Alarm.com drops as top investor exits

Alarm.com Holdings

20/05/2020 15:57

** Alarm.com Holdings Inc  ALRM.O  shares down 7.7% to
$46.04 on secondary offering
    ** Top holder Technology Crossover Ventures sells ~5.6 mln
shares, its 11.5% remaining stake in the smart home technology
firm  urn:newsml:reuters.com:*:nBwb8Fg7ma
    ** Sole bookrunner Morgan Stanley priced offering at $47.50,
4.7% discount to stock's Tues close
    ** ~1.6 mln ALRM shares have traded so far, 3.8x the 30-DMA
volume, per Refinitiv data
    ** With Weds move, ALRM cutting YTD gain to ~7%
    ** 7 of 9 analysts rate stock "buy" or stronger, 2 are
neutral; median PT is $55, down from $64 on Apr 20 (Refinitiv)

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))