Gregory R. Goff, President of Alight, Inc. (NYSE:ALIT), has recently sold 250,000 shares of the company's Class A Common Stock. According to InvestingPro data, while this insider sale occurs, the company shows strong institutional confidence with management actively buying back shares. The shares were sold at an average price of $8.0044, with the total transaction amounting to approximately $2 million. Following this transaction, Goff retains ownership of 852,694 shares, which include restricted stock units scheduled to vest in the future. The shares were sold within a price range of $7.9725 to $8.0429. With analysts setting price targets up to $13 and the stock currently trading below its Fair Value, InvestingPro subscribers can access 8 additional key insights about ALIT's valuation and growth prospects through the comprehensive Pro Research Report.
In other recent news, Alight Solutions reported a slight revenue increase in its third-quarter 2024 performance, largely due to improved BPaaS growth and project revenue. The company also saw an 8%-9% sequential expansion in contracted revenue and has strengthened relationships with several key clients. Alight's recent divestiture and recapitalization of Sparta, coupled with the completion of its cloud migration, have been noted as positive developments.
Citi and Needham have both maintained a Buy rating on Alight shares, with Citi emphasizing the company's potential for future growth and Needham raising its price target to $11. Alight's third-quarter results also outperformed Wall Street's revenue and EBITDA expectations, leading to a minor year-over-year decline of 0.5% to $555 million.
Furthermore, Alight Solutions announced a new quarterly dividend of $0.04 per share, reflecting its commitment to enhancing capital returns to shareholders. The company expects its annual recurring revenue bookings to grow by double digits in the latter half of the year. These are among the latest developments for Alight Solutions, which has shown resilience in its business model and strategic approach to capital allocation.
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