Agilysys (NASDAQ:AGYS) Shares Gap Up Following Earnings Beat

Shares of Agilysys, Inc. (NASDAQ:AGYS) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $111.49, but opened at $119.83. Agilysys shares last traded at $106.11, with a volume of 30,417 shares.

The software maker reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.04. Agilysys had a return on equity of 12.75% and a net margin of 40.32%. The company had revenue of $68.30 million for the quarter, compared to analyst estimates of $67.54 million. During the same period in the prior year, the company posted $0.25 EPS. Agilysys’s quarterly revenue was up 16.6% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several brokerages recently commented on AGYS. Northland Securities reissued an “outperform” rating and set a $145.00 target price (up previously from $132.00) on shares of Agilysys in a report on Tuesday. Oppenheimer upped their price objective on Agilysys from $100.00 to $120.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Craig Hallum lifted their target price on Agilysys from $105.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, July 23rd. StockNews.com raised shares of Agilysys from a “hold” rating to a “buy” rating in a report on Wednesday, October 23rd. Finally, BTIG Research lifted their price objective on shares of Agilysys from $118.00 to $124.00 and gave the stock a “buy” rating in a research note on Tuesday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $127.80.

Insider Buying and Selling at Agilysys

In other news, Director John Mutch sold 1,000 shares of Agilysys stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $113.69, for a total transaction of $113,690.00. Following the transaction, the director now owns 36,326 shares in the company, valued at approximately $4,129,902.94. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Agilysys news, Director John Mutch sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $113.69, for a total value of $113,690.00. Following the transaction, the director now owns 36,326 shares in the company, valued at approximately $4,129,902.94. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Chris J. Robertson sold 4,000 shares of Agilysys stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $108.83, for a total transaction of $435,320.00. Following the sale, the insider now directly owns 22,888 shares of the company’s stock, valued at $2,490,901.04. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,000 shares of company stock valued at $3,734,810 in the last three months. 19.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Agilysys

A number of hedge funds and other institutional investors have recently made changes to their positions in AGYS. Amalgamated Bank grew its position in Agilysys by 5.3% in the third quarter. Amalgamated Bank now owns 6,496 shares of the software maker’s stock worth $708,000 after acquiring an additional 325 shares in the last quarter. Conestoga Capital Advisors LLC increased its position in Agilysys by 79.4% during the third quarter. Conestoga Capital Advisors LLC now owns 285,071 shares of the software maker’s stock worth $31,064,000 after buying an additional 126,193 shares during the last quarter. Oak Ridge Investments LLC bought a new position in Agilysys during the third quarter valued at about $3,112,000. US Bancorp DE lifted its position in shares of Agilysys by 11.2% in the third quarter. US Bancorp DE now owns 1,216 shares of the software maker’s stock worth $133,000 after buying an additional 122 shares during the last quarter. Finally, State of Alaska Department of Revenue lifted its position in shares of Agilysys by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 12,718 shares of the software maker’s stock worth $1,385,000 after buying an additional 862 shares during the last quarter. 88.00% of the stock is owned by hedge funds and other institutional investors.

Agilysys Stock Performance

The firm has a 50 day moving average price of $109.04 and a 200-day moving average price of $101.70. The company has a market cap of $2.74 billion, a P/E ratio of 28.32 and a beta of 0.83.

About Agilysys

Agilysys, Inc operates as a developer and marketer of software-enabled solutions and services to the hospitality industry in North America, Europe, the Asia-Pacific, and India. It offers software solutions fully integrated with third party hardware and operating systems; cloud applications, support, and maintenance; subscription and maintenance; and professional services.