SendGrid (NYSE:SEND) had its price objective upped by analysts at Stifel Nicolaus from $32.00 to $40.00 in a report issued on Thursday, September 13th, Stock Target Advisor reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 23.23% from the stock’s previous close.
Several other analysts have also commented on SEND. Zacks Investment Research raised shares of SendGrid from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. Morgan Stanley increased their price objective on shares of SendGrid from $27.00 to $29.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 1st. Finally, KeyCorp increased their price objective on shares of SendGrid from $32.00 to $42.00 and gave the company an “overweight” rating in a research report on Tuesday, September 4th. Two research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $36.00.
SendGrid stock traded down $1.46 during midday trading on Thursday, hitting $32.46. 826,700 shares of the company’s stock were exchanged, compared to its average volume of 582,131. The company has a debt-to-equity ratio of 0.05, a current ratio of 10.83 and a quick ratio of 10.83. SendGrid has a 12 month low of $17.50 and a 12 month high of $38.66. The stock has a market cap of $1.71 billion and a price-to-earnings ratio of -180.10.
SendGrid (NYSE:SEND) last issued its earnings results on Tuesday, July 31st. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.03. The business had revenue of $35.68 million for the quarter, compared to the consensus estimate of $34.32 million. On average, equities analysts expect that SendGrid will post -0.04 earnings per share for the current year.
In other news, insider Sameer Dholakia sold 16,666 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $35.64, for a total transaction of $593,976.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Stephen M. Sloan sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 27th. The stock was sold at an average price of $36.66, for a total transaction of $549,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 93,182 shares of company stock valued at $3,103,545 over the last three months. 30.20% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Northern Trust Corp grew its stake in SendGrid by 21.2% in the 2nd quarter. Northern Trust Corp now owns 109,224 shares of the company’s stock valued at $2,896,000 after acquiring an additional 19,110 shares during the period. Millennium Management LLC grew its stake in SendGrid by 604.2% in the 2nd quarter. Millennium Management LLC now owns 261,104 shares of the company’s stock valued at $6,924,000 after acquiring an additional 224,024 shares during the period. Waddell & Reed Financial Inc. acquired a new stake in SendGrid in the 2nd quarter valued at $14,989,000. Cubist Systematic Strategies LLC grew its stake in SendGrid by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 17,201 shares of the company’s stock valued at $456,000 after acquiring an additional 9,727 shares during the period. Finally, Bank of America Corp DE grew its stake in SendGrid by 43.3% in the 2nd quarter. Bank of America Corp DE now owns 29,741 shares of the company’s stock valued at $788,000 after acquiring an additional 8,990 shares during the period. 57.90% of the stock is currently owned by institutional investors and hedge funds.
SendGrid, Inc operates as a digital communication platform in the United States and internationally. Its cloud-based platform provides various tools to the businesses, including developers and marketers to reach their customers using an email. The company offers services, such as email application programming interface (API), which allow developers to use its API in their preferred development framework and to use its platform to add email functionality to their applications; marketing campaigns that allow marketers to upload and manage customer contact lists, create and test email templates, and execute and analyze email campaigns to engage customers; and expert services to help businesses optimize their email delivery.
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