Is Everbridge (EVBG) a Smart Long-Term Buy?

ClearBridge Investments, an investment management firm, published its “Mid Cap  Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Mid Cap Strategy underperformed its Russell Midcap Index during the third quarter. On an absolute basis, the Strategy had losses across 10 of the 11 sectors in which it was invested during the quarter. The leading detractors were the health care, financials and consumer discretionary sectors, while the industrials sector was the sole positive contributor.. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, ClearBridge Investments Mid Cap Strategy mentioned Everbridge, Inc. (NASDAQ:EVBG) and explained its insights for the company. Founded in 2002, Everbridge, Inc. (NASDAQ:EVBG) is a Burlington, Massachusetts-based enterprise software company with a $1.1 billion market capitalization. Everbridge, Inc. (NASDAQ:EVBG) delivered a -55.65% return since the beginning of the year, while its 12-month returns are down by -74.13%. The stock closed at $29.86 per share on November 18, 2022.

Here is what ClearBridge Investments Mid Cap Strategy  has to say about Everbridge, Inc. (NASDAQ:EVBG) in its Q3 2022 investor letter:

“New holding Everbridge (NASDAQ:EVBG) is a leader in critical event management software used to coordinate and disseminate information to keep employees safe in the event of an emergency. The stock has struggled over the last year in digesting what we view as too many acquisitions. However, the company’s new CEO is refocusing the business on its flagship product by divesting ancillary product lines.”

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 30 hedge fund portfolios at the end of the second quarter of 2022, compared to 31 funds in the previous quarter. Everbridge, Inc. (NASDAQ:EVBG) delivered a -13.12% return in the past 3 months.

In August 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 Q3 page.

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