BOSTON—Dmitry Melnikov, a director and major shareholder of SEMrush Holdings, Inc. (NASDAQ:SEMR), recently sold a significant portion of his holdings in the company. The sale comes as SEMrush, currently valued at $1.97 billion, maintains impressive 22% revenue growth and industry-leading gross margins of 83%. According to a filing with the Securities and Exchange Commission, Melnikov disposed of a total of 81,016 shares in two separate transactions, totaling approximately $1,090,612.
The first transaction took place on December 13, where Melnikov sold 42,226 shares at a weighted average price of $13.50. The second transaction occurred on December 16, involving the sale of 38,790 shares at an average price of $13.42. Both sales were executed through The Melnikov Family GRAT Remainder Trust, a trust benefiting certain family members. The stock currently trades near its Fair Value according to InvestingPro analysis, with the price showing notable volatility throughout the year.
Following these transactions, Melnikov retains direct and indirect ownership of approximately 9,060,301 shares in SEMrush, held through various trusts and entities. The sales were conducted under a prearranged trading plan, as noted in the filing. For deeper insights into insider transactions and comprehensive financial analysis, InvestingPro offers detailed reports covering SEMrush and 1,400+ other US stocks.
In other recent news, Semrush Holdings reported a robust growth in its Q3 performance, with a 24% increase in revenue year-over-year, reaching a notable $97.4 million. The company's operational success was reflected in a non-GAAP operating income of $12.1 million and an improved non-GAAP operating margin of 12.4%. Additionally, Semrush's annual recurring revenue (ARR) grew by 24% to $401 million, accompanied by the addition of approximately 1,300 net new paying customers.
In light of these developments, Semrush's senior management raised the full-year revenue guidance for 2024. The company's Q4 2024 revenue is expected to be between $100.8 million and $101.8 million, indicating a 21% year-over-year growth. The full-year 2024 revenue guidance has been adjusted to $375 million to $376 million, suggesting a 22% growth rate at the midpoint.
Furthermore, the company maintains a strong balance sheet with $233 million in cash and investments. Semrush's enterprise SEO product, launched in 2023, is gaining traction with over 90 accounts migrated by October. As the company continues to innovate and expand its platform, it remains a significant player in the online visibility management space.
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