Deutsche Bank Aktiengesellschaft Cuts Bytes Technology Group (LON:BYIT) Price Target to GBX 470

Bytes Technology Group (LON:BYIT - Get Free Report) had its target price reduced by equities researchers at Deutsche Bank Aktiengesellschaft from GBX 575 ($7.85) to GBX 470 ($6.42) in a research report issued to clients and investors on Wednesday, Marketbeat reports. The firm presently has a "hold" rating on the stock. Deutsche Bank Aktiengesellschaft's price objective would indicate a potential upside of 33.79% from the stock's previous close.

A number of other research analysts have also issued reports on the stock. Berenberg Bank lowered shares of Bytes Technology Group to a "hold" rating and reduced their target price for the company from GBX 660 ($9.01) to GBX 390 ($5.33) in a research note on Wednesday. Shore Capital cut Bytes Technology Group to a "hold" rating in a report on Wednesday.

Bytes Technology Group Price Performance

Shares of BYIT opened at GBX 351.31 ($4.80) on Wednesday. Bytes Technology Group has a 12 month low of GBX 341.60 ($4.66) and a 12 month high of GBX 563 ($7.69). The company has a debt-to-equity ratio of 0.67, a current ratio of 1.09 and a quick ratio of 0.98. The stock has a fifty day moving average price of GBX 513.17 and a 200 day moving average price of GBX 470.55. The company has a market cap of £850.34 million, a P/E ratio of 16.33, a PEG ratio of 2.27 and a beta of 0.65.

Bytes Technology Group (LON:BYIT - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported GBX 25.07 ($0.34) EPS for the quarter. Bytes Technology Group had a net margin of 25.47% and a return on equity of 66.59%. On average, research analysts forecast that Bytes Technology Group will post 11.3463262 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Sam Mudd sold 65,264 shares of the stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of GBX 500 ($6.83), for a total value of £326,320 ($445,609.72). Also, insider Andrew Holden sold 50,664 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of GBX 512 ($6.99), for a total transaction of £259,399.68 ($354,225.97). Insiders have sold 136,476 shares of company stock worth $68,845,968 over the last three months. Corporate insiders own 9.51% of the company's stock.

Bytes Technology Group Company Profile

With a 40-year track record, Bytes Technology Group is one of the UK and Ireland's leading software, security, AI and cloud services specialists. We enable effective and cost-efficient technology sourcing, adoption and management across software, security, hardware, and AI and cloud services. Our strong relationships with many of the world's largest software companies enable our specialist staff to deliver the latest technology to a diverse and embedded customer base.

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