SendGrid Inc (SEND) Receives $33.40 Average Target Price from Brokerages

SendGrid Inc (NYSE:SEND) has been given a consensus recommendation of “Buy” by the eight research firms that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $35.00.

Several research firms have weighed in on SEND. Zacks Investment Research upgraded shares of SendGrid from a “hold” rating to a “buy” rating and set a $32.00 price objective on the stock in a report on Tuesday, August 7th. Morgan Stanley upped their price objective on shares of SendGrid from $27.00 to $29.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 1st. KeyCorp upped their price objective on shares of SendGrid from $32.00 to $42.00 and gave the stock an “overweight” rating in a report on Tuesday, September 4th. Finally, Stifel Nicolaus upped their price objective on shares of SendGrid from $32.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday.

Shares of SendGrid stock traded down $1.05 during trading on Wednesday, reaching $36.21. 969,750 shares of the company traded hands, compared to its average volume of 781,962. The company has a quick ratio of 10.83, a current ratio of 10.83 and a debt-to-equity ratio of 0.05. SendGrid has a 1-year low of $17.50 and a 1-year high of $38.66. The company has a market capitalization of $1.72 billion and a PE ratio of -190.58.

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

In related news, insider Sameer Dholakia sold 16,666 shares of the stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $29.64, for a total transaction of $493,980.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Craig Kaes sold 15,391 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $29.29, for a total transaction of $450,802.39. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 78,182 shares of company stock worth $2,553,645. Corporate insiders own 30.20% of the company’s stock.

A number of large investors have recently modified their holdings of the business. MetLife Investment Advisors LLC purchased a new stake in shares of SendGrid in the first quarter worth about $120,000. Barclays PLC lifted its holdings in shares of SendGrid by 225.9% in the first quarter. Barclays PLC now owns 4,282 shares of the company’s stock worth $121,000 after buying an additional 2,968 shares in the last quarter. Citigroup Inc. raised its stake in SendGrid by 387.2% in the first quarter. Citigroup Inc. now owns 4,550 shares of the company’s stock valued at $128,000 after purchasing an additional 3,616 shares in the last quarter. NumerixS Investment Technologies Inc purchased a new stake in SendGrid in the second quarter valued at approximately $174,000. Finally, Rhumbline Advisers purchased a new stake in SendGrid in the first quarter valued at approximately $205,000. Hedge funds and other institutional investors own 57.90% of the company’s stock.

About SendGrid

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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Analyst Recommendations for SendGrid (NYSE:SEND)

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