John McCartney, a director at Huron Consulting Group Inc. (NASDAQ:HURN), has recently sold a portion of his holdings in the company. The transaction, which took place on June 11, 2024, involved the sale of 1,259 shares of common stock at a weighted average price of $95.38, resulting in a total value of over $120,083.
The shares were sold in multiple transactions with prices ranging from $94.89 to $95.80, according to the filing details. Following this transaction, McCartney's direct ownership in Huron Consulting has been reduced to zero shares, as indicated in the report. However, he still retains an indirect ownership of 57,988 shares through a wholly owned LLC.
This sale represents a significant transaction by a member of Huron Consulting's board of directors and is a noteworthy event for investors and market watchers. Shareholders and potential investors in Huron Consulting Group Inc. can request more detailed information about the sale, including the number of shares sold at each price within the stated range.
The transaction was officially signed off on June 13, 2024, by Hope Katz, acting as attorney-in-fact for John McCartney. As a director of the company, McCartney's trading activities are closely watched for insights into the insider perspective on the firm's financial health and future prospects.
In other recent news, Huron Consulting Group has reported a solid 12% increase in Q1 2024 revenue, reaching $356 million, a significant rise from the same period last year. This growth has been attributed to strong performances in the healthcare and education segments. The company's net income rose to $18 million for the quarter, a substantial increase from $13.4 million in the previous year.
Huron also raised its adjusted EPS guidance for 2024, signaling confidence in continued sector growth. The company plans to deploy capital for share repurchases, debt repayment, and targeted M&A activities. Despite some clients expressing caution due to macroeconomic uncertainty, Huron maintains its financial goals of double-digit annual revenue growth and expanding adjusted EBITDA margins.
These are among the recent developments at Huron, which also reported a 41% increase in headcount since the end of 2021, a sign of the company's commitment to growth and talent acquisition. Huron's strong team and collaborative culture are seen as a competitive advantage, and the company is actively pursuing M&A opportunities.
InvestingPro Insights
Following the recent insider trading activity at Huron Consulting Group Inc. (NASDAQ:HURN), where director John McCartney sold a notable number of shares, investors might be curious about the company's current financial standing and what insiders might see on the horizon. According to InvestingPro data, Huron Consulting boasts a healthy market capitalization of $1.58 billion and has demonstrated a robust revenue growth of 17.63% over the last twelve months as of Q1 2024. This growth is indicative of the company's expanding operations and market presence.
Despite McCartney's sale, InvestingPro Tips suggest a different narrative with the company's management having been aggressively buying back shares, which could signal confidence in the long-term value of the company. Additionally, with analysts predicting Huron Consulting will be profitable this year and noting that the company has been profitable over the last twelve months, shareholders may find reassurance in the firm's financial health. It's also noteworthy that Huron Consulting trades with a P/E ratio of 26.55, which, while higher than the adjusted P/E ratio for the last twelve months of 16.53, may reflect investor expectations for future earnings growth.
For those interested in further insights, there are more InvestingPro Tips available, including detailed analyst revisions and liquidity assessments. To explore these additional tips, visit: https://www.investing.com/pro/HURN. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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