Eventbrite (EB) Upgraded at Zacks Investment Research

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Eventbrite (NYSE:EB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

According to Zacks, “Eventbrite, Inc. offers a platform which allows users to provide online event planning services, as well as publishes, promotes and sells tickets through social networks and e-mails. Eventbrite, Inc. is based in San Francisco, United States. “

Several other research firms have also recently weighed in on EB. Stifel Nicolaus restated a “hold” rating and issued a $28.00 price objective (up previously from $20.00) on shares of Eventbrite in a research report on Thursday, May 2nd. Royal Bank of Canada dropped their price objective on shares of Eventbrite to $22.00 and set an “outperform” rating for the company in a research report on Thursday, May 2nd. Finally, SunTrust Banks dropped their price objective on shares of Eventbrite to $28.00 and set a “hold” rating for the company in a research report on Friday, March 8th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $27.40.

EB stock opened at $17.37 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.63 and a quick ratio of 1.63. Eventbrite has a fifty-two week low of $15.30 and a fifty-two week high of $40.25. The company has a market capitalization of $1.40 billion and a P/E ratio of -11.98.

Eventbrite (NYSE:EB) last posted its quarterly earnings data on Wednesday, May 1st. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.05). The company had revenue of $81.30 million for the quarter, compared to analysts’ expectations of $82.97 million. Eventbrite’s revenue was up 9.1% on a year-over-year basis. As a group, sell-side analysts forecast that Eventbrite will post -0.62 EPS for the current fiscal year.

In other Eventbrite news, Director Andrew Dreskin sold 60,000 shares of the company’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $20.86, for a total transaction of $1,251,600.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Growth Capital Fund I, L.P. sold 685,027 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $20.84, for a total transaction of $14,275,962.68. The disclosure for this sale can be found here. Insiders have sold a total of 965,399 shares of company stock valued at $20,645,176 in the last quarter.

Institutional investors have recently modified their holdings of the business. Bank of New York Mellon Corp acquired a new position in shares of Eventbrite in the 3rd quarter valued at $745,000. BlackRock Inc. acquired a new position in shares of Eventbrite in the 3rd quarter valued at $19,212,000. Legal & General Group Plc acquired a new position in shares of Eventbrite in the 3rd quarter valued at $608,000. Morgan Stanley acquired a new position in shares of Eventbrite in the 3rd quarter valued at $12,168,000. Finally, Vanguard Group Inc. acquired a new position in shares of Eventbrite in the 3rd quarter valued at $26,433,000. Institutional investors own 37.79% of the company’s stock.

About Eventbrite

Eventbrite, Inc operates a ticketing and event technology platform in the United States and internationally. Its platform integrates components needed to plan, promote, and produce live events that allow creators to reduce friction and costs, increase reach, and drive ticket sales. The company was formerly known as Mollyguard Corporation and changed its name to Eventbrite, Inc in 2009.

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