GTY Technology (NASDAQ:GTYH) Stock Rating Upgraded by Zacks Investment Research

GTY Technology (NASDAQ:GTYHGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday, Zacks.com reports. The brokerage presently has a $6.75 price objective on the stock. Zacks Investment Research‘s target price suggests a potential upside of 14.99% from the company’s current price.

According to Zacks, “GTY Technology Holdings Inc. is a SaaS company which offers a cloud-based suite of solutions primarily for North American state and local governments. GTY Technology Holdings Inc., formerly known as GTY Govtech Inc., is based in Las Vegas, Nevada. “

A number of other research analysts have also weighed in on GTYH. DA Davidson lowered GTY Technology from a “buy” rating to a “neutral” rating in a report on Friday, April 29th. Craig Hallum lowered GTY Technology from a “buy” rating to a “hold” rating in a report on Monday. Finally, Needham & Company LLC cut their price objective on GTY Technology from $10.00 to $8.00 and set a “buy” rating for the company in a report on Friday, February 18th.

Shares of GTYH opened at $5.87 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $339.19 million, a P/E ratio of -6.18 and a beta of -0.41. GTY Technology has a fifty-two week low of $2.51 and a fifty-two week high of $8.09. The business has a 50-day moving average of $3.79 and a 200 day moving average of $5.25.

GTY Technology (NASDAQ:GTYHGet Rating) last posted its earnings results on Monday, May 9th. The company reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. GTY Technology had a negative return on equity of 13.87% and a negative net margin of 89.04%. During the same quarter last year, the firm posted ($0.32) earnings per share. As a group, research analysts predict that GTY Technology will post -0.3 earnings per share for the current fiscal year.

In other news, CEO Tj Parass bought 6,400 shares of the company’s stock in a transaction that occurred on Wednesday, February 23rd. The stock was bought at an average price of $4.49 per share, for a total transaction of $28,736.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 33.20% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. lifted its position in GTY Technology by 65.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 45,618 shares of the company’s stock valued at $147,000 after purchasing an additional 18,125 shares during the last quarter. Shepherd Kaplan Krochuk LLC lifted its position in GTY Technology by 122.7% in the first quarter. Shepherd Kaplan Krochuk LLC now owns 49,000 shares of the company’s stock valued at $158,000 after purchasing an additional 27,000 shares during the last quarter. Royce & Associates LP lifted its position in GTY Technology by 10.7% in the first quarter. Royce & Associates LP now owns 778,415 shares of the company’s stock valued at $2,514,000 after purchasing an additional 75,372 shares during the last quarter. Cowen Prime Advisors LLC lifted its position in GTY Technology by 35.1% in the first quarter. Cowen Prime Advisors LLC now owns 2,092,850 shares of the company’s stock valued at $6,760,000 after purchasing an additional 543,250 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of GTY Technology by 170.8% during the fourth quarter. Barclays PLC now owns 39,069 shares of the company’s stock valued at $262,000 after acquiring an additional 24,643 shares in the last quarter. Hedge funds and other institutional investors own 44.54% of the company’s stock.

GTY Technology Company Profile (Get Rating)

GTY Technology Holdings Inc operates as a software-as-a-service (SaaS) company that offers a cloud-based suite of solutions for the public sector in North America. The company develops software technologies for the procurement and vendor or supplier sourcing industry in government, public sector, and various highly-regulated commercial vertical markets; and content, digital, and integrated payment services via a SaaS platform for government agencies and utility companies.

Further Reading

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