EverQuote (NASDAQ:EVER) Earns Buy Rating from Needham & Company LLC

Key Points

• EverQuote's stock has been given a buy rating by Needham & Company LLC, with a price target of $38.00, indicating a potential upside of 47.52% from its previous close.
• JPMorgan Chase & Co. raised their target price for EverQuote from $29.00 to $30.00 and rated the stock as overweight.
• EverQuote reported a 33.7% increase in quarterly revenue year-over-year, with earnings per share exceeding analysts' expectations.

Needham & Company LLC reiterated their buy rating on shares of EverQuote (NASDAQ:EVER - Free Report) in a report released on Tuesday morning,Benzinga reports. Needham & Company LLC currently has a $38.00 target price on the stock.

Separately, JPMorgan Chase & Co. boosted their price target on shares of EverQuote from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $32.40.

EverQuote Stock Performance

NASDAQ:EVER traded down $0.39 on Tuesday, hitting $23.75. The stock had a trading volume of 567,265 shares, compared to its average volume of 447,734. The stock has a market cap of $848.35 million, a P/E ratio of 19.15 and a beta of 0.37. EverQuote has a 1 year low of $16.63 and a 1 year high of $30.03. The firm's fifty day simple moving average is $24.67 and its two-hundred day simple moving average is $23.91.

EverQuote (NASDAQ:EVER - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.04. EverQuote had a net margin of 7.57% and a return on equity of 36.90%. The business had revenue of $156.63 million during the quarter, compared to analyst estimates of $157.19 million. During the same period in the previous year, the business earned $0.17 EPS. EverQuote's revenue was up 33.7% compared to the same quarter last year. Equities research analysts predict that EverQuote will post 0.72 EPS for the current year.

Insider Buying and Selling

In related news, CEO Jayme Mendal sold 14,360 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $24.87, for a total value of $357,133.20. Following the sale, the chief executive officer owned 527,140 shares in the company, valued at approximately $13,109,971.80. This trade represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Joseph Sanborn sold 1,063 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $24.13, for a total transaction of $25,650.19. Following the completion of the transaction, the chief financial officer owned 261,390 shares in the company, valued at $6,307,340.70. The trade was a 0.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,162 shares of company stock valued at $1,524,781 in the last ninety days. Corporate insiders own 29.79% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Linden Thomas Advisory Services LLC lifted its holdings in shares of EverQuote by 5.5% in the second quarter. Linden Thomas Advisory Services LLC now owns 8,684 shares of the company's stock worth $210,000 after buying an additional 453 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in EverQuote by 4.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,383 shares of the company's stock valued at $288,000 after acquiring an additional 608 shares during the period. Cetera Investment Advisers lifted its holdings in EverQuote by 4.3% during the 2nd quarter. Cetera Investment Advisers now owns 16,204 shares of the company's stock valued at $392,000 after buying an additional 675 shares in the last quarter. Concurrent Investment Advisors LLC increased its holdings in EverQuote by 7.5% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 10,004 shares of the company's stock worth $242,000 after purchasing an additional 695 shares during the period. Finally, Corton Capital Inc. increased its holdings in EverQuote by 3.4% during the 4th quarter. Corton Capital Inc. now owns 21,592 shares of the company's stock worth $432,000 after purchasing an additional 714 shares during the period. 91.54% of the stock is currently owned by institutional investors.

EverQuote Company Profile

EverQuote, Inc operates an online marketplace for insurance shopping in the United States. The company offers auto, home and renters, and life insurance. The company serves carriers and agents, as well as indirect distributors. The company was formerly known as AdHarmonics, Inc, and changed its name to EverQuote, Inc in November 2014.