Cadian Capital Management LP Acquires New Shares in Evolent Health, Inc. (NYSE:EVH)

Cadian Capital Management LP acquired a new position in Evolent Health, Inc. (NYSE:EVH) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 5,225,001 shares of the technology company’s stock, valued at approximately $58,781,000. Evolent Health accounts for about 3.4% of Cadian Capital Management LP’s portfolio, making the stock its 13th biggest holding. Cadian Capital Management LP owned approximately 4.48% of Evolent Health as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Summit Creek Advisors LLC increased its position in shares of Evolent Health by 0.8% during the fourth quarter. Summit Creek Advisors LLC now owns 202,114 shares of the technology company’s stock worth $2,274,000 after purchasing an additional 1,636 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in Evolent Health during the 4th quarter valued at about $26,000. Parkside Financial Bank & Trust raised its stake in Evolent Health by 90.7% in the fourth quarter. Parkside Financial Bank & Trust now owns 4,957 shares of the technology company’s stock valued at $56,000 after buying an additional 2,358 shares during the last quarter. Johnson Investment Counsel Inc. boosted its holdings in Evolent Health by 28.0% in the fourth quarter. Johnson Investment Counsel Inc. now owns 11,607 shares of the technology company’s stock worth $131,000 after acquiring an additional 2,542 shares in the last quarter. Finally, R Squared Ltd purchased a new stake in shares of Evolent Health during the fourth quarter worth about $31,000.

Evolent Health Trading Up 7.8 %

Shares of EVH stock opened at $10.73 on Monday. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.58. The company has a market capitalization of $1.25 billion, a P/E ratio of -13.09 and a beta of 1.20. The business’s 50 day moving average is $9.48 and its two-hundred day moving average is $11.92. Evolent Health, Inc. has a twelve month low of $8.35 and a twelve month high of $33.63.

Evolent Health (NYSE:EVH) last posted its quarterly earnings results on Thursday, February 20th. The technology company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.35). The company had revenue of $646.54 million for the quarter, compared to analyst estimates of $650.92 million. Evolent Health had a positive return on equity of 5.73% and a negative net margin of 2.41%. Equities analysts forecast that Evolent Health, Inc. will post 0.08 EPS for the current year.

Analysts Set New Price Targets

EVH has been the subject of several research reports. UBS Group lowered their price objective on shares of Evolent Health from $27.00 to $14.00 and set a “buy” rating for the company in a research note on Thursday, January 16th. Citigroup lowered their price objective on Evolent Health from $21.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, January 10th. Stephens cut their price target on Evolent Health from $16.00 to $12.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 21st. JMP Securities reaffirmed a “market outperform” rating and set a $13.00 price objective on shares of Evolent Health in a report on Monday, April 28th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $16.00 price objective (down previously from $17.00) on shares of Evolent Health in a research note on Friday, February 21st. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Evolent Health currently has a consensus rating of “Buy” and a consensus target price of $17.71.

Insider Buying and Selling

In related news, President Daniel Joseph Mccarthy acquired 11,040 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $9.01 per share, with a total value of $99,470.40. Following the completion of the purchase, the president now directly owns 389,004 shares in the company, valued at approximately $3,504,926.04. The trade was a 2.92 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Seth Blackley bought 55,225 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $9.01 per share, with a total value of $497,577.25. Following the purchase, the chief executive officer now directly owns 762,217 shares in the company, valued at $6,867,575.17. The trade was a 7.81 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 74,000 shares of company stock worth $666,315 in the last quarter. Company insiders own 1.60% of the company’s stock.

Evolent Health Company Profile

Evolent Health, Inc, through its subsidiary, Evolent Health LLC, offers specialty care management services in oncology, cardiology, and musculoskeletal markets in the United States. The company provides platform for health plan administration and value-based business infrastructure. It offers administrative services, such as health plan services, pharmacy benefits management, risk management, analytics and reporting, and leadership and management; and Identifi, a proprietary technology system that aggregates and analyzes data, manages care workflows, and engages patients.