Here’s Why Carillon Tower Disposed its Everbridge (EVBG) Shares

Carillon Tower Advisers, an investment management firm, published its “Carillon Eagle Small Cap Growth Fund” first quarter 2022 investor letter – a copy of which can be downloaded here. Small-cap stocks overall posted rather lackluster returns in the first quarter of 2022. There was, however, a notable level of disparity between the two style indexes, as the Russell 2000® Growth Index (down 12.63%) significantly lagged its Russell 2000® Value Index (down 2.40%) counterpart for the sixth consecutive quarter.  Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.

In its Q1 2022 investor letter, Carillon Eagle Small Cap Growth Fund mentioned Everbridge, Inc. (NASDAQ:EVBG) and explained its insights for the company. Founded in 2002, Everbridge, Inc. (NASDAQ:EVBG) is a California-based enterprise software company with a $1.1 billion market capitalization. Everbridge, Inc. (NASDAQ:EVBG) delivered a -56.13% return since the beginning of the year, while its 12-month returns are down by -78.29%. The stock closed at $29.54 per share on June 29, 2022.

Here is what Carillon Eagle Small Cap Growth Fund has to say about Everbridge, Inc. (NASDAQ:EVBG) in its Q1 2022 investor letter:

Everbridge (NASDAQ:EVBG) is a cloud-based enterprise software provider of a real-time communications platform used by state and local governments as well as companies to send constituents email and text message alerts. After the abrupt departure of the CEO late last year and preliminary commentary regarding slowing growth in 2022, the company officially guided for even slower growth for this year because of execution issues and the postponement of deals. Although we still believe the service provided by the company is important, the lack of clarity regarding the dramatic growth deceleration left us with no option but to sell the stock.”

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Our calculations show that Everbridge, Inc. (NASDAQ:EVBG) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Everbridge, Inc. (NASDAQ:EVBG) was in 33 hedge fund portfolios at the end of the first quarter of 2022, compared to 33 funds in the previous quarter. Everbridge, Inc. (NASDAQ:EVBG) delivered a -34.30% return in the past 3 months.

In February 2022, we also shared another hedge fund’s views on Everbridge, Inc. (NASDAQ:EVBG) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q1 page.

Disclosure: None. This article is originally published at Insider Monkey.