Everbridge, Inc. (NASDAQ: EVBG) experienced a significant gap up in its share price prior to trading on Friday June 2, 2023, following insider buying activity. The stock had previously closed at $25.10 but opened at $26.25. By the end of the trading day Everbridge’s shares were trading at $26.09 with 62,424 shares changing hands in volume.
CFO Patrick Brickley sold 1,554 shares of Everbridge stock on May 1st at an average price of $25.77 per share, for a total transaction value of $40,046.58 and now owns 126,640 shares in the company worth approximately $3,271,278.08 as outlined in the Securities & Exchange Commission document.
Additionally on May 30th David J Henshall acquired 20,000 shares of Everbridge’s stock priced at an average of $23.24 per share with a total value of $464,800. Following this transaction Henshall’s new ownership stake is valued at approximately $$658,412.
EVBG currently has a market cap of $1.04 billion and a PE ratio currently standing at -12.68 for the current fiscal year ending December 31st2017 with EPS anticipated to be roughly around .18 cents; A PEG ratio suggests that there may be some future growth within this organization being indicated by its consistent Financial Services improvements over the last couple years.
Raymond James lifted their price goal target for Evbg from $32 to $39 and gave Everbridge an “outperform” rating in February of this year while Barclays lowered their price outlook on May 10th from $32 to $27 and Robert W Baird dropping their price objective from $34 to $28 just one week after this report was suggested indicating likely downward financial trends towards the end of Q2. StockNews.com issued a “hold” rating for the company on May 18th meanwhile Truist Financial lowered their target price from $32 to $27 just twenty-two days ago.
Everbridge, Inc develops pioneering SaaS-based solutions for critical event management and enterprise safety applications that automate and accelerate an organisation’s operational response to crucial affairs. Their acclaimed CEM platform allows live event assessment, crisis incident management, real-time communication with personnel able to assist at times of crisis and automated response plans to ensure timely resolution mapping in any given situation.
Despite Everbridge’s negative return on equity reported at -3.52%, the positive revenue trending upwards signifies this crisis management technology organization is well on its way towards greener pastures.
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Institutional Investors Show Strong Interest in Everbridge’s Critical Event Management Software Applications
Institutional investors have been on the move lately, modifying their holdings in companies across various sectors to increase profitability. In a striking example of this, Everbridge, the technology company specializing in critical event management software applications for global enterprises and governments, has seen significant investment activity from several notable institutional players.
According to recent reports from reputable sources, Polar Asset Management Partners Inc., Fred Alger Management LLC, Vanguard Group Inc., Norges Bank and Washington Harbour Partners LP have all increased their positions in Everbridge over the past few months. In fact, these institutions’ purchases amounted to millions of dollars worth of new positions.
Polar Asset Management Partners led the way, acquiring a new position in Everbridge during the first quarter worth an impressive $22.18 million. This was closely followed by Fred Alger Management LLC’s 43.7% hike in its holdings in the third quarter of 2022; they now own 1.94 million shares in Everbridge worth nearly $60 million.
Vanguard Group Inc., one of the world’s oldest and largest equity fund managers with more than $8 trillion invested globally across multiple industries and markets also boosted its stake in shares of Everbridge by 14.5% during Q1 2023-4, now owning over four million shares valued at $176.65 million.
Norges Bank entered this bustling scene by purchasing a new position valued at around $11.48 million during Q4 2022-23 – clearly interested in deepening its exposure to exciting tech ventures like Everbridge.
Finally, Washington Harbour Partners LP acquired another new position during Q1 2033-4 with a value of $14.31 million-strengthening their hand further still when it comes to investment opportunities across attractive high growth areas such as those within Everbridge’s sector.
Overall, this institutional interest underlines how effective companies that offer valuable solutions and intelligent communication can attract large capital inflows from specialized investors, propelling these firms forward in an ever-changing economic landscape. It is an exciting reminder of the power of innovation and the opportunities that can arise for businesses that are invested in advances and equipped with technologies capable of responding quickly to complex challenges. As Everbridge continues to garner such interest from powerful investment entities, it seems clear that its unique approach to solving critical event management problems will play a major role in shaping our future – all watchful eyes would do well to monitor how interested institutions act during this ongoing shift toward tech-led growth and diversification.
