Ewing Morris & Co. Investment Partners Ltd. Cuts Position in Goosehead Insurance $GSHD

Key Points

• Ewing Morris & Co. cut its Goosehead Insurance stake by 23.7% during the second quarter, selling 24,050 shares and retaining 77,633 shares worth approximately $3.8 million.
• Insider activity was mixed: insiders purchased 189,979 shares worth $11.3 million but sold 267,000 shares valued at $18.1 million over the past quarter. Company insiders collectively own 38.07% of the stock.
• Goosehead reported quarterly EPS of $0.64, beating estimates of $0.47, while revenue rose 20.6% year over year to $95.6 million but fell short of expectations. Analysts maintain a consensus “Hold” rating with an average price target of $68.45.

Ewing Morris & Co. Investment Partners Ltd. trimmed its holdings in shares of Goosehead Insurance (NASDAQ:GSHD - Free Report) by 23.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 77,633 shares of the company's stock after selling 24,050 shares during the quarter. Goosehead Insurance makes up approximately 2.0% of Ewing Morris & Co. Investment Partners Ltd.'s investment portfolio, making the stock its 18th largest position. Ewing Morris & Co. Investment Partners Ltd. owned approximately 0.22% of Goosehead Insurance worth $3,765,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GSHD. EverSource Wealth Advisors LLC boosted its stake in shares of Goosehead Insurance by 480.4% in the second quarter. EverSource Wealth Advisors LLC now owns 325 shares of the company's stock valued at $34,000 after buying an additional 269 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Goosehead Insurance by 802.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 442 shares of the company's stock worth $47,000 after purchasing an additional 393 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Goosehead Insurance by 484.1% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 514 shares of the company's stock worth $25,000 after acquiring an additional 426 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Goosehead Insurance in the fourth quarter worth about $41,000. Finally, Versant Capital Management Inc boosted its holdings in Goosehead Insurance by 471.9% during the second quarter. Versant Capital Management Inc now owns 772 shares of the company's stock valued at $37,000 after purchasing an additional 637 shares in the last quarter.

Insider Activity at Goosehead Insurance

In other Goosehead Insurance news, major shareholder & Robyn Jones Descendants Mark sold 125,000 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $69.71, for a total transaction of $8,713,750.00. Following the transaction, the insider owned 6,870,180 shares in the company, valued at approximately $478,920,247.80. This represents a 1.79% 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, major shareholder Durable Capital Partners Lp purchased 113,646 shares of the company's stock in a transaction dated Friday, July 24th. The shares were acquired at an average price of $58.34 per share, for a total transaction of $6,630,107.64. Following the purchase, the insider directly owned 2,493,927 shares in the company, valued at approximately $145,495,701.18. The trade was a 4.77% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have purchased 189,979 shares of company stock worth $11,348,632 and have sold 267,000 shares worth $18,056,139. Company insiders own 38.07% of the company's stock.

Goosehead Insurance Trading Up 0.5%

Shares of NASDAQ:GSHD opened at $68.80 on Thursday. Goosehead Insurance has a 52 week low of $33.68 and a 52 week high of $85.53. The firm's 50 day moving average is $61.02 and its two-hundred day moving average is $49.26. The firm has a market capitalization of $2.44 billion, a P/E ratio of 50.22, a PEG ratio of 2.44 and a beta of 1.36.

Goosehead Insurance (NASDAQ:GSHD - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.47 by $0.17. The company had revenue of $95.63 million for 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 company's revenue for the quarter was up 20.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.49 EPS. Analysts predict that Goosehead Insurance will post 1.46 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GSHD. Piper Sandler lifted their price target on shares of Goosehead Insurance from $52.00 to $72.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Cantor Fitzgerald reiterated an "overweight" rating and set a $76.00 price objective on shares of Goosehead Insurance in a report on Thursday, July 23rd. JPMorgan Chase & Co. upped their price target on shares of Goosehead Insurance from $55.00 to $60.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Weiss Ratings raised Goosehead Insurance from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, August 21st. Finally, Royal Bank Of Canada upped their target price on shares of Goosehead Insurance from $55.00 to $58.00 and gave the company a "sector perform" rating in a research report on Thursday, July 23rd. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Goosehead Insurance currently has a consensus rating of "Hold" and an average target price of $68.45.

Goosehead Insurance Company Profile

Goosehead Insurance NASDAQ: GSHD is a technology-driven insurance agency that connects consumers with a broad range of personal and commercial insurance products through an extensive network of independent insurance advisors. The company specializes in homeowners, auto, flood, dwelling fire, umbrella, life, and commercial lines coverage, working with multiple national and regional carriers to offer tailored policies. By combining advanced quoting tools with local market expertise, Goosehead streamlines the insurance shopping process and helps clients find competitive coverage options.

Founded in 2003 and headquartered in Westlake, Texas, Goosehead has grown its footprint across more than 40 states in the U.S.

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