Shares of high-flying Avigilon (TSX:AVO) may have finally taken a breather, but some closest to the company are betting its just a temporary pause.
Independent directors Murray Tevlin and Wan Jung are buying up shares of the Vancouver-based next-gen security firm, joining the company’s CFO in making recent acquisitions in the public market.
Last Wednesday, August 28th, Jung bought 10,000 shares of Avigilon at $15.25. The same day, Tevlin bought 4000 shares at prices ranging from $15.33 to $15.35. And, on August 15th, Jung picked up 10,000 at $16.22.
Earlier this summer, CFO Brad Bardua bought 5,330 shares in the open market at $16.23.
On August 8th, Avigilon reported its Q2, 2013 results. The company earned $3.4-million on revenue of $39.2-million, a topline that was up 61% over the same period a year prior.
Cantor Fitzgerald analyst Justin Kew, who has a BUY recommendation and $21 target price on Avigilon says the company is trading at a premium to its peers, but deserves that premium because it is growing 50% faster than many of them.
At press time, shares of Avigilon were down 1.2% to $15.53.