CAMBRIDGE, MA—Joseph Sanborn, the Chief Financial Officer of EverQuote , Inc. (NASDAQ:EVER), has recently sold shares of the company's Class A Common Stock, according to a filing with the Securities and Exchange Commission. On January 6, Sanborn sold a total of 1,192 shares at a price of $20.04 each, amounting to a total transaction value of $23,887. The company, with a market capitalization of $676 million, has demonstrated strong performance with an impressive 68% return over the past year and maintains a robust 95% gross profit margin.
The sales were carried out under pre-established Rule 10b5-1 trading plans, which are designed to allow insiders to sell shares at predetermined times to avoid any potential conflicts of interest. These transactions were executed to meet tax withholding obligations related to the vesting of restricted stock units on January 1, 2025. Following these sales, Sanborn holds 193,129 shares of EverQuote. According to InvestingPro analysis, the company currently shows positive signs with a "GOOD" financial health rating and appears slightly undervalued based on their proprietary Fair Value model.
EverQuote, headquartered in Cambridge, Massachusetts, is known for its online marketplace for insurance shopping. For detailed insights into EverQuote's valuation and growth prospects, including 13 additional ProTips and comprehensive financial metrics, visit InvestingPro.
In other recent news, EverQuote has reported robust Q3 2024 financial results, surpassing previous guidance. Total (EPA:TTEF) revenues reached $144.5 million, marking a 163% increase year-over-year, primarily driven by a 200% rise in auto insurance revenue and a 30% increase in home insurance revenue. Raymond (NS:RYMD) James upgraded EverQuote's stock rating to Strong Buy, setting a new price target of $35.00, while Needham and Canaccord Genuity maintained their Buy ratings, with price targets of $30 and $35, respectively.
EverQuote's strong financial performance and resilience in the face of potential regulatory changes have been highlighted by these firms. Despite upcoming FCC (BME:FCC) rule changes, which could affect around 25-30% of EverQuote's operations, the company remains optimistic about its long-term growth.
Analysts anticipate a surge in demand for EverQuote's leads in 2025 and 2026, driven by expected increases in advertising budgets of personal lines insurance companies. The company's strong financial health and operational stability, as well as its successful collaborations with large carriers leading to data-driven pricing changes and new service offerings, are among the recent developments.
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