Sendgrid Inc Received its Third Buy in a Row


After Piper Jaffray and Canaccord Genuity assigned a Buy rating to Sendgrid Inc in the last month, the company received another Buy, this time from KeyBanc. Analyst Brent Bracelin maintained a Buy rating on Sendgrid Inc (NASDAQ: SEND) yesterday and set a price target of $32. The company’s shares closed yesterday at $28.75.

Bracelin observed:

“We remain positive on SEND based on a profitable, API-centric cloud software model with high-growth addressing an $11B TAM. Key Investment Points Results: Marketing Campaigns doubles, fuels 31% top-line growth ● Posted $0.5M of revenue upside on 31% y/y growth.”

According to TipRanks.com, Bracelin is a top 100 analyst with an average return of 19.0% and a 75.6% success rate. Bracelin covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Tyler Technologies, and Microsoft Corp.

Currently, the analyst consensus on Sendgrid Inc is Strong Buy and the average price target is $30.40, representing a 5.7% upside.

In a report issued on April 23, Piper Jaffray also reiterated a Buy rating on the stock with a $32 price target.

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Based on Sendgrid Inc’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $32.57 million and GAAP net loss of $1.27 million. In comparison, last year the company earned revenue of $24.83 million and had a GAAP net loss of $1.8 million.

Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is negative on the stock.

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SendGrid, Inc. provides customer communications platform for transactional and marketing email. The firm’s solutions include sendgrid API, expert services and sendgrid & email marketing campaigns. The company was founded by Isaac Saldana, Tim Jenkins, and Jose Lopez in 2009 and is headquartered in Denver, CO.

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