SendGrid (SEND) Hits New 1-Year High Following Analyst Upgrade

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SendGrid Inc (NYSE:SEND) hit a new 52-week high during trading on Tuesday after KeyCorp raised their price target on the stock from $32.00 to $42.00. KeyCorp currently has an overweight rating on the stock. SendGrid traded as high as $36.95 and last traded at $36.56, with a volume of 50945 shares trading hands. The stock had previously closed at $36.85.

Several other equities research analysts also recently issued reports on the company. Zacks Investment Research upgraded SendGrid from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Morgan Stanley lifted their price objective on SendGrid from $27.00 to $29.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 1st. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. SendGrid has an average rating of “Buy” and a consensus price target of $33.17.

In other news, SVP Craig Kaes sold 15,391 shares of the business’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $29.29, for a total value of $450,802.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Sameer Dholakia sold 16,666 shares of the business’s stock in a transaction that occurred on Wednesday, August 8th. The shares were sold at an average price of $29.64, for a total value of $493,980.24. The disclosure for this sale can be found here. Insiders have sold a total of 51,516 shares of company stock worth $1,603,868 over the last 90 days. 30.20% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC increased its holdings in shares of SendGrid by 604.2% in the 2nd quarter. Millennium Management LLC now owns 261,104 shares of the company’s stock valued at $6,924,000 after acquiring an additional 224,024 shares during the last quarter. Waddell & Reed Financial Inc. bought a new stake in shares of SendGrid in the 2nd quarter valued at approximately $14,989,000. Cubist Systematic Strategies LLC increased its holdings in shares of SendGrid by 130.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 17,201 shares of the company’s stock valued at $456,000 after acquiring an additional 9,727 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of SendGrid by 43.3% in the 2nd quarter. Bank of America Corp DE now owns 29,741 shares of the company’s stock valued at $788,000 after acquiring an additional 8,990 shares during the last quarter. Finally, OppenheimerFunds Inc. bought a new stake in shares of SendGrid in the 2nd quarter valued at approximately $15,842,000. Institutional investors and hedge funds own 57.90% of the company’s stock.

The company has a debt-to-equity ratio of 0.05, a current ratio of 10.83 and a quick ratio of 10.83. The firm has a market cap of $1.68 billion and a price-to-earnings ratio of -193.89.

SendGrid (NYSE:SEND) last issued its quarterly earnings results on Tuesday, July 31st. The company reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.03. The firm had revenue of $35.68 million during the quarter, compared to the consensus estimate of $34.32 million. sell-side analysts expect that SendGrid Inc will post -0.04 EPS for the current year.

SendGrid Company Profile (NYSE:SEND)

SendGrid, Inc operates as a digital communication platform in the United States and internationally. Its cloud-based platform provides various tools to the businesses, including developers and marketers to reach their customers using an email. The company offers services, such as email application programming interface (API), which allow developers to use its API in their preferred development framework and to use its platform to add email functionality to their applications; marketing campaigns that allow marketers to upload and manage customer contact lists, create and test email templates, and execute and analyze email campaigns to engage customers; and expert services to help businesses optimize their email delivery.

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