Everbridge tumbles on disappointing rev guide, analyst downgrades

Everbridge

25/02/2022 16:02

** Everbridge Inc  EVBG.O  shares tumble 39.1% to $28.20,
lowest since Dec 2017, after software co's qtrly report
disappoints
    ** Co after the bell Thurs forecasted FY 2022 rev of
$426-$432 mln vs Street consensus of $448 mln, per Refinitiv
IBES data  urn:newsml:reuters.com:*:nBw8b6vKfa
    ** Co reported Q4 rev increased 36% yr/yr to ~$103 mln and
adj loss/sh of 5 cents, both beating Street estimates
    ** Truist Securities downgrades EVBG to 'hold' from 'buy',
slashes PT to $42 from $85, citing lower rev and higher
execution risk
    ** "Growth now expected to be 15%-17% (20%-23%) owing to
anticipated weakness in enterprise segment as well as public
warning system challenges," Truist says in note
    ** Other brokerages cut PTs: JP Morgan goes to $45 from
$127, Raymond James to $50 from $80, Stifel to $40 from $100
    ** Avg analyst rating on EVBG is 'hold' and median PT is $40
- Refinitiv
    ** On Dec 10, shares plunged 45.4% to $63 after co announced
then CEO David Meredith's resignation  urn:newsml:reuters.com:*:nL4N2SV2G0
    ** Stock has now lost about 75% of its value over the past 3
months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))