Red Violet (NASDAQ:RDVT) Stock Gets Price Target Bump from Needham & Company LLC

Key Points

• Needham raised Red Violet’s price target to $100 from $90 and maintained a Buy rating, implying 25% upside from the prior close.
• Analyst sentiment is broadly positive: five analysts rate the stock Buy and one rates it Hold, for a consensus “Moderate Buy” and average target of $86.
• Red Violet beat quarterly estimates, reporting EPS of $0.47 versus $0.41 expected and revenue of $27.75 million versus $27.22 million expected.

Red Violet (NASDAQ:RDVT - Get Free Report) had its target price upped by Needham & Company LLC from $90.00 to $100.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Needham & Company LLC's target price suggests a potential upside of 25.00% from the company's previous close.

Other research analysts also recently issued research reports about the stock. B. Riley Financial upped their target price on shares of Red Violet from $65.00 to $81.00 and gave the stock a "buy" rating in a research note on Thursday, July 30th. Weiss Ratings upgraded shares of Red Violet from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, October 13th. Raymond James Financial assumed coverage on shares of Red Violet in a report on Thursday, September 17th. They issued an "outperform" rating and a $90.00 price objective for the company. Wall Street Zen upgraded Red Violet from a "hold" rating to a "buy" rating in a research note on Saturday, October 10th. Finally, Zacks Research lowered Red Violet from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 20th. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $86.00.

Red Violet Price Performance

RDVT opened at $80.00 on Thursday. The stock has a 50-day moving average price of $77.16 and a 200-day moving average price of $57.51. The firm has a market cap of $1.28 billion, a PE ratio of 71.43 and a beta of 1.73. Red Violet has a 1 year low of $33.40 and a 1 year high of $83.15.

Red Violet (NASDAQ:RDVT - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.41 by $0.06. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The company had revenue of $27.75 million for the quarter, compared to analysts' expectations of $27.22 million. As a group, sell-side analysts anticipate that Red Violet will post 1.18 EPS for the current year.

Insider Buying and Selling

In related news, Director William Livek purchased 2,000 shares of Red Violet stock in a transaction on Thursday, August 27th. The stock was acquired at an average price of $71.49 per share, for a total transaction of $142,980.00. Following the completion of the transaction, the director directly owned 22,733 shares in the company, valued at $1,625,182.17. This represents a 9.65% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.90% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Sterling Capital Management LLC increased its stake in Red Violet by 847.5% in the 3rd quarter. Sterling Capital Management LLC now owns 379 shares of the company's stock worth $30,000 after buying an additional 339 shares during the period. Hsbc Holdings PLC boosted its position in Red Violet by 22.6% in the 1st quarter. Hsbc Holdings PLC now owns 13,264 shares of the company's stock valued at $458,000 after buying an additional 2,441 shares during the period. Principal Financial Group Inc. boosted its position in Red Violet by 10.3% in the 1st quarter. Principal Financial Group Inc. now owns 28,829 shares of the company's stock valued at $997,000 after buying an additional 2,685 shares during the period. Legal & General Group Plc purchased a new stake in Red Violet in the 2nd quarter valued at about $175,000. Finally, The Manufacturers Life Insurance Company bought a new position in Red Violet in the 2nd quarter worth about $200,000. Hedge funds and other institutional investors own 63.56% of the company's stock.

About Red Violet

Red Violet, Inc NASDAQ: RDVT is a technology company that develops cloud-based identity intelligence and information solutions. Its platform helps organizations access, analyze and connect data to support investigations, risk management, fraud prevention, compliance and other decision-making activities.

The company's products include idiCORE, an investigative and information services platform designed for users such as law enforcement agencies, government organizations, corporate security teams, insurance companies, financial institutions, collection agencies and other businesses.

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