Stock Track | Alarm.com Surges 15% on Impressive Q3 Results and Raised Outlook

Stock Track11-08

Alarm.com Holdings Inc. (ALRM) saw its shares soar by over 15% in pre-market trading on Thursday, November 8, after the company reported strong third-quarter financial results that exceeded analyst expectations and raised its full-year guidance.

For the quarter ended September 30, 2024, Alarm.com reported revenue of $240.5 million, an 8.4% increase year-over-year, driven by a 9.8% growth in its SaaS and license revenue to $159.3 million. The company's revenue retention rate climbed to an impressive 95%, above its historical range, reflecting high customer satisfaction and loyalty.

Alarm.com also posted adjusted earnings of $0.62 per share, surpassing the consensus estimate of $0.49 per share. The strong performance was fueled by the company's continued investment in product innovation and expansion of its enterprise video management business, OpenEye, which is nearing 1 million active channels.

Following the robust results, Alarm.com raised its full-year 2024 guidance, projecting SaaS and license revenue to range between $627 million and $629 million, and total revenue to be between $966 million and $970 million. The upward revisions reflect the company's confidence in its growth trajectory and profitability.

Analysts on Wall Street reacted positively to the news, with several firms raising their price targets and reiterating their "Buy" or "Overweight" ratings on Alarm.com. Barclays, for instance, raised its price target to $67 from $60, while Goldman Sachs increased its target to $67 from $64.

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The company's revenue retention rate climbed to an impressive 95%, above its historical range, reflecting high customer satisfaction and loyalty.</p>\n\n<p>Alarm.com also posted adjusted earnings of $0.62 per share, surpassing the consensus estimate of $0.49 per share. The strong performance was fueled by the company's continued investment in product innovation and expansion of its enterprise video management business, OpenEye, which is nearing 1 million active channels.</p>\n\n<p>Following the robust results, Alarm.com raised its full-year 2024 guidance, projecting SaaS and license revenue to range between $627 million and $629 million, and total revenue to be between $966 million and $970 million. The upward revisions reflect the company's confidence in its growth trajectory and profitability.</p>\n\n<p>Analysts on Wall Street reacted positively to the news, with several firms raising their price targets and reiterating their \"Buy\" or \"Overweight\" ratings on Alarm.com. 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(ALRM) saw its shares soar by over 15% in pre-market trading on Thursday, November 8, after the company reported strong third-quarter financial results that exceeded analyst ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ALRM","symbol_name":"Alarm.com Holdings, Inc.","start_time":0,"source_url":"","article_id":"1180537590","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1180537590","pubTimestamp":1731076473,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Alarm.com Holdings Inc.  saw its shares soar by over 15% in pre-market trading on Thursday, November 8, after the company reported strong third-quarter financial results that exceeded analyst expectations and raised its full-year guidance.For the quarter ended September 30, 2024, Alarm.com reported revenue of $240.5 million, an 8.4% increase year-over-year, driven by a 9.8% growth in its SaaS and license revenue to $159.3 million. The company's revenue retention rate climbed to an impressive 95%","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"ALRM":"Alarm.com Holdings, Inc."},"translate_title":"股票跟踪Alarm.com因令人印象深刻的第三季度业绩和上调前景而飙升15%","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ALRM":1},"content_text":"Alarm.com Holdings Inc. (ALRM) saw its shares soar by over 15% in pre-market trading on Thursday, November 8, after the company reported strong third-quarter financial results that exceeded analyst expectations and raised its full-year guidance.\nFor the quarter ended September 30, 2024, Alarm.com reported revenue of $240.5 million, an 8.4% increase year-over-year, driven by a 9.8% growth in its SaaS and license revenue to $159.3 million. 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