Forrester Research Inc. (NASDAQ:FORR) stock has reached a new 52-week low, trading at $14.35. This latest price point marks a significant drop for the company, which has seen a -42.73% change over the past year. According to InvestingPro data, despite the market cap shrinking to $275.44M, management has been actively buying back shares, demonstrating confidence in the company's future. Investors are closely monitoring the stock as it hits this low, reflecting a challenging period for the market research firm. While revenue declined 11.42% in the last twelve months, the company maintains impressive gross profit margins of 56.92%. InvestingPro analysis suggests the stock is currently undervalued, with additional insights available in the comprehensive Pro Research Report, one of 1,400+ detailed company analyses available to subscribers.
In other recent news, Forrester Research, Inc. reported mixed results for the third quarter of 2024, including a 10% decline in revenue to $102.5 million and a 5% decrease in contract value (CV) to $315.2 million. Despite these challenges, the company's transition to the Forrester Decisions platform is on track, with 78% of CV now in this offering and expectations to exceed 80% by year-end. In addition to these developments, Forrester launched a new service for data, AI, and analytics leaders and introduced Izola, a generative AI research portal.
The company also divested its FeedbackNow product line for $6 million in cash and a $9 million note due in 2025. Amid these changes, client retention metrics remained stable. Forrester has outlined a focused recovery plan for the upcoming year, which includes expectations of improvements in revenue and CV stabilization. The company's revenue guidance for the full year 2024 remains at $425 million to $435 million.
These are some of the recent developments at Forrester, as the company continues to navigate its business environment and evolve its offerings.
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