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Michael Zagorsek, the Chief Operating Officer of SoundHound AI , Inc. (NASDAQ:SOUN), recently sold a significant portion of his holdings in the company. The sale comes as SOUN trades near its 52-week high of $24.98, having delivered an impressive return of over 1,000% year-to-date. According to a filing with the Securities and Exchange Commission, Zagorsek sold 60,796 shares of Class A Common Stock on December 20, 2024, at an average price of $20.30 per share. This transaction amounted to a total value of approximately $1.23 million. According to InvestingPro analysis, the stock currently appears overvalued based on its Fair Value metrics.
The sale was conducted to satisfy tax withholding obligations related to the vesting of restricted stock units granted to Zagorsek in previous years. Following the transaction, Zagorsek retains ownership of 1,412,526 shares in the now $7.48 billion market cap company. InvestingPro subscribers can access 16 additional investment tips and comprehensive analysis about SOUN's valuation and growth prospects through the platform's detailed Pro Research Report.
In other recent news, SoundHound AI has seen a surge of positive developments. H.C. Wainwright and Wedbush have raised their price targets for SoundHound AI to $26 and $22 respectively, maintaining Buy and Outperform ratings. This upgrade reflects the company's strong performance in the AI market and the growing demand for its voice AI solutions. SoundHound AI reported notable revenue growth of 89% year-over-year in the third quarter of 2024, reaching $25.1 million. In response to these positive results, SoundHound AI has revised its revenue projections upward for the fourth quarter of 2024 and the full year of 2025, expecting revenues to range between $155.0 million and $175.0 million. The company has also made significant strides with Apivia Courtage, a French wholesale broker. SoundHound’s Amelia AI Agents have been deployed to manage over 100,000 customer service calls, reducing Apivia Courtage's direct customer queries by nearly 20%. This collaboration has allowed Apivia Courtage to reallocate its human workforce towards more complex tasks, enhancing both efficiency and workplace satisfaction. SoundHound AI's recent acquisitions are expected to significantly expand its business scope, extending into retail, healthcare, and financial services sectors.
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