374,000 after acquiring an additional 41,334 shares in the last quarter.

Goosehead Insurance Company Profile

Goosehead Insurance, Inc is an independent insurance agency and distribution company that helps individuals and businesses shop for insurance coverage from a broad network of insurance carriers. The company uses a technology-enabled platform to provide quoting, policy management and customer service through its corporate operations and franchise network.

Goosehead offers a range of personal and commercial insurance products, including homeowners, automobile, renters, flood, umbrella and life insurance, along with coverage designed for small businesses and other commercial customers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.