Evolent Health, Inc. EVH on Thursday reported better-than-expected fourth-quarter results.
Evolent Health reported quarterly profit of 23 cents per share, beating market estimates of 15 cents per share. The company’s quarterly sales came in at $556.05 million compared to market expectations of $542.39 million, according to data from Benzinga Pro.
Seth Blackley, CEO and co-founder of Evolent, said: “We ended 2023 on a strong note, achieving all of our financial goals for the year. Annual revenue increased by more than 45% while we continued to generate strong earnings , driven by continued underlying growth and successful integration of NIA. I am incredibly proud of our global team who worked so hard to collectively deliver what we promised to both shareholders and partners in 2023. Our financial position is strong as the flow Cash flow exceeded our target for the year and we have significantly improved our cash and balance sheet flexibility.”
Evolent Health shares gained 11.5% on Friday to trade at $33.20.
These analysts made changes to their price targets on Evolent Health after the company reported its latest quarter results.
- Canaccor authenticity cut price target on Evolent Health from $47 to $45. Richard Close, analyst at Canaccord Genuity, maintained a Buy rating.
- JMP Titles raised Evolent Health’s price target from $37 to $38. JMP Securities analyst Constantine Davides maintained the Market Outperform rating.
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