Needham & Company LLC Forecasts Strong Price Appreciation for Red Violet (NASDAQ:RDVT) Stock

Red Violet (NASDAQ:RDVT) had its target price hoisted by equities researchers at Needham & Company LLC from $90.00 to $100.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC‘s target price indicates a potential upside of 25.00% from the company’s current price.

Other equities analysts have also issued reports about the stock. Zacks Research lowered shares of Red Violet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 20th. Raymond James Financial initiated coverage on Red Violet in a research report on Thursday, September 17th. They set an “outperform” rating and a $90.00 target price on the stock. Lake Street Capital raised their price objective on Red Violet from $62.00 to $73.00 and gave the company a “buy” rating in a research report on Tuesday, August 11th. Weiss Ratings upgraded shares of Red Violet from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, October 13th. Finally, Wall Street Zen upgraded shares of Red Violet from a “hold” rating to a “buy” rating in a report on Saturday, October 10th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, Red Violet presently has a consensus rating of “Moderate Buy” and a consensus target price of $86.00.

Red Violet Price Performance

Shares of Red Violet stock opened at $80.00 on Thursday. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of 71.43 and a beta of 1.73. The firm’s 50-day moving average is $77.16 and its two-hundred day moving average is $57.51. Red Violet has a 1 year low of $33.40 and a 1 year high of $83.15.

Red Violet (NASDAQ:RDVT) last posted its quarterly earnings results on Wednesday, November 4th. The company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.41 by $0.06. Red Violet had a net margin of 16.54% and a return on equity of 16.12%. The business had revenue of $27.75 million during the quarter, compared to analyst estimates of $27.22 million. On average, equities analysts expect that Red Violet will post 1.18 earnings per share for the current year.

Insider Buying and Selling

In other Red Violet news, Director William Livek purchased 2,000 shares of the stock in a transaction on Thursday, August 27th. The stock was acquired at an average price of $71.49 per share, with a total value of $142,980.00. Following the completion of the acquisition, the director owned 22,733 shares in the company, valued at $1,625,182.17. The trade was a 9.65% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 8.90% of the company’s stock.

Hedge Funds Weigh In On Red Violet

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Alps Advisors Inc. acquired a new stake in Red Violet in the 3rd quarter worth approximately $601,000. Calamos Advisors LLC grew its position in Red Violet by 13.9% during the 3rd quarter. Calamos Advisors LLC now owns 45,568 shares of the company’s stock worth $3,600,000 after purchasing an additional 5,563 shares during the last quarter. State of Wyoming acquired a new position in Red Violet during the 3rd quarter valued at approximately $630,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Red Violet in the third quarter worth $490,000. Finally, Sterling Capital Management LLC lifted its stake in shares of Red Violet by 847.5% during the third quarter. Sterling Capital Management LLC now owns 379 shares of the company’s stock worth $30,000 after buying an additional 339 shares during the period. 63.56% of the stock is owned by hedge funds and other institutional investors.

About Red Violet

Red Violet, Inc (NASDAQ: RDVT) is a technology company that develops cloud-based identity intelligence and information solutions. Its platform helps organizations access, analyze and connect data to support investigations, risk management, fraud prevention, compliance and other decision-making activities.

The company’s products include idiCORE, an investigative and information services platform designed for users such as law enforcement agencies, government organizations, corporate security teams, insurance companies, financial institutions, collection agencies and other businesses.