EverCommerce (NASDAQ:EVCM) Stock Gets Price Target Reduction from Canaccord Genuity Group

EverCommerce (NASDAQ:EVCM) had its price objective cut by equities research analysts at Canaccord Genuity Group from $13.00 to $9.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group‘s target price would suggest a potential upside of 10.97% from the stock’s current price.

Several other research firms have also issued reports on EVCM. Barclays raised their price target on shares of EverCommerce from $8.50 to $10.00 and gave the stock an “underweight” rating in a research report on Thursday, August 6th. Oppenheimer cut their price objective on shares of EverCommerce from $13.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday. Royal Bank Of Canada reduced their target price on shares of EverCommerce from $10.00 to $7.00 and set a “sector perform” rating for the company in a research note on Friday. Weiss Ratings downgraded EverCommerce from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday. Finally, Wall Street Zen lowered EverCommerce from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 26th. Two analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $8.67.

EverCommerce Stock Performance

NASDAQ:EVCM traded down $0.24 during mid-day trading on Friday, hitting $8.11. 93,035 shares of the company’s stock traded hands, compared to its average volume of 143,371. The firm has a market capitalization of $1.43 billion, a price-to-earnings ratio of 45.01, a price-to-earnings-growth ratio of 0.83 and a beta of 0.63. The firm has a 50 day moving average of $8.59 and a two-hundred day moving average of $10.26. The company has a current ratio of 2.14, a quick ratio of 2.14 and a debt-to-equity ratio of 0.72. EverCommerce has a 12 month low of $6.01 and a 12 month high of $14.41.

EverCommerce (NASDAQ:EVCM) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.13). The business had revenue of $151.45 million during the quarter, compared to the consensus estimate of $152.91 million. EverCommerce had a net margin of 5.69% and a return on equity of 3.95%. The firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.03) earnings per share. On average, equities analysts forecast that EverCommerce will post 0.52 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Eric Remer sold 6,354 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $8.07, for a total value of $51,276.78. Following the sale, the director owned 5,011,125 shares of the company’s stock, valued at $40,439,778.75. The trade was a 0.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Matthew Feierstein sold 10,000 shares of the stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $10.00, for a total transaction of $100,000.00. Following the completion of the transaction, the president directly owned 1,961,214 shares of the company’s stock, valued at $19,612,140. This trade represents a 0.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 431,327 shares of company stock worth $4,069,251. 10.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On EverCommerce

A number of hedge funds have recently modified their holdings of the stock. Ethic Inc. bought a new position in shares of EverCommerce during the 3rd quarter worth approximately $88,000. Bank of America Corp DE acquired a new stake in EverCommerce in the 2nd quarter valued at $125,000. Deutsche Bank AG bought a new stake in EverCommerce in the second quarter valued at $144,000. Engineers Gate Manager LP grew its position in EverCommerce by 16.7% in the second quarter. Engineers Gate Manager LP now owns 20,821 shares of the company’s stock valued at $209,000 after acquiring an additional 2,982 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in EverCommerce in the second quarter valued at $324,000. 97.91% of the stock is owned by institutional investors and hedge funds.

EverCommerce News Roundup

Here are the key news stories impacting EverCommerce this week:

• Positive Sentiment: Oppenheimer maintained its “outperform” rating, despite lowering its price target to $11 from $13, implying potential upside from the cited share price. Oppenheimer rating and price target
• Neutral Sentiment: Revenue increased 2.6% year over year, though growth was modest and quarterly revenue came in slightly below analysts’ expectations. EverCommerce third-quarter results
• Negative Sentiment: EverCommerce reported quarterly EPS of $0.03, below the $0.16 consensus estimate, and revenue of $151.45 million versus estimates of $152.91 million. The earnings shortfall is a likely headwind for the stock. Q3 earnings and revenue estimates
• Negative Sentiment: Deutsche Bank downgraded EVCM from “buy” to “hold” and set a $7 price target, signaling a less favorable view of the shares. Deutsche Bank downgrade
• Negative Sentiment: Royal Bank of Canada cut its target to $7 from $10 and assigned a “sector perform” rating, adding to the cautious analyst outlook. Royal Bank of Canada rating and price target

EverCommerce Company Profile

EverCommerce, Inc is a software and technology company that provides integrated, cloud-based solutions for service-oriented small and midsize businesses. Its platforms are designed to help businesses manage operations, customer relationships, payments, marketing and other administrative functions through specialized applications tailored to specific industries.

The company serves a broad range of vertical markets, including home and field services, health and wellness, fitness, education, professional services and other appointment- or membership-based businesses.