Needham & Company LLC Issues Positive Forecast for Agilysys (NASDAQ:AGYS) Stock Price

Key Points

• Needham raised Agilysys’s price target to $135 from $130 while maintaining a “buy” rating, implying approximately 24.33% upside. Analysts overall have a “Moderate Buy” consensus with an average target of $124.60.
• Agilysys exceeded quarterly expectations, reporting adjusted earnings of $0.49 per share versus the $0.40 consensus and revenue of $87.68 million versus $85.97 million. Revenue increased 14.3% year over year.
• Institutional investors own about 88% of the company, while insiders have sold 197,410 shares worth roughly $21.3 million over the past 90 days.

Agilysys (NASDAQ:AGYS - Get Free Report) had its price target raised by analysts at Needham & Company LLC from $130.00 to $135.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the software maker's stock. Needham & Company LLC's price target indicates a potential upside of 24.33% from the company's current price.

Other analysts have also recently issued reports about the company. UBS Group set a $110.00 price target on Agilysys in a report on Wednesday, June 3rd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Agilysys in a research report on Tuesday, July 28th. Oppenheimer reaffirmed an "outperform" rating and issued a $118.00 price objective on shares of Agilysys in a research note on Tuesday, July 28th. Weiss Ratings upgraded Agilysys from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, July 13th. Finally, Zacks Research cut Agilysys from a "strong-buy" rating to a "hold" rating in a report on Monday, July 27th. Five research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $124.60.

Agilysys Stock Performance

AGYS stock opened at $108.58 on Monday. Agilysys has a twelve month low of $61.50 and a twelve month high of $145.25. The stock has a market cap of $3.06 billion, a P/E ratio of 71.91 and a beta of 0.37. The company's 50 day moving average is $100.26 and its two-hundred day moving average is $84.52.

Agilysys (NASDAQ:AGYS - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The software maker reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.09. The business had revenue of $87.68 million during the quarter, compared to the consensus estimate of $85.97 million. Agilysys had a return on equity of 11.94% and a net margin of 12.99%.The company's revenue was up 14.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.33 earnings per share. On average, equities research analysts predict that Agilysys will post 1.73 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Ramesh Srinivasan sold 25,000 shares of the business's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $108.15, for a total transaction of $2,703,750.00. Following the completion of the sale, the chief executive officer owned 610,044 shares in the company, valued at approximately $65,976,258.60. The trade was a 3.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 197,410 shares of company stock worth $21,285,381 in the last ninety days. Corporate insiders own 8.70% of the company's stock.

Institutional Investors Weigh In On Agilysys

Several hedge funds and other institutional investors have recently modified their holdings of AGYS. B. Metzler seel. Sohn & Co. AG bought a new position in Agilysys in the 4th quarter worth about $2,622,000. Vanguard Group Inc. increased its stake in Agilysys by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 2,407,947 shares of the software maker's stock worth $286,160,000 after purchasing an additional 32,052 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new stake in shares of Agilysys in the 4th quarter valued at approximately $2,081,000. Jennison Associates LLC boosted its position in Agilysys by 20.7% during the 4th quarter. Jennison Associates LLC now owns 221,791 shares of the software maker's stock worth $26,358,000 after acquiring an additional 38,007 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Agilysys by 38.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 377,038 shares of the software maker's stock valued at $26,825,000 after purchasing an additional 103,752 shares during the period. Institutional investors own 88.00% of the company's stock.

Agilysys Company Profile

Agilysys, Inc is a publicly traded technology company NASDAQ: AGYS that specializes in providing software and services to the hospitality industry. The company's solutions span property management, point-of-sale, inventory and procurement, workforce management, analytics and mobile guest engagement. These offerings are designed to streamline hotel and resort operations, enhance guest experiences and improve financial performance for clients across the lodging, gaming, cruise, senior living and higher-education markets.

Agilysys delivers its portfolio through both cloud-based and on-premises deployments, enabling hoteliers and hospitality operators to select the infrastructure model that best aligns with their operational requirements and IT strategies.

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