Goosehead Insurance (NASDAQ:GSHD) Stock Falls 6% – Here’s What Happened

Shares of Goosehead Insurance (NASDAQ:GSHD) were down 6% during trading on Tuesday. The stock traded as low as $45.13 and last traded at $45.0370. Approximately 27,905 shares traded hands during trading, a decline of 94% from the average daily volume of 483,786 shares. The stock had previously closed at $47.92.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GSHD. Cantor Fitzgerald reiterated an “overweight” rating and issued a $76.00 price target on shares of Goosehead Insurance in a research note on Thursday, July 23rd. Citizens Jmp cut their price objective on shares of Goosehead Insurance from $100.00 to $80.00 and set a “market outperform” rating for the company in a research report on Monday, October 12th. Zacks Research downgraded shares of Goosehead Insurance from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 22nd. Royal Bank Of Canada boosted their price objective on Goosehead Insurance from $55.00 to $58.00 and gave the stock a “sector perform” rating in a report on Thursday, July 23rd. Finally, Weiss Ratings downgraded Goosehead Insurance from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, September 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $64.42.

Goosehead Insurance Stock Down 8.0%

The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 32.19, a P/E/G ratio of 1.83 and a beta of 1.46. The company’s 50 day moving average is $54.83 and its 200 day moving average is $51.57.

Insiders Place Their Bets

In other Goosehead Insurance news, major shareholder Adrienne Kebodeaux sold 7,000 shares of the stock in a transaction that occurred on Thursday, August 20th. The shares were sold at an average price of $70.00, for a total transaction of $490,000.00. Following the transaction, the insider owned 273,027 shares in the company, valued at $19,111,890. This represents a 2.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder Durable Capital Partners Lp bought 150,000 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were acquired at an average cost of $47.32 per share, for a total transaction of $7,098,000.00. Following the completion of the acquisition, the insider directly owned 2,720,260 shares of the company’s stock, valued at approximately $128,722,703.20. This trade represents a 5.84% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 257,000 shares of company stock worth $17,404,989 in the last quarter. 38.07% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Goosehead Insurance

Several institutional investors have recently made changes to their positions in the stock. MassMutual Private Wealth & Trust FSB increased its stake in Goosehead Insurance by 484.1% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 514 shares of the company’s stock worth $25,000 after acquiring an additional 426 shares during the period. Versant Capital Management Inc raised its holdings in Goosehead Insurance by 471.9% in the 2nd quarter. Versant Capital Management Inc now owns 772 shares of the company’s stock valued at $37,000 after acquiring an additional 637 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Goosehead Insurance in the 2nd quarter valued at $48,000. Nykredit A S bought a new stake in shares of Goosehead Insurance during the 2nd quarter valued at $50,000. Finally, GAMMA Investing LLC lifted its position in shares of Goosehead Insurance by 37.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,200 shares of the company’s stock valued at $54,000 after acquiring an additional 328 shares during the period.

Goosehead Insurance Company Profile

Goosehead Insurance, Inc is an independent insurance agency that distributes personal and commercial insurance products through a network of corporate and franchise locations. The company uses technology and relationships with multiple insurance carriers to help customers compare coverage options and select policies suited to their needs.

Its offerings primarily include homeowners, automobile, renters, flood, umbrella and other personal insurance products, along with selected commercial insurance solutions.