Scotiabank Forecasts Strong Price Appreciation for Fiverr International (NYSE:FVRR) Stock

Fiverr International (NYSE:FVRR) had its target price lifted by Scotiabank from $31.00 to $34.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 11.59% from the company’s previous close.

Several other research firms have also recently commented on FVRR. JMP Securities cut Fiverr International from an “outperform” rating to a “market perform” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. reduced their price target on shares of Fiverr International from $33.00 to $27.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Royal Bank of Canada restated a “sector perform” rating and set a $35.00 price objective on shares of Fiverr International in a research report on Thursday, February 20th. Citizens Jmp downgraded shares of Fiverr International from a “strong-buy” rating to a “hold” rating in a research report on Thursday, February 20th. Finally, Needham & Company LLC reissued a “buy” rating and set a $36.00 price target on shares of Fiverr International in a report on Thursday. Six analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Fiverr International presently has an average rating of “Hold” and an average target price of $35.89.

Fiverr International Price Performance

Shares of NYSE FVRR opened at $30.47 on Thursday. The company has a 50 day moving average of $25.50 and a 200 day moving average of $29.09. The company has a quick ratio of 2.99, a current ratio of 1.10 and a debt-to-equity ratio of 0.06. Fiverr International has a twelve month low of $20.78 and a twelve month high of $36.11. The firm has a market cap of $1.09 billion, a P/E ratio of 64.83 and a beta of 1.67.

Fiverr International announced that its board has approved a stock repurchase program on Tuesday, March 11th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 10.6% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Fiverr International

A number of institutional investors have recently bought and sold shares of the stock. Arkadios Wealth Advisors grew its holdings in Fiverr International by 7.3% during the first quarter. Arkadios Wealth Advisors now owns 147,895 shares of the company’s stock valued at $3,502,000 after purchasing an additional 10,022 shares during the period. Legato Capital Management LLC purchased a new position in shares of Fiverr International during the 1st quarter valued at about $516,000. Public Employees Retirement System of Ohio grew its stake in shares of Fiverr International by 60.5% during the 4th quarter. Public Employees Retirement System of Ohio now owns 42,336 shares of the company’s stock valued at $1,343,000 after acquiring an additional 15,951 shares during the period. Millennium Management LLC increased its holdings in Fiverr International by 169.9% in the 4th quarter. Millennium Management LLC now owns 305,886 shares of the company’s stock worth $9,706,000 after acquiring an additional 192,534 shares in the last quarter. Finally, Engine Capital Management LP raised its stake in Fiverr International by 2.3% during the 4th quarter. Engine Capital Management LP now owns 1,204,316 shares of the company’s stock worth $38,213,000 after acquiring an additional 27,003 shares during the period. 59.00% of the stock is owned by institutional investors.

About Fiverr International

Fiverr International Ltd. operates an online marketplace worldwide. Its platform enables sellers to sell their services and buyers to buy them. The company's platform includes various categories in ten verticals, including graphic and design, digital marketing, writing and translation, video and animation, music and audio, programming and tech, business, data, lifestyle, and photography.