Wells Fargo Slashes Everbridge Price Target By 48%

Everbridge Inc EVBG stated that IT Central Station, a peer review site for enterprise technology, ranked its Digital Operations Platform as the top IT Alerting and Incident Management solution. The Critical Event Management (CEM) for Digital technology is now fully integrated following the company's recent acquisition of xMatters.
Analyst Rating: Wells Fargo analyst Michael Turnin lowered the firm's price target on Everbridge to $65 from $125, implying an 8% downside.
The price target reflects management departures and multiple compression across the software space. The analyst keeps an Equal Weight rating on the shares.
Analysts recently slashed their price targets on Everbridge as it disclosed its CEO transition and 2022 outlook.
The enterprise software company recently announced the resignation of CEO David Meredith and offered an initial outlook of 20%-23% revenue growth in 2022, below Street expectations of 26%.
Price Action: EVBG shares traded higher by 12.5% at $70.85 on the last check Monday.