EverCommerce (NASDAQ:EVCM) Shares Gap Down After Earnings Miss

EverCommerce Inc. (NASDAQ:EVCM - Get Free Report)'s stock price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $8.95, but opened at $8.38. EverCommerce shares last traded at $9.47, with a volume of 72,767 shares traded.

The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.05). The company had revenue of $175.00 million during the quarter, compared to analyst estimates of $170.48 million. EverCommerce had a negative net margin of 7.53% and a negative return on equity of 6.56%. The business's revenue for the quarter was up 3.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.12) EPS.

Analyst Upgrades and Downgrades

Several analysts have issued reports on EVCM shares. The Goldman Sachs Group dropped their price target on EverCommerce from $9.00 to $8.00 and set a "sell" rating on the stock in a research note on Friday. Royal Bank of Canada reduced their price target on EverCommerce from $14.00 to $11.00 and set an "outperform" rating for the company in a report on Friday. Oppenheimer reduced their price target on EverCommerce from $13.00 to $12.00 and set an "outperform" rating for the company in a report on Friday. Barclays reduced their price objective on EverCommerce from $12.00 to $9.00 and set an "equal weight" rating for the company in a report on Friday. Finally, Jefferies Financial Group reduced their price objective on EverCommerce from $12.00 to $10.00 and set a "hold" rating for the company in a report on Friday. 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 company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $11.09.

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Insider Buying and Selling at EverCommerce

In related news, CEO Eric Richard Remer sold 7,235 shares of the company's stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $11.22, for a total value of $81,176.70. Following the sale, the chief executive officer now owns 7,898,225 shares in the company, valued at $88,618,084.50. This represents a 0.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Matthew David Feierstein sold 20,401 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $10.81, for a total transaction of $220,534.81. Following the transaction, the president now directly owns 2,217,294 shares of the company's stock, valued at $23,968,948.14. This represents a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 181,735 shares of company stock valued at $1,864,596. 11.60% of the stock is currently owned by insiders.

Institutional Trading of EverCommerce

A number of hedge funds have recently made changes to their positions in the stock. Woodline Partners LP raised its stake in shares of EverCommerce by 24.8% during the fourth quarter. Woodline Partners LP now owns 535,094 shares of the company's stock valued at $5,891,000 after acquiring an additional 106,359 shares during the last quarter. State Street Corp lifted its stake in shares of EverCommerce by 2.4% in the third quarter. State Street Corp now owns 514,965 shares of the company's stock worth $5,335,000 after buying an additional 12,156 shares in the last quarter. Janus Henderson Group PLC lifted its position in EverCommerce by 34.6% during the fourth quarter. Janus Henderson Group PLC now owns 428,319 shares of the company's stock valued at $4,716,000 after purchasing an additional 110,183 shares during the period. Northern Trust Corp raised its position in EverCommerce by 4.2% in the fourth quarter. Northern Trust Corp now owns 199,283 shares of the company's stock worth $2,194,000 after acquiring an additional 7,954 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in EverCommerce by 0.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 168,587 shares of the company's stock worth $1,856,000 after acquiring an additional 1,092 shares during the period. 97.91% of the stock is owned by institutional investors.

EverCommerce Trading Up 0.1 %

The stock's 50 day moving average price is $10.15 and its 200-day moving average price is $10.71. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $1.83 billion, a PE ratio of -35.64 and a beta of 1.12.

About EverCommerce

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.