Health Catalyst , Inc.'s (NASDAQ:HCAT) General Counsel, Benjamin Landry, has recently sold a portion of his company stock, according to the latest filings. Landry sold 2,466 shares of Health Catalyst stock at an average price of $7.3891 per share, totaling approximately $18,221 in the transaction.
The transaction, which took place on September 6, 2024, was disclosed in a filing with the Securities and Exchange Commission on September 10. Following the sale, Landry still owns a significant number of shares in the company, with his holdings totaling 100,937 shares of Health Catalyst common stock.
Investors should note that the sale by Landry was conducted under a prearranged trading plan, known as a Rule 10b5-1 plan, which he adopted on March 1st, 2024. These plans allow company insiders to sell a predetermined number of shares at a predetermined time to avoid accusations of trading on nonpublic information.
Health Catalyst, based in South Jordan, Utah, is a provider of data and analytics technology and services to healthcare organizations. As of the date of the transaction, the company's stock was traded on the NASDAQ under the ticker symbol HCAT.
The disclosed sale provides investors with a glimpse into the trading activities of one of Health Catalyst's top executives, offering a piece of the broader picture of insider transactions that can be relevant to market participants' perspectives.
In other recent news, Health Catalyst has reported robust Q2 2024 earnings, with revenue reaching $75.9 million, a 4% increase year-over-year, and adjusted EBITDA hitting $7.5 million, surpassing the company's financial guidance. The company's platform subscription client base has seen significant growth, outpacing the entire previous year's growth in just the first half of 2024. Health Catalyst also completed acquisitions worth $61.2 million from May to August, strengthening its market position.
Analyst firms Canaccord Genuity and Piper Sandler have maintained positive ratings on Health Catalyst, despite a reduction in the price target by Piper Sandler. Canaccord Genuity maintained a Buy rating with an $11.00 price target, while Piper Sandler retained an Overweight rating, reducing the price target to $11 from $14.
Health Catalyst management has expressed increased optimism about growth prospects, especially with the introduction of the Health Catalyst Ignite platform earlier this year. The company anticipates a return to double-digit revenue growth in 2025, supported by strong subscription client additions and contributions from non-recurring professional services contracts. Despite a client's bankruptcy proceedings, the company maintains its full-year adjusted EBITDA guidance, indicating resilience in its financial strategy.
InvestingPro Insights
Amid the news of Health Catalyst, Inc.'s (NASDAQ:HCAT) General Counsel, Benjamin Landry, selling shares, investors might be considering the company's financial health and future prospects. The latest data from InvestingPro shows that Health Catalyst holds more cash than debt on its balance sheet, which can be a positive sign of financial stability for the company. Additionally, while Health Catalyst has not been profitable over the last twelve months, analysts are predicting that the company will turn a profit this year.
InvestingPro data also reveals a strong return for Health Catalyst's stock over various periods, with an impressive 18.05% return over the last month and a 17.51% return over the last three months. These figures suggest a recent positive trend in the company's stock performance, which may interest investors looking for growth opportunities. Despite these strong returns, it's worth noting that the company does not pay a dividend to shareholders, which could influence the investment strategy for income-focused investors.
For those seeking more detailed analysis and additional insights, there are more InvestingPro Tips available on the Health Catalyst page. These tips could provide further guidance on the company's stock performance and future outlook, helping investors make more informed decisions.
Investors can find further information and a total of 8 additional InvestingPro Tips for Health Catalyst at InvestingPro, which could be valuable for a deeper understanding of the company's financial position and market potential.
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