Expensify (NASDAQ:EXFY) Price Target Raised to $5.00

Expensify (NASDAQ:EXFY) had its target price upped by Lake Street Capital from $3.00 to $5.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. JMP Securities cut Expensify from an “outperform” rating to a “market perform” rating in a research note on Monday, November 25th. Citigroup boosted their price objective on Expensify from $4.00 to $5.00 and gave the company a “buy” rating in a research note on Monday, December 16th.

Expensify Stock Up 20.5 %

EXFY stock opened at $3.88 on Friday. Expensify has a fifty-two week low of $1.24 and a fifty-two week high of $4.13. The business has a 50 day moving average price of $3.51 and a 200 day moving average price of $2.84. The stock has a market cap of $299.37 million, a price-to-earnings ratio of -21.55 and a beta of 1.87.

Expensify declared that its board has initiated a share buyback plan on Thursday, February 27th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 20.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, COO Anuradha Muralidharan sold 12,320 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $3.85, for a total value of $47,432.00. Following the transaction, the chief operating officer now owns 4,614 shares of the company’s stock, valued at approximately $17,763.90. The trade was a 72.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy L. Christen sold 18,273 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $3.59, for a total value of $65,600.07. Following the completion of the transaction, the director now directly owns 194,983 shares in the company, valued at approximately $699,988.97. The trade was a 8.57 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 279,090 shares of company stock valued at $981,364. Company insiders own 17.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. GSA Capital Partners LLP acquired a new position in Expensify during the third quarter worth $183,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Expensify by 76.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 66,095 shares of the company’s stock worth $130,000 after acquiring an additional 28,731 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Expensify by 25.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 308,065 shares of the company’s stock worth $604,000 after acquiring an additional 63,052 shares during the period. Dynamic Technology Lab Private Ltd grew its holdings in Expensify by 100.6% during the third quarter. Dynamic Technology Lab Private Ltd now owns 44,880 shares of the company’s stock worth $88,000 after acquiring an additional 22,504 shares during the period. Finally, Walleye Capital LLC grew its holdings in Expensify by 42.1% during the third quarter. Walleye Capital LLC now owns 603,506 shares of the company’s stock worth $1,183,000 after acquiring an additional 178,911 shares during the period. Institutional investors and hedge funds own 68.42% of the company’s stock.

Expensify Company Profile

Expensify, Inc provides a cloud-based expense management software platform to individuals and corporations, small and midsized businesses, and enterprises 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.