EverCommerce (NASDAQ:EVCM) Shares Gap Up Following Strong Earnings

Key Points

• EverCommerce Inc. shares gapped up from $10.27 to $11.98 after reporting strong earnings with $0.04 earnings per share, surpassing expectations.
• Analysts have revised their price targets for EverCommerce, with Barclays setting it at $11.00 and Canaccord Genuity raising it to $14.00, indicating a general optimism about the company's performance.
• Insider trading activity showed the sale of significant shares by executives, including President Matthew David Feierstein and CEO Eric Richard Remer, suggesting cautious sentiment even as the stock experiences positive movement.

EverCommerce Inc. (NASDAQ:EVCM - Get Free Report) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $10.27, but opened at $11.98. EverCommerce shares last traded at $11.17, with a volume of 36,135 shares changing hands.

The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.05. EverCommerce had a negative net margin of 4.84% and a negative return on equity of 3.13%. The firm had revenue of $148.02 million during the quarter, compared to the consensus estimate of $145.80 million. During the same period last year, the firm posted ($0.02) EPS. The firm's revenue for the quarter was up 5.3% on a year-over-year basis.

Analysts Set New Price Targets

EVCM has been the subject of several recent research reports. Barclays boosted their target price on shares of EverCommerce from $9.00 to $11.00 and gave the company an "equal weight" rating in a research note on Monday, May 12th. Canaccord Genuity Group increased their target price on shares of EverCommerce from $13.00 to $14.00 and gave the company a "buy" rating in a research report on Monday, May 12th. Finally, Oppenheimer upped their price target on shares of EverCommerce from $12.00 to $13.00 and gave the company an "outperform" rating in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $11.45.

Insiders Place Their Bets

In related news, President Matthew David Feierstein sold 25,000 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $10.18, for a total value of $254,500.00. Following the sale, the president owned 2,245,672 shares in the company, valued at approximately $22,860,940.96. This represents a 1.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric Richard Remer sold 12,639 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $11.12, for a total value of $140,545.68. Following the completion of the transaction, the chief executive officer directly owned 5,266,663 shares in the company, valued at approximately $58,565,292.56. This represents a 0.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 258,944 shares of company stock worth $2,741,283. 10.40% of the stock is owned by company insiders.

Institutional Trading of EverCommerce

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in EverCommerce by 48.6% in the fourth quarter. JPMorgan Chase & Co. now owns 152,010 shares of the company's stock valued at $1,695,000 after purchasing an additional 49,745 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of EverCommerce in the fourth quarter worth approximately $694,000. GAMMA Investing LLC lifted its stake in shares of EverCommerce by 838.8% in the first quarter. GAMMA Investing LLC now owns 7,116 shares of the company's stock worth $706,000 after acquiring an additional 6,358 shares during the period. Woodline Partners LP lifted its stake in shares of EverCommerce by 24.8% in the fourth quarter. Woodline Partners LP now owns 535,094 shares of the company's stock worth $5,891,000 after acquiring an additional 106,359 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in EverCommerce by 34.6% in the fourth quarter. Janus Henderson Group PLC now owns 428,319 shares of the company's stock valued at $4,716,000 after buying an additional 110,183 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

EverCommerce Stock Performance

The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.70. The company has a 50 day simple moving average of $10.47 and a 200-day simple moving average of $10.25. The stock has a market capitalization of $2.05 billion, a price-to-earnings ratio of -62.05 and a beta of 1.06.

About EverCommerce

EverCommerce Inc, together with its subsidiaries, provides integrated software-as-a-service solutions for service-based small and medium sized businesses in the United States and internationally. The company's solutions include business management software that offers route-based dispatching, medical practice management, and gym member management solutions; billing and payment solutions comprising e-invoicing, mobile payments, and integrated payment processing; customer experience solution, which include reputation management and messaging solutions; and marketing technology solutions that cover websites, hosting, and digital lead generation.

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