In a recent transaction, Eric Schoch, the Executive Vice President and President of Retail at NCR Voyix Corp (NYSE:VYX), acquired $264,425 worth of company shares. The purchase, which took place on August 13, involved 21,692 shares at an average price of $12.19 per share.
The acquisition was part of multiple transactions with prices ranging from $12.11 to $12.22, indicating a keen interest in investing at current market prices. Following the buy, Schoch now directly owns a total of 101,671 shares in NCR Voyix Corp. This figure includes an additional 1,458 shares of common stock obtained through the company's employee stock purchase plan since his last report, as noted in the footnotes of the filing.
Investors often monitor insider buying as it can signal executives' confidence in the company's prospects. Schoch's purchase represents a significant investment in NCR Voyix and may be seen as a positive sign by the market.
NCR Voyix Corp, with a rich history dating back to its former names including NCR CORP and NATIONAL CASH REGISTER CO, has evolved over the years. The company, headquartered in Atlanta, Georgia, is classified under the Calculating & Accounting Machines (No Electronic Computers) industry.
The transaction details were disclosed in a Form 4 filing with the Securities and Exchange Commission, with Kelli Sterrett signing as Attorney-in-Fact for Eric Schoch. As per usual practice, the reporting person has committed to providing full information on the number of shares bought at each price point within the stated range upon request by the issuer, any security holder, or the SEC staff.
In other recent news, NCR Voyix has made significant strides in its strategic shift towards software and services. The company reported a 5% increase in normalized software revenue in Q2 2024, while services revenue saw a slight 2% decrease. In a major development, NCR Voyix sold its Digital Banking business for $2.45 billion. This move is part of a broader strategy to reduce debt, which included a partnership with Ennoconn Corp. for hardware solutions and a cost-saving program that eliminated 800 jobs.
Oppenheimer maintained its Outperform rating and $19.00 price target for NCR Voyix, following the sale of the Digital Banking business. The company is now focusing on platform conversions, market share growth, and investments in its Voyix commerce platform. NCR Voyix aims to achieve a 20% EBITDA margin and 40% free cash flow conversion by 2025.
Finally, NCR Voyix updated its 2024 outlook with pro forma revenue of approximately $2.15 billion and pro forma adjusted EBITDA of approximately $430 million. These are the latest developments in the company's ongoing transformation.
InvestingPro Insights
Following the recent insider purchase by Executive Vice President Eric Schoch, NCR Voyix Corp (NYSE:VYX) has caught the attention of investors trying to gauge the company's financial health and future prospects. According to InvestingPro data, NCR Voyix Corp currently has a market capitalization of approximately $1.81 billion, which provides a sense of the company's size within its industry.
Despite a significant return over the last week, with a 10.26% price total return, the company's stock price movements have been quite volatile, as indicated by a 1-month price total return of -14.0%. This volatility may be a factor for investors to consider when evaluating the timing and stability of their investments. Additionally, the company's revenue growth has been impressive over the last twelve months, with a 108.31% increase, although there has been a recent quarterly decline of -7.4%. This mixed growth performance might reflect changing market conditions or strategic shifts within the company.
One of the InvestingPro Tips suggests that analysts are expecting a sales decline in the current year, which may be a point of concern for investors looking for sustained revenue growth. Furthermore, with analysts not anticipating the company to be profitable this year, the executive purchase could be seen as a particularly bullish signal amidst challenging forecasts.
For investors seeking a deeper understanding of NCR Voyix Corp's financials and performance metrics, InvestingPro offers additional insights and tips. There are currently 9 more InvestingPro Tips available for NCR Voyix Corp, which can be accessed at https://www.investing.com/pro/VYX, providing a more comprehensive analysis for those looking to make informed investment decisions.
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