In a recent transaction, Ravi Venkatesan, the Chief Executive Officer of Cantaloupe, Inc. (NASDAQ:CTLP), a leader in calculating and accounting machines, has increased his stake in the company. On September 13, 2024, Venkatesan purchased 8,000 shares of Cantaloupe’s common stock at a weighted average price of $6.30 per share, totaling approximately $50,400.
The shares were acquired through multiple transactions at prices ranging from $6.29 to $6.30, as detailed in a footnote of the SEC filing. Following this purchase, Venkatesan now owns a total of 136,658 shares in Cantaloupe, Inc.
This move by the CEO underscores his confidence in the company’s future performance and prospects. The transaction was conducted through a broker-dealer, ensuring full compliance with market regulations. Cantaloupe, Inc. has not issued any comments regarding this transaction.
Investors often monitor insider buying as it can signal executives’ belief in the company’s potential for growth. As the CEO of Cantaloupe, Venkatesan’s recent stock purchase may attract attention from current and potential shareholders looking to gauge insider sentiment.
For those interested in following Cantaloupe’s stock performance and insider transactions, further details can be requested from the company or the SEC. The information provided in this report is based on the latest Form 4 filing with the Securities and Exchange Commission.
In other recent news, Cantaloupe Inc. reported a 13% increase in total revenue to $72.7 million in its fourth quarter of fiscal year 2024. The company’s transaction revenue saw a 16% rise, while subscription revenue grew by 14%. Despite slightly missing full-year revenue targets, Cantaloupe’s adjusted EBITDA surged by 91% to $34 million for FY 2024.
The company has set ambitious goals for FY 2025, targeting a revenue growth of 15-20% and adjusted EBITDA growth of approximately 40%. In strategic moves, Cantaloupe announced the acquisition of SB Software to strengthen its presence in the European market, and partnerships with AIR and Mastercard (NYSE:) to enhance automated retail solutions and digital advertising.
In addition, Cantaloupe rolled out a significant update to its Seed vending management system, introducing a modernized user interface, mobile optimization, and performance enhancements. These recent developments indicate Cantaloupe’s strategic focus on both revenue growth and market expansion.
InvestingPro Insights
Following the recent insider buying by CEO Ravi Venkatesan, Cantaloupe, Inc. (NASDAQ:CTLP) has been the subject of investor interest. The company’s current market capitalization stands at $460.54 million, reflecting the market’s valuation of the firm. With a P/E ratio of 40 and an adjusted P/E ratio for the last twelve months as of Q4 2024 at 37.43, Cantaloupe is trading at a high earnings multiple, which is an InvestingPro Tip indicating that the market has high expectations for the company’s future earnings growth.
Another InvestingPro Tip highlights that Cantaloupe’s stock price movements have been quite volatile. Despite this, the company’s liquid assets exceed its short-term obligations, providing financial stability and the ability to meet its immediate financial commitments. This is particularly relevant for investors who are looking for companies with solid balance sheets.
From a performance standpoint, Cantaloupe has demonstrated revenue growth of 10.24% over the last twelve months as of Q4 2024, with a quarterly revenue growth rate of 13.22% in Q4 2024. This growth is complemented by a gross profit margin of 38.22%, indicating the company’s ability to maintain profitability on its sales.
For investors seeking additional insights and tips on Cantaloupe, Inc., there are six more InvestingPro Tips available, which can be accessed for further in-depth analysis of the company’s financial health and market performance.
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