Absolute Software (NASDAQ:ABST) Research Coverage Started at Needham & Company LLC

Investment analysts at Needham & Company LLC started coverage on shares of Absolute Software (NASDAQ:ABST) in a research note issued on Wednesday, TipRanks reports. The firm set a “buy” rating and a $18.00 price target on the stock. Needham & Company LLC’s price target points to a potential upside of 57.21% from the stock’s current price.

ABST has been the topic of a number of other reports. TD Securities downgraded Absolute Software from a “buy” rating to a “hold” rating and decreased their price objective for the company from $22.00 to $15.00 in a report on Wednesday, August 11th. Raymond James boosted their target price on Absolute Software from $18.00 to $19.00 and gave the stock an “outperform” rating in a report on Wednesday, August 11th. BMO Capital Markets reduced their target price on Absolute Software from C$20.00 to C$18.50 and set a “market perform” rating on the stock in a report on Wednesday, August 11th. Finally, Zacks Investment Research downgraded Absolute Software from a “hold” rating to a “sell” rating in a report on Thursday, August 12th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Absolute Software currently has an average rating of “Hold” and a consensus price target of $18.75.

Shares of Absolute Software stock traded up $0.05 during trading on Wednesday, reaching $11.45. The company’s stock had a trading volume of 2,210 shares, compared to its average volume of 103,080. Absolute Software has a one year low of $9.36 and a one year high of $21.20. The firm has a market cap of $568.24 million, a price-to-earnings ratio of 143.14 and a beta of 0.86. The business’s fifty day moving average price is $12.80 and its 200-day moving average price is $13.78.

Absolute Software (NASDAQ:ABST) last issued its quarterly earnings results on Monday, August 9th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.09). Absolute Software had a net margin of 3.09% and a negative return on equity of 19.49%. On average, equities research analysts anticipate that Absolute Software will post 0.41 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ABST. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Absolute Software by 10.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,939 shares of the company’s stock worth $124,000 after buying an additional 841 shares during the last quarter. Swiss National Bank lifted its stake in Absolute Software by 16.1% in the 1st quarter. Swiss National Bank now owns 106,900 shares of the company’s stock valued at $1,484,000 after purchasing an additional 14,800 shares during the last quarter. Alberta Investment Management Corp raised its holdings in Absolute Software by 49.1% in the 1st quarter. Alberta Investment Management Corp now owns 755,501 shares of the company’s stock valued at $10,489,000 after acquiring an additional 248,800 shares during the period. Shell Asset Management Co. raised its holdings in Absolute Software by 127.0% in the 1st quarter. Shell Asset Management Co. now owns 3,604 shares of the company’s stock valued at $50,000 after acquiring an additional 2,016 shares during the period. Finally, Russell Investments Group Ltd. bought a new position in shares of Absolute Software during the first quarter worth approximately $8,199,000. Institutional investors and hedge funds own 63.49% of the company’s stock.

About Absolute Software

Absolute Software Corp. engages in the provision of cloud-based service that supports the management and security of computing devices, applications, and data for a variety of organizations. Its solutions includes education, financial services, general date protection regulations (GDPR) compliance, government, healthcare, professional services, and technology solutions such as Absolute for Android, and Absolute for Chromebook.

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Analyst Recommendations for Absolute Software (NASDAQ:ABST)

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