Bigcommerce Holdings Receives Neutral Recommendation From Ubs, Amid Varied Institutional Activity
UBS initiated its analysis of BigCommerce Holdings Inc Series 1 (NASDAQ:BIGC) with a neutral recommendation on Friday, according to an announcement. This follows the average one-year price target for BigCommerce standing at 13.17 as of August 31, 2023, suggesting a potential upside of 34.50% from the last reported closing price of 9.79.
The company's revenue is projected to hit $332 million annually, indicating a growth rate of 13.58%. Non-GAAP EPS is estimated at -0.52. Despite a decrease of 16 owners or 5.25% from the previous quarter, institutional interest remains robust with 289 funds or institutions currently holding positions in BigCommerce. The average portfolio weight dedicated to BIGC has risen by 12.55% to 0.25%, signaling increased confidence in the company.
Institutional ownership has seen an uptick of 1.94% over the last three months, resulting in a total of 61,654K shares owned by institutions. The put/call ratio for BIGC stands at 0.58, indicating a bullish market sentiment.
Recent activity among significant shareholders shows Cadian Capital Management owning approximately 5,077K shares or about 6.76% of the company's equity. Wasatch Advisors holds about a 5.64% stake with their 4,231K shares, marking a significant increase from their previously reported position - a jump of about 46.17%. Their portfolio allocation in BIGC also grew by over a hundred percent in the last quarter.
Wasatch Ultra Growth Fund Investor Class shares increased its holdings by 17.70% to reach 2,631K shares, representing a 3.5% stake in the company. Concurrently, the firm raised its BIGC portfolio allocation by 34.14%. Lead Edge Capital Management and Vanguard Total Stock Market Index Fund Investor Shares maintain their positions with 1,938K and 1,826K shares respectively, each representing about 2.58% and 2.43% of the company's equity.
BigCommerce Holdings Inc., a global software company, provides a SaaS platform for cross-channel commerce and a cloud-based e-commerce solution that scales with business growth.
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