Lake Street Capital Increases Expensify (NASDAQ:EXFY) Price Target to $5.00

Expensify (NASDAQ:EXFY) had its price objective raised by equities research analysts at Lake Street Capital from $3.00 to $5.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital’s price target would suggest a potential upside of 28.87% from the company’s current price.

A number of other research firms also recently issued reports on EXFY. Citigroup raised their target price on Expensify from $4.00 to $5.00 and gave the stock a “buy” rating in a research 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 Price Performance

NASDAQ:EXFY opened at $3.88 on Friday. The business has a fifty day simple moving average of $3.52 and a two-hundred day simple moving average of $2.85. Expensify has a 1 year low of $1.24 and a 1 year high of $4.13. The company has a market capitalization of $299.37 million, a P/E ratio of -21.55 and a beta of 1.87.

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

Insider Activity

In related news, COO Anuradha Muralidharan sold 29,410 shares of Expensify stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $3.40, for a total transaction of $99,994.00. Following the completion of the sale, the chief operating officer now owns 3,941 shares of the company’s stock, valued at approximately $13,399.40. This trade represents a 88.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David Michael Barrett sold 13,272 shares of Expensify stock in a transaction on Monday, December 16th. The shares were sold at an average price of $3.84, for a total value of $50,964.48. Following the sale, the chief executive officer now directly owns 1,207,675 shares of the company’s stock, valued at $4,637,472. This represents a 1.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 279,090 shares of company stock worth $981,364. 17.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Expensify

Several large investors have recently added to or reduced their stakes in EXFY. Topline Capital Management LLC bought a new stake in Expensify during the fourth quarter valued at $3,085,000. Marshall Wace LLP lifted its stake in Expensify by 72.0% during the fourth quarter. Marshall Wace LLP now owns 1,439,877 shares of the company’s stock worth $4,824,000 after purchasing an additional 602,565 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Expensify by 814.0% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 604,088 shares of the company’s stock worth $2,024,000 after purchasing an additional 537,993 shares during the last quarter. Tudor Investment Corp ET AL lifted its stake in Expensify by 2,760.3% during the fourth quarter. Tudor Investment Corp ET AL now owns 289,717 shares of the company’s stock worth $971,000 after purchasing an additional 279,588 shares during the last quarter. Finally, 683 Capital Management LLC bought a new stake in Expensify during the fourth quarter worth about $740,000. Institutional investors own 68.42% of the company’s stock.

About Expensify

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.