Arrowstreet Capital Limited Partnership Reduces Stock Position in EverCommerce Inc. $EVCM

Key Points

• Arrowstreet Capital cut its EverCommerce stake by 24.2% in the first quarter, selling 154,297 shares and retaining 482,754 shares worth approximately $5.5 million. Institutional investors collectively own 97.91% of EVCM.
• EverCommerce’s CEO sold 19,200 shares for about $206,784 under a pre-arranged Rule 10b5-1 plan; insiders have sold 291,500 shares worth roughly $3.0 million over the past 90 days.
• Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $11.25. The company’s latest quarterly EPS of $0.04 missed expectations of $0.14, although revenue rose 3.7% year over year to $147.47 million.

Arrowstreet Capital Limited Partnership trimmed its holdings in EverCommerce Inc. (NASDAQ:EVCM - Free Report) by 24.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 482,754 shares of the company's stock after selling 154,297 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.27% of EverCommerce worth $5,518,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in EVCM. Barclays PLC raised its stake in shares of EverCommerce by 5.1% in the 4th quarter. Barclays PLC now owns 22,854 shares of the company's stock valued at $277,000 after purchasing an additional 1,101 shares in the last quarter. Prudential Financial Inc. raised its stake in EverCommerce by 9.6% during the second quarter. Prudential Financial Inc. now owns 13,546 shares of the company's stock valued at $142,000 after buying an additional 1,190 shares in the last quarter. American Century Companies Inc. raised its stake in EverCommerce by 19.8% during the second quarter. American Century Companies Inc. now owns 27,649 shares of the company's stock valued at $290,000 after buying an additional 4,576 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in EverCommerce by 76.8% during the 4th quarter. Wells Fargo & Company MN now owns 16,311 shares of the company's stock worth $198,000 after buying an additional 7,085 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in EverCommerce by 11.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 112,574 shares of the company's stock worth $1,107,000 after buying an additional 11,996 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other EverCommerce news, CEO Eric Richard Remer sold 19,200 shares of the firm's stock in a transaction that occurred on Tuesday, July 14th. The shares were sold at an average price of $10.77, for a total value of $206,784.00. Following the sale, the chief executive officer owned 5,660,251 shares in the company, valued at approximately $60,960,903.27. This trade represents a 0.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 291,500 shares of company stock valued at $3,036,698. 10.10% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EVCM. Wall Street Zen downgraded EverCommerce from a "strong-buy" rating to a "buy" rating in a report on Sunday, June 14th. Weiss Ratings cut EverCommerce from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, May 26th. Canaccord Genuity Group boosted their target price on shares of EverCommerce from $12.00 to $13.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating and set a $14.00 target price on shares of EverCommerce in a report on Friday, May 8th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $11.25.

EverCommerce Stock Performance

Shares of EVCM opened at $12.34 on Monday. The firm has a fifty day moving average of $10.29 and a 200-day moving average of $10.93. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 72.59, a price-to-earnings-growth ratio of 1.10 and a beta of 0.91. The company has a debt-to-equity ratio of 0.72, a quick ratio of 2.08 and a current ratio of 2.08. EverCommerce Inc. has a 1 year low of $7.66 and a 1 year high of $14.41.

EverCommerce (NASDAQ:EVCM - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $0.04 earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.10). The firm had revenue of $147.47 million during the quarter, compared to analyst estimates of $147.18 million. EverCommerce had a return on equity of 3.37% and a net margin of 5.47%.The firm's revenue was up 3.7% on a year-over-year basis. During the same period last year, the business earned $0.01 EPS. As a group, equities analysts anticipate that EverCommerce Inc. will post 0.57 earnings per share for the current year.

EverCommerce Profile

EverCommerce, Inc is a provider of cloud-based software-as-a-service (SaaS) solutions designed for local service businesses. The company delivers an integrated platform that helps organizations manage customer interactions, streamline operations and facilitate recurring revenue. By combining multiple functions into a single interface, EverCommerce aims to simplify back-office processes and enhance the overall customer experience.

The company’s offerings encompass tools for appointment scheduling, payment processing, client relationship management, marketing automation, reputation management and reporting analytics.

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