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

Expensify (NASDAQ:EXFY) had its price target boosted by analysts at Lake Street Capital from $3.00 to $5.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Lake Street Capital’s target price points to a potential upside of 26.10% from the company’s previous close.

Several other equities analysts have also issued reports on the stock. Citigroup lifted their price target on shares of Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a report on Monday, December 16th. JMP Securities downgraded Expensify from an “outperform” rating to a “market perform” rating in a research report on Monday, November 25th.

Expensify Stock Up 23.1 %

EXFY stock traded up $0.75 during trading on Friday, hitting $3.97. 1,523,164 shares of the company’s stock traded hands, compared to its average volume of 369,513. The firm has a market capitalization of $305.92 million, a P/E ratio of -21.94 and a beta of 1.87. The business has a fifty day simple moving average of $3.51 and a two-hundred day simple moving average of $2.84. Expensify has a 1 year low of $1.24 and a 1 year high of $4.13.

Expensify declared that its board has approved a stock buyback program on Thursday, February 27th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to reacquire up to 20.1% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, COO Anuradha Muralidharan sold 29,410 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $3.40, for a total value of $99,994.00. Following the completion of the sale, the chief operating officer now directly owns 3,941 shares of the company’s stock, valued at $13,399.40. The trade was a 88.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO David Michael Barrett sold 31,781 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $3.43, for a total transaction of $109,008.83. Following the completion of the sale, the chief executive officer now directly owns 1,947,372 shares of the company’s stock, valued at approximately $6,679,485.96. This trade represents a 1.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 279,090 shares of company stock worth $981,364 over the last 90 days. Corporate insiders own 17.33% of the company’s stock.

Institutional Investors Weigh In On Expensify

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mariner LLC acquired a new position in shares of Expensify during the fourth quarter worth about $34,000. Tower Research Capital LLC TRC increased its stake in shares of Expensify by 1,194.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,834 shares of the company’s stock worth $36,000 after acquiring an additional 9,997 shares during the period. SG Americas Securities LLC acquired a new position in shares of Expensify during the fourth quarter worth about $39,000. Alpine Global Management LLC acquired a new position in shares of Expensify during the fourth quarter worth about $40,000. Finally, R Squared Ltd acquired a new position in shares of Expensify during the fourth quarter worth about $46,000. 68.42% of the stock is owned by hedge funds and other institutional investors.

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.