Granahan Investment Management LLC Acquires 181,893 Shares of Evolent Health, Inc. (NYSE:EVH)

Granahan Investment Management LLC boosted its position in shares of Evolent Health, Inc. (NYSE:EVH - Free Report) by 5.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,673,710 shares of the technology company's stock after buying an additional 181,893 shares during the period. Evolent Health makes up approximately 1.7% of Granahan Investment Management LLC's investment portfolio, making the stock its 15th largest position. Granahan Investment Management LLC owned about 3.15% of Evolent Health worth $41,329,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of EVH. Salem Investment Counselors Inc. raised its position in Evolent Health by 53.0% during the fourth quarter. Salem Investment Counselors Inc. now owns 350,155 shares of the technology company's stock valued at $3,939,000 after purchasing an additional 121,369 shares in the last quarter. Nordea Investment Management AB raised its stake in Evolent Health by 7.0% during the fourth quarter. Nordea Investment Management AB now owns 130,453 shares of the technology company's stock worth $1,469,000 after acquiring an additional 8,552 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Evolent Health by 90.1% in the fourth quarter. Harbor Capital Advisors Inc. now owns 803,211 shares of the technology company's stock worth $9,036,000 after acquiring an additional 380,790 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Evolent Health by 40.8% in the 3rd quarter. Franklin Resources Inc. now owns 909,776 shares of the technology company's stock valued at $24,682,000 after purchasing an additional 263,815 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Evolent Health during the 4th quarter valued at approximately $2,542,000.

Analysts Set New Price Targets

A number of analysts have weighed in on EVH shares. Piper Sandler restated an "overweight" rating and issued a $16.00 target price (down previously from $17.00) on shares of Evolent Health in a research report on Friday, February 21st. Truist Financial reduced their price objective on Evolent Health from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. UBS Group lifted their price target on Evolent Health from $14.00 to $15.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Needham & Company LLC reaffirmed a "buy" rating and issued a $15.00 price objective on shares of Evolent Health in a research note on Tuesday. Finally, Stephens cut their target price on shares of Evolent Health from $16.00 to $12.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 21st. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $17.79.

Evolent Health Trading Down 1.2%

Shares of Evolent Health stock traded down $0.11 on Thursday, hitting $8.83. 743,916 shares of the company's stock traded hands, compared to its average volume of 2,395,613. The company has a fifty day moving average of $9.62 and a two-hundred day moving average of $11.34. Evolent Health, Inc. has a one year low of $8.35 and a one year high of $33.63. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of -10.79 and a beta of 1.04. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 1.04.

Evolent Health (NYSE:EVH - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The technology company reported $0.06 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.08 by ($0.02). The business had revenue of $483.65 million for the quarter, compared to the consensus estimate of $460.15 million. Evolent Health had a positive return on equity of 5.73% and a negative net margin of 2.41%. Evolent Health's quarterly revenue was down 24.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.34 earnings per share. As a group, sell-side analysts expect that Evolent Health, Inc. will post 0.08 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Diane Holder acquired 2,735 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average cost of $9.33 per share, for a total transaction of $25,517.55. Following the completion of the transaction, the director now owns 70,584 shares in the company, valued at approximately $658,548.72. This trade represents a 4.03% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Seth Blackley bought 55,225 shares of Evolent Health stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $9.01 per share, for a total transaction of $497,577.25. Following the purchase, the chief executive officer now owns 762,217 shares of the company's stock, valued at $6,867,575.17. The trade was a 7.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 74,000 shares of company stock worth $666,315. 1.40% of the stock is currently owned by company insiders.

Evolent Health Profile

Evolent Health, Inc, through its subsidiary, Evolent Health LLC, offers specialty care management services in oncology, cardiology, and musculoskeletal markets in the United States. The company provides platform for health plan administration and value-based business infrastructure. It offers administrative services, such as health plan services, pharmacy benefits management, risk management, analytics and reporting, and leadership and management; and Identifi, a proprietary technology system that aggregates and analyzes data, manages care workflows, and engages patients.