EverCommerce (NASDAQ:EVCM) Trading Down 7.4% Following Insider Selling

Shares of EverCommerce Inc. (NASDAQ:EVCM) were down 7.4% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $9.37 and last traded at $9.47. Approximately 34,627 shares were traded during trading, a decline of 74% from the average daily volume of 134,725 shares. The stock had previously closed at $10.23.

Specifically, President Matthew David Feierstein sold 10,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $11.26, for a total transaction of $112,600.00. Following the transaction, the president owned 2,106,254 shares of the company’s stock, valued at approximately $23,716,420.04. This represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Richard Remer sold 5,658 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $9.57, for a total value of $54,147.06. Following the sale, the chief executive officer owned 2,803,426 shares of the company’s stock, valued at approximately $26,828,786.82. The trade was a 0.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In related news, CEO Eric Richard Remer sold 13,542 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $10.53, for a total transaction of $142,597.26. Following the completion of the sale, the chief executive officer owned 2,809,084 shares in the company, valued at $29,579,654.52. This represents a 0.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Wall Street Analysts Forecast Growth

EVCM has been the subject of several recent analyst reports. Oppenheimer restated an “outperform” rating on shares of EverCommerce in a research note on Friday, March 13th. Citizens Jmp downgraded EverCommerce from an “outperform” rating to a “market perform” rating in a research note on Friday, March 13th. Royal Bank Of Canada decreased their target price on EverCommerce from $12.00 to $11.00 and set a “sector perform” rating for the company in a research note on Friday, March 13th. Weiss Ratings downgraded EverCommerce from a “hold (c)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Finally, The Goldman Sachs Group decreased their target price on EverCommerce from $9.00 to $8.00 and set a “sell” rating for the company in a research note on Friday, March 13th. Three analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $11.25.

EverCommerce News Roundup

Here are the key news stories impacting EverCommerce this week:

• Negative Sentiment: CEO Eric Richard Remer sold 13,542 shares on June 2 and another 5,658 shares on June 3, adding to a recent pattern of insider selling that may make investors cautious. SEC filing
• Negative Sentiment: President Matthew David Feierstein also sold shares on June 1 and June 3, reinforcing the impression of ongoing insider distribution rather than insider accumulation. SEC filing
• Neutral Sentiment: The sales were executed under pre-arranged 10b5-1 trading plans and were described as being for tax withholding related to equity vesting, which suggests they may be routine rather than a sign of changing fundamentals.
• Neutral Sentiment: EverCommerce recently reported mixed quarterly results, with revenue of $147.47 million roughly matching expectations, but EPS of $0.04 missing the $0.14 consensus estimate.
• Positive Sentiment: Analyst sentiment is mixed but not uniformly bearish, with a consensus rating of Hold and a consensus target price above the stock’s recent trading range.

EverCommerce Price Performance

The company has a debt-to-equity ratio of 0.72, a current ratio of 2.08 and a quick ratio of 2.08. The stock’s 50 day simple moving average is $11.16 and its two-hundred day simple moving average is $11.07. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 55.94, a P/E/G ratio of 2.00 and a beta of 0.92.

EverCommerce (NASDAQ:EVCM) last posted its earnings results on Thursday, May 7th. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.10). The company had revenue of $147.47 million for the quarter, compared to the consensus estimate of $147.18 million. EverCommerce had a return on equity of 3.37% and a net margin of 5.47%.EverCommerce’s quarterly revenue was up 3.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.01 EPS. On average, analysts forecast that EverCommerce Inc. will post 0.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On EverCommerce

Hedge funds and other institutional investors have recently modified their holdings of the stock. Federated Hermes Inc. lifted its position in shares of EverCommerce by 118.3% during the 3rd quarter. Federated Hermes Inc. now owns 3,076 shares of the company’s stock worth $34,000 after buying an additional 1,667 shares during the period. R Squared Ltd bought a new position in shares of EverCommerce during the 3rd quarter worth approximately $122,000. Prudential Financial Inc. lifted its position in shares of EverCommerce by 9.6% during the 2nd quarter. Prudential Financial Inc. now owns 13,546 shares of the company’s stock worth $142,000 after buying an additional 1,190 shares during the period. O Shaughnessy Asset Management LLC bought a new position in shares of EverCommerce during the 4th quarter worth approximately $177,000. Finally, BNP Paribas Financial Markets lifted its position in shares of EverCommerce by 863.2% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,325 shares of the company’s stock worth $171,000 after buying an additional 13,734 shares during the period. Institutional investors own 97.91% of the company’s stock.

About EverCommerce

EverCommerce, Inc is a provider of cloud-based software-as-a-service (SaaS) solutions designed for local service businesses. The company delivers an integrated platform that helps organizations manage customer interactions, streamline operations and facilitate recurring revenue. By combining multiple functions into a single interface, EverCommerce aims to simplify back-office processes and enhance the overall customer experience.

The company’s offerings encompass tools for appointment scheduling, payment processing, client relationship management, marketing automation, reputation management and reporting analytics.