Bank of America Corp DE Makes New $16.55 Million Investment in Agilysys, Inc. $AGYS

Key Points

• Bank of America acquired 158,411 Agilysys shares worth approximately $16.55 million, giving it a 0.56% stake. Institutional investors and hedge funds collectively own about 88% of the company.
• Agilysys reported quarterly earnings of $0.49 per share, beating estimates by $0.09, while revenue rose 14.3% year over year to $87.68 million.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $124.60; however, insiders have sold approximately $23.05 million in shares over the past 90 days.

Bank of America Corp DE acquired a new position in shares of Agilysys, Inc. (NASDAQ:AGYS - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 158,411 shares of the software maker's stock, valued at approximately $16,554,000. Bank of America Corp DE owned 0.56% of Agilysys at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of AGYS. BlackRock Inc. acquired a new position in shares of Agilysys in the second quarter valued at about $431,704,000. Capital Research Global Investors bought a new stake in shares of Agilysys in the fourth quarter valued at approximately $104,878,000. William Blair Investment Management LLC acquired a new stake in Agilysys during the second quarter worth approximately $45,312,000. Wasatch Advisors LP grew its position in Agilysys by 33.0% during the first quarter. Wasatch Advisors LP now owns 953,730 shares of the software maker's stock worth $67,848,000 after buying an additional 236,373 shares in the last quarter. Finally, Deutsche Bank AG bought a new position in Agilysys during the 2nd quarter worth $21,593,000. Institutional investors and hedge funds own 88.00% of the company's stock.

Insider Transactions at Agilysys

In related news, SVP Kyle Badger sold 8,400 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $114.06, for a total transaction of $958,104.00. Following the sale, the senior vice president owned 75,037 shares in the company, valued at $8,558,720.22. The trade was a 10.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Ramesh Srinivasan sold 25,000 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $108.15, for a total value of $2,703,750.00. Following the completion of the transaction, the chief executive officer directly owned 610,044 shares of the company's stock, valued at approximately $65,976,258.60. The trade was a 3.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 212,812 shares of company stock worth $23,046,675. Insiders own 8.70% of the company's stock.

Agilysys Trading Down 1.5%

AGYS opened at $99.68 on Friday. The company has a market cap of $2.81 billion, a P/E ratio of 66.01 and a beta of 0.38. The company's 50 day moving average is $108.35 and its 200-day moving average is $90.38. Agilysys, Inc. has a 1-year low of $61.50 and a 1-year high of $145.25.

Agilysys (NASDAQ:AGYS - Get Free Report) last posted its earnings results on Monday, July 27th. The software maker reported $0.49 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.09. The firm had revenue of $87.68 million for the quarter, compared to analysts' expectations of $85.97 million. Agilysys had a net margin of 12.99% and a return on equity of 11.94%. The company's revenue was up 14.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.33 earnings per share. On average, equities analysts forecast that Agilysys, Inc. will post 1.73 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on AGYS. UBS Group set a $110.00 price target on Agilysys in a research note on Wednesday, June 3rd. Oppenheimer reiterated an "outperform" rating and set a $118.00 price objective on shares of Agilysys in a research note on Tuesday, July 28th. Needham & Company LLC raised their target price on shares of Agilysys from $130.00 to $135.00 and gave the company a "buy" rating in a report on Monday, August 10th. Cantor Fitzgerald restated an "overweight" rating on shares of Agilysys in a research report on Tuesday, July 28th. Finally, Weiss Ratings raised shares of Agilysys from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, July 13th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $124.60.

Agilysys Profile

Agilysys, Inc develops and provides hospitality software and technology solutions for hotels, resorts, casinos, cruise lines, corporate foodservice operations, universities and other hospitality-focused organizations. Its offerings are designed to help businesses manage guest experiences, property operations and back-office processes.

The company's product portfolio includes property management systems, point-of-sale solutions, inventory and procurement software, workforce management tools, guest engagement applications, payment solutions and related services.

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