Fred Alger Management LLC Lowers Holdings in Agilysys, Inc. (NASDAQ:AGYS)

Fred Alger Management LLC reduced its holdings in Agilysys, Inc. (NASDAQ:AGYS - Free Report) by 14.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 801,304 shares of the software maker's stock after selling 136,754 shares during the quarter. Fred Alger Management LLC owned approximately 2.87% of Agilysys worth $87,318,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of AGYS. CWM LLC grew its position in Agilysys by 390.2% in the 2nd quarter. CWM LLC now owns 250 shares of the software maker's stock valued at $26,000 after purchasing an additional 199 shares during the period. GAMMA Investing LLC raised its holdings in shares of Agilysys by 162.1% in the 2nd quarter. GAMMA Investing LLC now owns 249 shares of the software maker's stock worth $26,000 after purchasing an additional 154 shares during the period. Larson Financial Group LLC purchased a new position in Agilysys in the second quarter valued at approximately $32,000. Advisors Asset Management Inc. grew its holdings in Agilysys by 117.4% during the third quarter. Advisors Asset Management Inc. now owns 337 shares of the software maker's stock valued at $37,000 after purchasing an additional 182 shares during the period. Finally, NBC Securities Inc. purchased a new stake in Agilysys in the third quarter worth $46,000. 88.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AGYS has been the subject of several recent research reports. Northland Securities reissued an "outperform" rating and issued a $145.00 price objective (up previously from $132.00) on shares of Agilysys in a report on Tuesday, October 29th. Needham & Company LLC upped their price target on shares of Agilysys from $125.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Oppenheimer raised their target price on Agilysys from $120.00 to $135.00 and gave the stock an "outperform" rating in a research note on Tuesday, November 12th. StockNews.com lowered shares of Agilysys from a "buy" rating to a "hold" rating in a research report on Thursday, October 31st. Finally, BTIG Research boosted their price objective on Agilysys from $118.00 to $124.00 and gave the stock a "buy" rating in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $134.80.

Insider Activity at Agilysys

In other Agilysys news, CEO Ramesh Srinivasan sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $109.77, for a total transaction of $1,097,700.00. Following the sale, the chief executive officer now directly owns 778,367 shares of the company's stock, valued at approximately $85,441,345.59. This trade represents a 1.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John Mutch sold 500 shares of the business's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $137.86, for a total value of $68,930.00. Following the completion of the transaction, the director now directly owns 34,654 shares of the company's stock, valued at approximately $4,777,400.44. This trade represents a 1.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,523 shares of company stock worth $4,068,899 over the last quarter. Insiders own 19.30% of the company's stock.

Agilysys Stock Performance

Shares of NASDAQ AGYS traded up $0.41 during midday trading on Friday, hitting $134.30. 83,263 shares of the company's stock traded hands, compared to its average volume of 216,204. The firm has a fifty day moving average of $115.92 and a 200 day moving average of $107.71. Agilysys, Inc. has a 1 year low of $73.52 and a 1 year high of $139.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.07 and a current ratio of 1.13. The stock has a market capitalization of $3.75 billion, a price-to-earnings ratio of 38.26 and a beta of 0.85.

Agilysys (NASDAQ:AGYS - Get Free Report) last issued its quarterly earnings data on Monday, October 28th. The software maker reported $0.34 earnings per share for the quarter, beating analysts' consensus estimates of $0.30 by $0.04. The firm had revenue of $68.30 million during the quarter, compared to analyst estimates of $67.54 million. Agilysys had a return on equity of 10.53% and a net margin of 37.54%. The business's quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 earnings per share. On average, analysts forecast that Agilysys, Inc. will post 0.81 earnings per share for the current year.

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.