Expensify (NASDAQ:EXFY) Price Target Cut to $12.00 by Analysts at Citigroup

Posted by Defense World Staff on Apr 25th, 2023

Expensify (NASDAQ:EXFY – Get Rating) had its target price trimmed by Citigroup from $13.00 to $12.00 in a research note published on Friday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the company. Morgan Stanley started coverage on Expensify in a research note on Tuesday, January 17th. They issued an equal weight rating and a $9.00 target price for the company. JMP Securities restated a market outperform rating and set a $15.00 target price on shares of Expensify in a research report on Tuesday, March 21st. Finally, Piper Sandler decreased their target price on shares of Expensify from $12.00 to $10.00 and set a neutral rating on the stock in a research note on Friday, February 24th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, Expensify has an average rating of Moderate Buy and a consensus price target of $17.25.

Expensify Stock Performance

Shares of EXFY opened at $8.04 on Friday. The company has a current ratio of 3.10, a quick ratio of 3.10 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $548.73 million, a price-to-earnings ratio of -24.36 and a beta of 1.15. Expensify has a 12 month low of $7.01 and a 12 month high of $25.39. The stock has a 50 day moving average of $8.27 and a 200 day moving average of $9.64.

Expensify (NASDAQ:EXFY – Get Rating) last posted its earnings results on Thursday, February 23rd. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.11). The company had revenue of $43.47 million for the quarter, compared to analysts’ expectations of $44.35 million. Expensify had a negative net margin of 15.94% and a negative return on equity of 29.18%. The firm’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 EPS. As a group, sell-side analysts forecast that Expensify will post -0.06 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO David Michael Barrett sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 12th. The shares were sold at an average price of $8.17, for a total value of $245,100.00. Following the completion of the transaction, the chief executive officer now owns 3,382,676 shares of the company’s stock, valued at $27,636,462.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Expensify news, COO Anuradha Muralidharan sold 20,000 shares of the business’s stock in a transaction on Thursday, January 26th. The shares were sold at an average price of $10.00, for a total transaction of $200,000.00. Following the sale, the chief operating officer now directly owns 62,289 shares in the company, valued at approximately $622,890. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO David Michael Barrett sold 30,000 shares of the company’s stock in a transaction dated Wednesday, April 12th. The shares were sold at an average price of $8.17, for a total transaction of $245,100.00. Following the completion of the sale, the chief executive officer now directly owns 3,382,676 shares in the company, valued at approximately $27,636,462.92. The disclosure for this sale can be found here. Insiders sold a total of 115,000 shares of company stock valued at $1,036,600 over the last quarter. 21.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of EXFY. Bank of Montreal Can increased its position in Expensify by 71.0% in the first quarter. Bank of Montreal Can now owns 149,000 shares of the company’s stock worth $2,911,000 after buying an additional 61,865 shares during the period. Vanguard Group Inc. boosted its stake in Expensify by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 876,072 shares of the company’s stock worth $15,384,000 after purchasing an additional 20,964 shares during the period. Durable Capital Partners LP grew its position in Expensify by 27.5% during the first quarter. Durable Capital Partners LP now owns 2,069,629 shares of the company’s stock valued at $36,343,000 after purchasing an additional 445,937 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Expensify by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 46,958 shares of the company’s stock valued at $825,000 after purchasing an additional 1,123 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Expensify in the first quarter worth approximately $2,167,000. 52.29% of the stock is owned by institutional investors and hedge funds.

Expensify Company Profile

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Expensify, Inc provides a cloud-based expense management software platform to individuals, small businesses, and corporations in the United States and internationally. The company's platform enables users to manage corporate cards, pay bills, generate invoices, collect payments, and book travel.