Chris J. Robertson, the Controller of Agilysys Inc. (NASDAQ:AGYS), recently sold shares of the company’s common stock. According to a filing with the Securities and Exchange Commission, Robertson disposed of 729 shares on December 2nd at an average price of $134.01 per share, amounting to a total transaction value of $97,693.
Following this transaction, Robertson holds 21,895 shares of Agilysys. The sale was conducted to cover tax obligations related to the vesting of restricted stock on November 30, 2024. With analysts maintaining a strong buy consensus and a price target range of $125-$150, InvestingPro subscribers can access detailed insider trading patterns and 18 additional investment tips for AGYS.
In other recent news, Agilysys reported a record revenue of $68.3 million in the second quarter of fiscal year 2025, marking a 16.5% increase from the previous year. This growth was largely due to the strategic acquisition of Book4Time, which expanded the company's spa management software offerings, and a significant rise of 36.6% in subscription revenue to $25.1 million. The company has also raised its full-year revenue guidance to between $280 million and $285 million.
In the context of broader industry developments, Oppenheimer's latest IT Buyer Survey suggests a more normalized pattern in IT spending plans, potentially benefiting enterprise suppliers like Agilysys. The survey indicates an improving demand environment for the fourth quarter and a similar growth outlook for IT budgets in 2025.
The results of Oppenheimer's survey were particularly favorable for Agilysys, leading to raised price targets for the company. While facing challenges in the U.S. food service management and Asia-Pacific markets, Agilysys remains optimistic about the recovery of its Point of Sale business and potential for market expansion. The company has also expressed interest in making more strategic acquisitions in the future.
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