Agilysys (NASDAQ:AGYS) Shares Gap Up on Strong Earnings

Posted by Defense World Staff on Oct 25th, 2023

Shares of Agilysys, Inc. (NASDAQ:AGYS – Get Free Report) gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $63.90, but opened at $72.97. Agilysys shares last traded at $76.28, with a volume of 92,957 shares trading hands.

The software maker reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.06. The company had revenue of $58.62 million during the quarter, compared to analysts’ expectations of $56.80 million. Agilysys had a net margin of 6.34% and a return on equity of 23.95%. The business’s quarterly revenue was up 22.8% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS.

Analyst Upgrades and Downgrades

AGYS has been the subject of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $92.00 price objective on shares of Agilysys in a report on Tuesday. StockNews.com raised Agilysys from a “hold” rating to a “buy” rating in a report on Tuesday. Northland Securities cut their price objective on Agilysys from $90.00 to $85.00 and set an “outperform” rating for the company in a report on Tuesday, July 25th. Finally, Oppenheimer cut their price objective on Agilysys from $105.00 to $85.00 and set an “outperform” rating for the company in a report on Tuesday, July 25th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $88.40.

View Our Latest Stock Analysis on Agilysys

Insider Buying and Selling at Agilysys

In other Agilysys news, Director John Mutch sold 1,000 shares of the firm’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $70.91, for a total transaction of $70,910.00. Following the completion of the sale, the director now owns 36,358 shares of the company’s stock, valued at approximately $2,578,145.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 23.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its position in Agilysys by 13.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,185 shares of the software maker’s stock worth $94,000 after buying an additional 139 shares during the period. Tower Research Capital LLC TRC increased its position in Agilysys by 31.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 584 shares of the software maker’s stock worth $40,000 after buying an additional 141 shares during the period. State of Tennessee Treasury Department increased its position in Agilysys by 1.5% during the 2nd quarter. State of Tennessee Treasury Department now owns 12,343 shares of the software maker’s stock worth $847,000 after buying an additional 179 shares during the period. Arizona State Retirement System increased its position in Agilysys by 2.8% during the 1st quarter. Arizona State Retirement System now owns 6,899 shares of the software maker’s stock worth $569,000 after buying an additional 189 shares during the period. Finally, Alliancebernstein L.P. increased its position in Agilysys by 0.7% during the 2nd quarter. Alliancebernstein L.P. now owns 26,535 shares of the software maker’s stock worth $1,821,000 after buying an additional 189 shares during the period. Institutional investors own 97.65% of the company’s stock.

Agilysys Trading Up 25.4 %

The stock has a market cap of $2.03 billion, a P/E ratio of 186.28 and a beta of 0.91. The firm has a 50-day simple moving average of $68.57 and a two-hundred day simple moving average of $71.54.

Agilysys Company Profile

(Get Free Report)

Agilysys, Inc, together with its subsidiaries, operates as a developer and marketer of hardware and software products and services to the hospitality industry in North America, Europe, the Asia-Pacific, and India. It offers point of sale, property management systems, inventory and procurement, payments, activity scheduling, reservations management, and related solutions to enhance guest experience.