SolarWinds (NYSE:SWI) Shares Gap Down to $10.80

Posted by Defense World Staff on Aug 27th, 2023

SolarWinds Co. (NYSE:SWI – Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $10.80, but opened at $10.52. SolarWinds shares last traded at $10.53, with a volume of 18,325 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SWI. Morgan Stanley raised their price objective on shares of SolarWinds from $11.00 to $12.00 and gave the stock an “equal weight” rating in a research note on Friday, August 4th. Truist Financial raised their price objective on shares of SolarWinds from $9.00 to $11.00 in a research note on Friday, August 4th. Finally, Royal Bank of Canada raised their price objective on shares of SolarWinds from $11.00 to $13.00 and gave the stock a “sector perform” rating in a research note on Friday, August 4th.

View Our Latest Stock Report on SolarWinds

SolarWinds Price Performance

The business’s 50 day moving average is $10.60 and its 200-day moving average is $9.54. The stock has a market cap of $1.73 billion, a price-to-earnings ratio of -5.54 and a beta of 0.98. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.76 and a current ratio of 0.76.

SolarWinds (NYSE:SWI – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. SolarWinds had a negative net margin of 41.76% and a positive return on equity of 4.59%. The firm had revenue of $185.03 million for the quarter, compared to analysts’ expectations of $179.51 million. On average, sell-side analysts predict that SolarWinds Co. will post 0.46 EPS for the current fiscal year.

Insider Buying and Selling at SolarWinds

In other SolarWinds news, Director Easwaran Sundaram sold 40,000 shares of the firm’s stock in a transaction on Monday, August 14th. The stock was sold at an average price of $10.88, for a total value of $435,200.00. Following the transaction, the director now owns 32,284 shares in the company, valued at approximately $351,249.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in SolarWinds by 96.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,517 shares of the software maker’s stock valued at $26,000 after purchasing an additional 1,237 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of SolarWinds during the 2nd quarter worth $32,000. Ensign Peak Advisors Inc purchased a new position in shares of SolarWinds during the 3rd quarter worth $40,000. Quadrant Capital Group LLC raised its holdings in shares of SolarWinds by 477.1% during the 4th quarter. Quadrant Capital Group LLC now owns 4,351 shares of the software maker’s stock worth $41,000 after acquiring an additional 3,597 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of SolarWinds during the 1st quarter worth $43,000. Hedge funds and other institutional investors own 65.03% of the company’s stock.

About SolarWinds

(Get Free Report)

SolarWinds Corporation provides information technology (IT) management software products in the United States and internationally. The company offers a portfolio of solutions to technology professionals for monitoring, managing, and optimizing networks, systems, desktops, applications, storage, databases, website infrastructures, and IT service desks.