Kuruvilla Abraham, Chief Technology Officer at ACI Worldwide , Inc. (NASDAQ:ACIW), a $5.8 billion market cap payment software provider, recently sold 5,400 shares of the company's common stock. The company has shown remarkable performance this year, with shares up over 80% year-to-date and trading near its 52-week high of $59.71. The shares were sold on December 6 at a price of $55.71 each, totaling approximately $300,834. Following this transaction, Abraham holds 81,107 shares directly.
Earlier, on December 4, Abraham disposed of 1,283 shares at a price of $56.43 each, valued at $72,399. This transaction was related to the surrender of shares to cover tax liabilities incurred from the vesting of restricted stock units.
In other recent news, ACI Worldwide has reported strong financial performance in its third quarter, with a 24% increase in total revenue to $452 million and a 61% surge in adjusted EBITDA to $167 million. The company's high-margin Software (ETR:SOWGn) License fees saw a 98% year-over-year increase, primarily due to high renewal activity. Despite these robust results, DA Davidson downgraded the company's rating from Buy to Neutral, while raising its price target to $60 from $57. The firm believes the current stock price already reflects the company's improved growth prospects, following a 140% growth over the past year. ACI Worldwide also raised its full-year 2024 revenue guidance to between $1.567 billion and $1.601 billion, and adjusted EBITDA to between $433 million and $448 million. Furthermore, in anticipation of strong growth and robust margins over the next two to three years, the company expressed confidence in its sales pipeline for 2025. The company's Payments Hub is also nearing completion, with pilot implementations expected in Q2 2025. These recent developments underscore ACI Worldwide's strong performance and strategic positioning in the global payments market.
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