Summit Creek Advisors LLC Sells 13,877 Shares of Agilysys, Inc. $AGYS

Key Points

• Summit Creek Advisors reduced its Agilysys stake by 31.7% in the third quarter, selling 13,877 shares and retaining 29,902 shares valued at about $2.9 million.
• Institutional investor activity was mixed, while hedge funds and other institutions collectively owned 88% of Agilysys shares. Company insiders also sold 17,113 shares worth about $1.96 million over the last quarter.
• Agilysys beat quarterly earnings and revenue estimates, with revenue up 17.7% year over year. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $141.25.

Summit Creek Advisors LLC cut its holdings in shares of Agilysys, Inc. (NASDAQ:AGYS - Free Report) by 31.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,902 shares of the software maker's stock after selling 13,877 shares during the quarter. Summit Creek Advisors LLC owned approximately 0.11% of Agilysys worth $2,903,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Calamos Advisors LLC bought a new position in shares of Agilysys in the third quarter worth about $478,000. Covestor Ltd raised its stake in Agilysys by 511.8% during the 3rd quarter. Covestor Ltd now owns 673 shares of the software maker's stock valued at $65,000 after purchasing an additional 563 shares during the period. Pinnacle Wealth Planning Services Inc. raised its stake in Agilysys by 36.0% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 393 shares of the software maker's stock valued at $38,000 after purchasing an additional 104 shares during the period. Park Avenue Securities LLC lifted its holdings in Agilysys by 39.6% in the 3rd quarter. Park Avenue Securities LLC now owns 4,948 shares of the software maker's stock worth $480,000 after purchasing an additional 1,403 shares in the last quarter. Finally, Sterling Capital Management LLC lifted its holdings in Agilysys by 834.4% in the 3rd quarter. Sterling Capital Management LLC now owns 869 shares of the software maker's stock worth $84,000 after purchasing an additional 776 shares in the last quarter. 88.00% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Agilysys

In related news, Director John Mutch sold 750 shares of the business's stock in a transaction on Thursday, October 29th. The shares were sold at an average price of $114.96, for a total value of $86,220.00. Following the sale, the director owned 31,627 shares in the company, valued at approximately $3,635,839.92. The trade was a 2.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO William Wood, III sold 6,000 shares of the business's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $114.72, for a total transaction of $688,320.00. Following the completion of the sale, the chief financial officer owned 35,052 shares in the company, valued at $4,021,165.44. This represents a 14.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 17,113 shares of company stock valued at $1,958,989 over the last quarter. 8.70% of the stock is owned by insiders.

Analysts Set New Price Targets

AGYS has been the subject of several recent analyst reports. Needham & Company LLC upped their price target on Agilysys from $135.00 to $145.00 and gave the stock a "buy" rating in a research note on Tuesday, October 27th. Wall Street Zen upgraded shares of Agilysys from a "hold" rating to a "buy" rating in a research report on Saturday, October 31st. Zacks Research downgraded shares of Agilysys from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Oppenheimer restated an "outperform" rating and set a $135.00 target price (up from $118.00) on shares of Agilysys in a research report on Tuesday, October 27th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Agilysys in a research report on Tuesday, July 28th. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $141.25.

Agilysys Trading Up 1.1%

NASDAQ:AGYS opened at $121.09 on Friday. The company has a market capitalization of $3.42 billion, a P/E ratio of 77.62, a P/E/G ratio of 3.30 and a beta of 0.40. Agilysys, Inc. has a 12 month low of $61.50 and a 12 month high of $133.32. The business's 50-day moving average is $108.97 and its 200 day moving average is $92.47.

Agilysys (NASDAQ:AGYS - Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The software maker reported $0.67 EPS for the quarter, beating analysts' consensus estimates of $0.55 by $0.12. The company had revenue of $93.36 million during the quarter, compared to analyst estimates of $90.92 million. Agilysys had a return on equity of 12.98% and a net margin of 12.88%. The firm's revenue was up 17.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.41 earnings per share. On average, research analysts forecast that Agilysys, Inc. will post 1.83 earnings per share for the current year.

Agilysys Profile

Agilysys, Inc develops and provides hospitality technology for hotels, resorts, casinos, cruise lines and other guest-focused businesses. Its software and services are designed to help operators manage core property functions, improve guest experiences and streamline food, beverage and retail operations.

The company's product portfolio includes property-management systems, point-of-sale solutions, inventory and procurement tools, payment services, guest-facing applications, mobile ordering and resort-management software.

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