With the Juneteenth Holiday this week and our last update just three business days ago (and right after the FOMC meeting), there is very little to talk about today. So, I’ll keep things short and sweet and we’ll jump right into company-specific updates, of which there are hardly any.
In other words, enjoy a break in the action! They rarely last long.
Recent Changes
None
Updates
Artivion (AORT) is relatively unchanged over the last week and there’s no big news to share. We’re still looking for the aortic health company to grow through new approvals here in the U.S. while expanding further overseas. That should help revenue growth accelerate from around 10% into the mid-teens while also establishing Artivion as a consistently profitable company. BUY
Docebo (DCBO) is down a little over the last week but up over the last two, which is not something that can be said for the broader software stock group. As mentioned last week, Warburg Pincus increased its holdings and now owns roughly 10% of the company. Needham recently reiterated its price target of 45 and Craig-Hallum set a new target of 58. BUY
Enovix (ENVX) has given up a little of its recent rally but not for any specific reason. Management is still expecting to get batteries off the Agility Line by the end of June (the clock is ticking guys) and have those out to customers for testing in Q3, setting up commercial volumes in mid-2024 (i.e., 9-12 months after customer testing). BUY
EverQuote (EVER) dipped below its 200-day line last week prompting me to sell another quarter of our position last Friday for a roughly 40% gain. This leaves us with half of our original stake. We’re in wait-and-see mode with the upcoming quarter after management tried to inject some conservatism (probably because the stock was unstoppable) while a number of analysts continue to lean extremely bullish. Partial profits locked in with a half stake seems about the right balance right now. HOLD HALF
Intapp (INTA) has given up its earnings rally and has moved in the same general direction as the broader software group over the last week. Management announced that Old Mutual Alternative Investments has selected Intapp’s DealCloud solution for relationship management and fundraising activity management. BUY
RxSight (RXST) is still trading in the 55 – 60 range with absolutely no material news to share. BUY
TransMedics Group (TMDX) hit another all-time high earlier this week. That’s all there is to say at the moment. HOLD A QUARTER
Weave (WEAV) remains flatlined around the 8.8 price level and, like the majority of the rest of our positions, hasn’t released any material news this week. BUY SECOND HALF
Zeta Global (ZETA) is one of the few software stocks out there that looks pretty good, even though it’s down over the last couple of weeks. Yesterday the company announced the beta release of gen AI functions for creative AI Agents within its marketing platform that tap into Amazon (AMZN) Bedrock, a managed service to build and scale gen AI applications with foundation models from AWS. The details of these features are fairly technical, but at a high level, they help marketers streamline their workflows and get a better handle on marketing analytics. HOLD
That’s it for this week. Please email me at tyler@cabotwealth.com with any questions or comments about any of our stocks, or anything else on your mind.
Currently Open
| Ticker | Stock Name | Date Bought | Price Bought | 6/20/24 | Profit | Rating |
| AORT | Artivion | 6/5/24 | 23.3 | 22.9 | -2% | Buy |
| DCBO | Docebo | 12/7/23 | 44.6 | 37 | -17% | Buy |
| ENVX | Enovix | 10/6/22 | 20.4 | 11.8 | -42% | Buy |
| EVER | EverQuote | 2/1/24 | 13.7 | 18.9 | 38% | Sold Half, Hold Half |
| INTA | Intapp | 1/4/23 | 25.7 | 33.4 | 30% | Buy |
| RXST | RxSight | 3/7/24 & 3/28/24 | 52.7 | 55.3 | 5% | Buy |
| TMDX | TransMedics Group | 7/7/22 | 34.1 | 140.7 | 313% | Hold a Quarter |
| WEAV | Weave Communications | 1/4/24 & 5/9/24 | 10.1 | 8.7 | -14% | Buy Second Half |
| ZETA | Zeta Global | 5/2/24 | 12.6 | 15.5 | 23% | Hold |
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