Stephens Believes Everbridge Inc (EVBG) Won’t Stop Here

Stephens analyst Ryan MacWilliams assigned a Buy rating to Everbridge Inc (EVBG) today and set a price target of $98. The company’s shares closed yesterday at $94.83, close to its 52-week high of $104.22.

MacWilliams observed:

“We assume coverage with an Overweight/Volatile rating and a $98 PT. Everbridge is lower in pre-market trading as a mixed 2Q19 report failed to meet high expectations of investors (EVBG ran +21% into earnings) who were likely expecting nothing short of a clean quarter. Concerns surrounding deferred revenue was the main point of contention (declined ~$0.4 mil. from 1Q), though a muted revenue beat ($48.4 mil. vs. Street $48.0 mil.) and 3Q19 outlook ($51.5 mil. vs. Street $51.4 mil.) did not help matters either. That said, we believe this is the entry point investors have been waiting for, as we expect CEM suite wins to re-accelerate (from 8 in 2Q19), driving improved bookings ahead of on-going catalysts (EU PAS upgrade, NC4 acquisition, and Federal).”

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Everbridge Inc with a $101 average price target, implying a 6.5% upside from current levels. In a report issued on August 2, Needham also maintained a Buy rating on the stock with a $115 price target.

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The company has a one-year high of $104.22 and a one-year low of $41.94. Currently, Everbridge Inc has an average volume of 601.5K.

Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is negative on the stock.

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Everbridge, Inc. engages in the development of software solutions for critical event management and enterprise safety applications that automate and accelerate an organization’s operational response to critical events.

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