Brian Gleason, Chief Revenue Officer and President of Retail Media at Criteo S.A. (NASDAQ:CRTO), recently sold a total of 5,767 ordinary shares of the company. The transactions, which took place on July 29 and October 29, were executed at prices ranging from $41.10 to $44.14 per share, amounting to a total of $245,918. These sales were conducted to fund tax withholding obligations related to a previously reported security award. Following these transactions, Gleason retains ownership of 146,470 shares in the company.
In other recent news, Criteo posted strong Q3 results, reporting a revenue of $459 million and a 9% year-over-year growth in Contribution ex-TAC at constant currency. The company's Retail Media revenue rose by 23%, while Performance Media saw a 5% increase. Criteo also announced the doubling of its brand count to 3,100 and activated media spend to $1.5 billion over the past two years. As part of their growth strategy, a strategic collaboration with Microsoft (NASDAQ:MSFT) Advertising was highlighted.
In the same breath, CEO Megan Clarken announced her impending retirement. The company maintains an optimistic outlook, projecting a 10%-11% growth in Contribution ex-TAC for 2024, and an adjusted EBITDA margin pegged at 32%-33%. Despite a 16% decline in AdTech services due to a single-client reliance, Criteo remains confident in its AI-driven performance and expansion strategies. The company is also committed to returning capital to shareholders, with $157 million in stock already repurchased and an additional $180 million planned for 2024. These are among the recent developments in the company.
InvestingPro Insights
While Brian Gleason's recent share sales might raise eyebrows, a closer look at Criteo S.A. (NASDAQ:CRTO) reveals a company with solid financial footing and positive growth prospects. According to InvestingPro data, Criteo boasts a market capitalization of $2.39 billion and a P/E ratio of 24.61, suggesting a reasonable valuation for a tech company in the current market.
InvestingPro Tips highlight that management has been aggressively buying back shares, which could be seen as a vote of confidence in the company's future. This aligns with the fact that Criteo holds more cash than debt on its balance sheet, indicating financial stability. Moreover, net income is expected to grow this year, and analysts have revised their earnings upwards for the upcoming period, painting a positive picture for the company's near-term performance.
It's worth noting that Criteo has demonstrated strong returns, with a 52.85% price total return over the past year and an impressive 68.48% year-to-date return as of the latest data. The company's EBITDA growth of 26.23% in the last twelve months further underscores its improving financial health.
For investors seeking more comprehensive insights, InvestingPro offers an additional 9 tips for Criteo, providing a deeper understanding of the company's potential and risks.
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