Brokerages forecast that SendGrid Inc (NYSE:SEND) will post sales of $39.42 million for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for SendGrid’s earnings, with the lowest sales estimate coming in at $39.10 million and the highest estimate coming in at $39.81 million. SendGrid reported sales of $31.73 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 24.2%. The firm is scheduled to report its next earnings results on Monday, February 25th.
According to Zacks, analysts expect that SendGrid will report full year sales of $143.67 million for the current financial year, with estimates ranging from $143.45 million to $144.07 million. For the next fiscal year, analysts forecast that the company will report sales of $179.81 million, with estimates ranging from $176.40 million to $183.65 million. Zacks’ sales averages are an average based on a survey of analysts that follow SendGrid.
A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of SendGrid from a “hold” rating to a “buy” rating and set a $32.00 price objective for the company in a research report on Tuesday, August 7th. Morgan Stanley upped 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. First Analysis assumed coverage on shares of SendGrid in a research report on Monday, September 24th. They set a “strong-buy” rating and a $45.00 price objective for the company. Stifel Nicolaus lowered shares of SendGrid from a “buy” rating to a “hold” rating in a research report on Tuesday, October 16th. Finally, KeyCorp upped 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. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. SendGrid has an average rating of “Buy” and a consensus target price of $36.00.
Shares of SEND opened at $44.37 on Friday. The company has a quick ratio of 10.83, a current ratio of 10.83 and a debt-to-equity ratio of 0.05. SendGrid has a 52 week low of $17.50 and a 52 week high of $47.72.
In related news, SVP Michael Tognetti sold 4,459 shares of the stock in a transaction dated Wednesday, August 15th. The shares were sold at an average price of $31.08, for a total value of $138,585.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Sameer Dholakia sold 16,666 shares of the stock in a transaction dated Tuesday, November 6th. The stock was sold at an average price of $34.68, for a total transaction of $577,976.88. The disclosure for this sale can be found here. Insiders sold 140,239 shares of company stock valued at $4,790,155 in the last three months. Company insiders own 30.20% of the company’s stock.
A number of institutional investors have recently modified their holdings of SEND. Northern Trust Corp grew its stake in SendGrid by 25.5% during the first quarter. Northern Trust Corp now owns 90,114 shares of the company’s stock worth $2,536,000 after buying an additional 18,300 shares during the last quarter. BlackRock Inc. grew its stake in SendGrid by 37.9% during the first quarter. BlackRock Inc. now owns 961,913 shares of the company’s stock worth $27,069,000 after buying an additional 264,265 shares during the last quarter. JPMorgan Chase & Co. grew its stake in SendGrid by 45.8% during the first quarter. JPMorgan Chase & Co. now owns 50,137 shares of the company’s stock worth $1,411,000 after buying an additional 15,757 shares during the last quarter. Millennium Management LLC bought a new stake in SendGrid during the first quarter worth about $1,043,000. Finally, Legal & General Group Plc grew its stake in SendGrid by 766.1% during the first quarter. Legal & General Group Plc now owns 12,775 shares of the company’s stock worth $360,000 after buying an additional 11,300 shares during the last quarter. 58.02% of the stock is currently owned by hedge funds and other institutional investors.
SendGrid Company Profile
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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