Frontier Capital Management Co. LLC reduced its position in SendGrid Inc (NYSE:SEND) by 4.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 207,728 shares of the company’s stock after selling 9,388 shares during the period. Frontier Capital Management Co. LLC owned approximately 0.45% of SendGrid worth $7,642,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in SendGrid by 33.8% during the 2nd quarter. BlackRock Inc. now owns 1,287,514 shares of the company’s stock worth $34,143,000 after acquiring an additional 325,601 shares in the last quarter. Wells Fargo & Company MN lifted its position in SendGrid by 207.7% during the 2nd quarter. Wells Fargo & Company MN now owns 1,265,787 shares of the company’s stock worth $33,569,000 after acquiring an additional 854,472 shares in the last quarter. FMR LLC lifted its position in SendGrid by 172.6% during the 2nd quarter. FMR LLC now owns 957,240 shares of the company’s stock worth $25,386,000 after acquiring an additional 606,050 shares in the last quarter. OppenheimerFunds Inc. acquired a new position in SendGrid during the 2nd quarter worth approximately $15,842,000. Finally, Waddell & Reed Financial Inc. acquired a new position in SendGrid during the 2nd quarter worth approximately $14,989,000. 58.02% of the stock is currently owned by institutional investors and hedge funds.
SEND stock opened at $35.87 on Monday. The company has a current ratio of 10.83, a quick ratio of 10.83 and a debt-to-equity ratio of 0.05. SendGrid Inc has a 52-week low of $17.50 and a 52-week high of $38.66. The company has a market cap of $1.66 billion and a price-to-earnings ratio of -188.79.
In other SendGrid news, insider Sameer Dholakia sold 16,666 shares of SendGrid stock in a transaction that occurred on Wednesday, August 8th. The stock was sold at an average price of $29.64, for a total transaction of $493,980.24. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Michael Tognetti sold 4,459 shares of SendGrid stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $31.08, for a total value of $138,585.72. The disclosure for this sale can be found here. Insiders have sold a total of 124,848 shares of company stock worth $4,173,937 over the last 90 days. 30.20% of the stock is owned by company insiders.
Several research firms recently commented on SEND. Zacks Investment Research raised SendGrid from a “hold” rating to a “buy” rating and set a $32.00 price target on the stock in a research report on Tuesday, August 7th. Morgan Stanley boosted their price target on SendGrid from $27.00 to $29.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 1st. First Analysis began coverage on SendGrid in a research report on Monday, September 24th. They set a “strong-buy” rating and a $45.00 price target on the stock. Stifel Nicolaus boosted their price target on SendGrid from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, September 13th. Finally, KeyCorp boosted their price target on SendGrid from $32.00 to $42.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 4th. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $36.00.
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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