In a report released yesterday, Brent Bracelin from KeyBanc maintained a Buy rating on Sendgrid Inc (NYSE: SEND), with a price target of $42. The company’s shares closed on Friday at $36.27, close to its 52-week high of $36.77.
Bracelin said:
“We have increasing confidence in the upside levers to cloud software API business models like AMZN, TWLO, BAND, and SEND. Thus, we are raising our estimates and increasing our price target on SEND to $42 from $32, rolling forward to CY20.”
According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 26.0% and a 78.5% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Salesforce.com, and Everbridge Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Sendgrid Inc with a $37 average price target.
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Based on Sendgrid Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $310K. In comparison, last year the company had a GAAP net loss of $1.33 million.
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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.
