Bytes Technology Group (LON:BYIT) Raised to Buy at Deutsche Bank Aktiengesellschaft

Key Points

• Deutsche Bank upgraded Bytes Technology Group to “buy” and raised its price target to GBX 500 from GBX 410, implying 17.92% upside from the prior close.
• Analyst sentiment remains mixed overall: MarketBeat reports an average rating of “hold” and an average price target of £620.36, with UBS and Berenberg maintaining neutral or hold views.
• The stock opened at GBX 424, near its 12-month high, while insiders Sam Mudd and Gavin Rochussen purchased shares worth a combined £519,250.

Bytes Technology Group (LON:BYIT - Get Free Report) was upgraded by analysts at Deutsche Bank Aktiengesellschaft to a "buy" rating in a research note issued on Wednesday,Digital Look reports. The firm presently has a GBX 500 price objective on the stock, up from their previous price objective of GBX 410. Deutsche Bank Aktiengesellschaft's target price indicates a potential upside of 17.92% from the stock's previous close.

Several other analysts also recently commented on BYIT. UBS Group reaffirmed a "neutral" rating and set a GBX 305 price objective on shares of Bytes Technology Group in a research note on Monday, May 11th. Berenberg Bank decreased their target price on Bytes Technology Group from GBX 390 to GBX 360 and set a "hold" rating for the company in a research note on Wednesday, May 13th. Finally, Jefferies Financial Group increased their price target on Bytes Technology Group from £3,200 to £3,700 and gave the stock a "hold" rating in a report on Thursday, June 25th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of £620.36.

Bytes Technology Group Trading Up 2.5%

BYIT opened at GBX 424 on Wednesday. The firm's fifty day moving average is GBX 402.59 and its two-hundred day moving average is GBX 346.37. The firm has a market cap of £986.02 million, a PE ratio of 20.44, a price-to-earnings-growth ratio of 2.27 and a beta of 0.71. Bytes Technology Group has a twelve month low of GBX 232.92 and a twelve month high of GBX 432.60. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.98 and a current ratio of 1.05.

Insider Buying and Selling

In other news, insider Sam Mudd purchased 25,000 shares of Bytes Technology Group stock in a transaction on Monday, July 13th. The stock was purchased at an average price of GBX 413 per share, with a total value of £103,250. Also, insider Gavin Rochussen purchased 100,000 shares of Bytes Technology Group stock in a transaction on Monday, July 13th. The shares were purchased at an average cost of GBX 416 per share, with a total value of £416,000. 3.34% of the stock is currently owned by company insiders.

About Bytes Technology Group

BTG is one of the UK and Ireland's leading software, security, AI and cloud services specialists. With a team of more than 1,200 talented people, it serves around 6,000 customers in the corporate and public sectors, building lasting, trust-based relationships to help organisations get the most from the latest transformative technologies shaping our world. As a value-added reseller, BTG works hand in hand with more than 100 of the world's biggest vendors who make or distribute the software, hardware and other IT products that it provides to its customers.

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