Stifel Nicolaus cut shares of SendGrid (NYSE:SEND) from a buy rating to a hold rating in a research note released on Tuesday morning, The Fly reports.

A number of other research firms have also recently issued reports on SEND. Zacks Investment Research upgraded shares of SendGrid from a hold rating to a buy rating and set a $32.00 price target for the company in a report on Tuesday, August 7th. Morgan Stanley upped their price target on shares of SendGrid from $27.00 to $29.00 and gave the company an equal weight rating in a report on Wednesday, August 1st. KeyCorp upped their price target on shares of SendGrid from $32.00 to $42.00 and gave the company an overweight rating in a report on Tuesday, September 4th. Finally, First Analysis initiated coverage on shares of SendGrid in a report on Monday, September 24th. They set a strong-buy rating and a $45.00 price target for the company. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $36.00.

SEND stock opened at $32.24 on Tuesday. The company has a quick ratio of 10.83, a current ratio of 10.83 and a debt-to-equity ratio of 0.05. SendGrid has a 52-week low of $17.50 and a 52-week high of $38.66.

SendGrid (NYSE:SEND) last released its quarterly earnings results on Tuesday, July 31st. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.03. The firm had revenue of $35.68 million for the quarter, compared to the consensus estimate of $34.32 million. Research analysts expect that SendGrid will post -0.04 EPS for the current year.

In other news, insider Sameer Dholakia sold 16,666 shares of the company’s stock in a transaction dated Wednesday, August 8th. The shares were sold at an average price of $29.64, for a total transaction of $493,980.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Craig Kaes sold 15,391 shares of the company’s stock in a transaction dated Monday, October 8th. The shares were sold at an average price of $32.48, for a total transaction of $499,899.68. The disclosure for this sale can be found here. Insiders have sold 125,239 shares of company stock valued at $4,137,090 in the last ninety days. 30.20% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently made changes to their positions in SEND. Wells Fargo & Company MN raised its position in shares of SendGrid by 207.7% during the second quarter. Wells Fargo & Company MN now owns 1,265,787 shares of the company’s stock valued at $33,569,000 after buying an additional 854,472 shares during the last quarter. FMR LLC raised its position in SendGrid by 172.6% in the second quarter. FMR LLC now owns 957,240 shares of the company’s stock worth $25,386,000 after purchasing an additional 606,050 shares in the last quarter. OppenheimerFunds Inc. acquired a new position in SendGrid in the second quarter worth about $15,842,000. Waddell & Reed Financial Inc. acquired a new position in SendGrid in the second quarter worth about $14,989,000. Finally, BlackRock Inc. raised its position in SendGrid by 33.8% in the second quarter. BlackRock Inc. now owns 1,287,514 shares of the company’s stock worth $34,143,000 after purchasing an additional 325,601 shares in the last quarter. 57.91% of the stock is owned by institutional investors and hedge funds.

SendGrid Company Profile

SendGrid, Inc operates as a digital communication platform in the United States and internationally. Its cloud-based platform provides various tools to the businesses, including developers and marketers to reach their customers using an email. The company offers services, such as email application programming interface (API), which allow developers to use its API in their preferred development framework and to use its platform to add email functionality to their applications; marketing campaigns that allow marketers to upload and manage customer contact lists, create and test email templates, and execute and analyze email campaigns to engage customers; and expert services to help businesses optimize their email delivery.

Read More: Return on Investment (ROI)

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Analyst Recommendations for SendGrid (NYSE:SEND)

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