Procore signs multi-year strategic collaboration agreement with AWS
CBIZ Inc . (NYSE: NYSE:CBZ) shares have reached an unprecedented peak, touching an all-time high of $86.55. According to InvestingPro analysis, the stock is currently trading above its Fair Value, with analysts setting price targets as high as $99. This milestone underscores a period of significant growth for the professional services company, reflecting investor confidence and a strong market position. Over the past year, CBIZ has seen its stock value surge by an impressive 31.72%, supported by healthy revenue growth of 7.83% and a strong financial health rating. InvestingPro subscribers can access 14 additional investment tips and a comprehensive Pro Research Report, offering deeper insights into CBIZ’s valuation and growth prospects. The remarkable ascent to this record price level marks a notable achievement in CBIZ’s financial history and sets a new benchmark for its future endeavors, with the company maintaining a solid current ratio of 1.49 and demonstrating consistent operational execution.
In other recent news, CBIZ, the professional services company, exhibited solid growth with a 7.1% increase in total revenue for the first nine months of 2024 and a 6.9% rise in the third quarter. The company’s Financial Services division saw a revenue increase of 8.0% in Q3, while the Benefits and Insurance division grew by 3.7%. Adjusted earnings per share (EPS) for Q3 reached $0.84, marking a 27% increase year-over-year. Furthermore, CBIZ forecasts a full-year adjusted EPS growth of 10% to 12% over the previous year’s $2.41.
The significant development is the upcoming closure of the Marcum acquisition, which is expected to significantly enhance CBIZ’s service breadth and expertise. Post-acquisition, CBIZ expects leverage to initially range from 3.2x to 3.5x, decreasing to 2.1x to 2.3x within 24 months. The company reaffirms a strong outlook for 2024, with guidance for 7% to 9% revenue growth and adjusted EPS growth of 10% to 12%.
Despite the challenges of maintaining percentage revenue increases at a scale exceeding $200 million and potential transaction expenses impacting cash flow in the first year post-acquisition, the company’s leadership remains optimistic about the integration and future opportunities. These are the recent developments in the company’s operations.
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