Gary S. Gillheeney, the President and CEO of Organogenesis Holdings Inc. (NASDAQ:ORGO), has recently sold shares of the company, according to a recent SEC filing. The stock has shown significant momentum, with InvestingPro data showing a 35% gain over the past six months, despite recent volatility. The transactions, conducted over three days from December 10 to December 12, 2024, involved the sale of a total of 259,332 shares of Class A Common Stock, amounting to approximately $940,066.
The shares were sold at prices ranging from $3.55 to $3.64 per share. Following these transactions, Gillheeney holds 3,100,394 shares directly. The sales were made to cover the withholding tax obligations that arose from the exercise of expiring stock options, according to the filing. The company maintains a GOOD financial health score according to InvestingPro, which offers comprehensive analysis through its Pro Research Report, available for over 1,400 US stocks.
In other recent news, Organogenesis Holdings Inc. reported a notable increase in their third-quarter fiscal year 2024 earnings. The company's net revenue reached $115.2 million, surpassing the projected range of $105 million to $113 million, demonstrating a 6% year-over-year growth. This achievement was mainly driven by a 7% revenue increase in the advanced wound care segment, which totaled $108 million. In response to this strong quarter, Organogenesis raised its revenue guidance for 2024 to a range of $455 million to $480 million, indicating a potential year-over-year growth ranging from 5% to 11%.
Additionally, Organogenesis entered into a material agreement to repurchase 500,000 shares of its Class A common stock from the GN 2016 Family Trust. This decision aligns with the company's strategic financial management and reflects its ongoing efforts to optimize shareholder value. Analyst price targets for Organogenesis range from $3.80 to $6.00.
Cantor Fitzgerald adjusted its outlook on Organogenesis, increasing the price target to $3.80 from the previous $3.50, while reaffirming its Overweight rating on the company's shares. These recent developments highlight Organogenesis' financial strength and strategic initiatives for growth.
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