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Ian Siegel, the Chief Executive Officer of ZipRecruiter, Inc. (NYSE:ZIP), recently sold shares of the company's Class A common stock, according to a filing with the Securities and Exchange Commission. The transactions, which were part of a pre-established trading plan, occurred over three separate days. According to InvestingPro data, these sales come as ZIP's stock has declined nearly 12% in the past week and 46% over the last six months.
On April 3, Siegel sold 9,722 shares at a weighted average price of approximately $5.617 per share. This was followed by another sale of 9,722 shares on April 4, at an average price of $5.193 per share. The final sale took place on April 7, with Siegel selling 9,722 shares at an average price of $5.1185 per share. The total value of these transactions amounted to $154,856, with the prices per share ranging from $5.1185 to $5.617. Despite these insider sales, InvestingPro analysis shows the company maintains impressive gross profit margins of 89% and operates with moderate debt levels.
Following these sales, Siegel still holds a significant number of shares indirectly through the Siegel Family Trust, of which he is a co-trustee. The transactions were conducted under a Rule 10b5-1 trading plan, which allows company insiders to sell a predetermined amount of stock at a predetermined time to avoid any allegations of insider trading. Subscribers to InvestingPro can access 15 additional key insights about ZIP, including detailed analysis of the company's financial health, valuation metrics, and future growth prospects.
In other recent news, ZipRecruiter Inc. reported its fourth-quarter 2024 financial results, surpassing revenue expectations by posting $111 million, compared to the forecasted $107.77 million. Despite the revenue beat, the company experienced an 18% year-over-year decline for the quarter and a 27% decline for the full year, with total revenue reaching $474 million. In response to ongoing industry challenges, S&P Global Ratings downgraded ZipRecruiter's credit rating from 'B+' to 'B', citing persistent declines in revenue and earnings due to weak demand for online recruiting services. Barclays (LON:BARC) also downgraded ZipRecruiter's stock rating to Equal Weight from Overweight, adjusting the price target from $10.00 to $6.00, following the company's conservative EBITDA margin outlook for fiscal year 2025.
Evercore ISI revised its price target for ZipRecruiter to $10.00 from $13.00, maintaining an In Line rating, while noting early signs of recovery in hiring trends that may lead to revenue growth by the fourth quarter of 2025. Meanwhile, Goldman Sachs reduced its 12-month price target for the company from $9.00 to $8.00, maintaining a Neutral rating despite ZipRecruiter's fourth-quarter revenue exceeding expectations. The company remains cautiously optimistic about potential revenue growth by the end of 2025, with increased investments in marketing and product initiatives aimed at capitalizing on revenue opportunities. These recent developments reflect the ongoing challenges and strategic adjustments faced by ZipRecruiter in a competitive and fluctuating market environment.
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