Zacks Investment Research Lowers Everbridge, Inc. (EVBG) to Sell

Zacks Investment Research downgraded shares of Everbridge, Inc. (NASDAQ:EVBG) from a hold rating to a sell rating in a research note published on Wednesday, August 9th.

According to Zacks, “Everbridge, Inc. is a software company which provides communications and enterprise safety applications. The company’s applications include Mass Notification, Incident Management, IT Alerting, Safety Connection(TM), Community Engagement(TM), Secure Messaging and Internet of Things. It operates primarily in Boston, Los Angeles, San Francisco, Beijing and London. Everbridge, Inc. is based in Burlington, United States. “

Several other analysts have also recently commented on the stock. SunTrust Banks, Inc. initiated coverage on shares of Everbridge in a research note on Monday, June 26th. They issued a buy rating and a $32.00 target price for the company. Pacific Crest reiterated a buy rating on shares of Everbridge in a research note on Tuesday, May 9th. Stifel Nicolaus reiterated a buy rating and issued a $27.00 target price (up from $22.00) on shares of Everbridge in a research note on Tuesday, May 9th. Bank of America Corporation lifted their target price on shares of Everbridge from $24.00 to $28.00 and gave the company a buy rating in a research note on Tuesday, May 9th. Finally, Needham & Company LLC started coverage on shares of Everbridge in a research note on Monday, April 17th. They issued a buy rating and a $25.00 target price for the company. One investment analyst has rated the stock with a sell rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $25.60.

Everbridge (NASDAQ:EVBG) traded up 1.46% during trading on Wednesday, hitting $22.90. The company had a trading volume of 279,988 shares. The firm’s 50 day moving average is $23.09 and its 200-day moving average is $22.14. The stock’s market capitalization is $643.38 million. Everbridge has a 52-week low of $11.76 and a 52-week high of $26.87.

Everbridge (NASDAQ:EVBG) last released its earnings results on Thursday, August 3rd. The technology company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.03. The business had revenue of $25 million for the quarter, compared to the consensus estimate of $24.49 million. Everbridge had a negative net margin of 16.72% and a negative return on equity of 26.39%. The firm’s revenue for the quarter was up 34.4% on a year-over-year basis. On average, equities analysts forecast that Everbridge will post ($0.28) earnings per share for the current year.

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In other news, Director Bruns H. Grayson sold 10,000 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $22.07, for a total value of $220,700.00. Following the sale, the director now owns 26,082 shares of the company’s stock, valued at approximately $575,629.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Claudia Dent sold 2,000 shares of the company’s stock in a transaction dated Monday, June 19th. The stock was sold at an average price of $24.94, for a total transaction of $49,880.00. The disclosure for this sale can be found here. Insiders sold a total of 269,401 shares of company stock worth $6,300,608 in the last three months. Insiders own 41.40% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Legal & General Group Plc increased its position in shares of Everbridge by 196.3% in the second quarter. Legal & General Group Plc now owns 4,355 shares of the technology company’s stock valued at $107,000 after buying an additional 2,885 shares during the period. American International Group Inc. bought a new position in shares of Everbridge during the first quarter valued at about $108,000. Fortaleza Asset Management Inc. bought a new position in shares of Everbridge during the second quarter valued at about $166,000. Teachers Advisors LLC bought a new position in shares of Everbridge during the fourth quarter valued at about $180,000. Finally, Nationwide Fund Advisors increased its position in shares of Everbridge by 210.1% in the second quarter. Nationwide Fund Advisors now owns 9,590 shares of the technology company’s stock valued at $234,000 after buying an additional 6,497 shares during the period. 38.46% of the stock is currently owned by institutional investors and hedge funds.

About Everbridge

Everbridge, Inc is a global software company. The Company provides enterprise software applications that automate and accelerate organizations’ operational response to critical events in order to keep people safe and businesses running. During public safety threats, such as active shooter situations, terrorist attacks or severe weather conditions, as well as critical business events, such as information technology (IT) outages, cyber-attacks or other incidents, such as product recalls or supply-chain interruptions, its Software as a Service (SaaS)-based platform enables its customers to aggregate and assess threat data, locate people at risk and responders able to assist, automate the execution of pre-defined communications processes, and track progress on executing response plans.

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