EverCommerce (NASDAQ:EVCM) Shares Gap Down – Here’s What Happened

Shares of EverCommerce Inc. (NASDAQ:EVCM) gapped down before the market opened on Tuesday . The stock had previously closed at $10.43, but opened at $10.15. EverCommerce shares last traded at $10.32, with a volume of 5,183 shares changing hands.

Analysts Set New Price Targets

EVCM has been the subject of a number of research analyst reports. The Goldman Sachs Group dropped their target price on shares of EverCommerce from $9.00 to $8.00 and set a “sell” rating for the company in a research report on Friday, March 14th. Barclays lowered their target price on EverCommerce from $12.00 to $9.00 and set an “equal weight” rating for the company in a research note on Friday, March 14th. Royal Bank of Canada cut their price target on EverCommerce from $14.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, March 14th. Piper Sandler lowered their price objective on EverCommerce from $11.00 to $9.00 and set a “neutral” rating for the company in a research note on Monday, March 17th. Finally, Oppenheimer cut their target price on EverCommerce from $13.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday, March 14th. Two analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $11.09.

EverCommerce Price Performance

The business’s 50-day simple moving average is $10.13 and its 200 day simple moving average is $10.69. The company has a market capitalization of $1.92 billion, a P/E ratio of -37.32 and a beta of 1.12. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of 0.68.

EverCommerce (NASDAQ:EVCM) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.05). EverCommerce had a negative return on equity of 6.56% and a negative net margin of 7.53%. The firm had revenue of $175.00 million during the quarter, compared to the consensus estimate of $170.48 million. During the same period in the prior year, the firm posted ($0.12) EPS. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. As a group, sell-side analysts anticipate that EverCommerce Inc. will post -0.17 EPS for the current year.

Insider Buying and Selling

In related news, President Matthew David Feierstein sold 20,401 shares of EverCommerce stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $10.81, for a total transaction of $220,534.81. Following the completion of the sale, the president now owns 2,217,294 shares of the company’s stock, valued at approximately $23,968,948.14. This trade represents a 0.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric Richard Remer sold 5,713 shares of EverCommerce stock in a transaction dated Tuesday, January 14th. The shares were sold at an average price of $10.15, for a total value of $57,986.95. Following the sale, the chief executive officer now owns 7,880,059 shares of the company’s stock, valued at approximately $79,982,598.85. This represents a 0.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 222,833 shares of company stock valued at $2,265,542. 11.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On EverCommerce

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVCM. Edgestream Partners L.P. bought a new stake in EverCommerce during the third quarter valued at about $536,000. Janus Henderson Group PLC lifted its holdings in shares of EverCommerce by 1.2% during the third quarter. Janus Henderson Group PLC now owns 318,136 shares of the company’s stock worth $3,296,000 after buying an additional 3,837 shares during the last quarter. State Street Corp increased its position in EverCommerce by 2.4% during the third quarter. State Street Corp now owns 514,965 shares of the company’s stock worth $5,335,000 after acquiring an additional 12,156 shares during the period. Barclays PLC boosted its holdings in EverCommerce by 305.6% in the 3rd quarter. Barclays PLC now owns 29,677 shares of the company’s stock valued at $307,000 after purchasing an additional 22,360 shares during the period. Finally, JPMorgan Chase & Co. grew its position in EverCommerce by 161.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 102,265 shares of the company’s stock worth $1,059,000 after purchasing an additional 63,139 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

EverCommerce Company Profile

EverCommerce Inc, together with its subsidiaries, provides integrated software-as-a-service solutions for service-based small and medium sized businesses in the United States and internationally. The company’s solutions include business management software that offers route-based dispatching, medical practice management, and gym member management solutions; billing and payment solutions comprising e-invoicing, mobile payments, and integrated payment processing; customer experience solution, which include reputation management and messaging solutions; and marketing technology solutions that cover websites, hosting, and digital lead generation.