Sage Group (OTCMKTS:SGPYY) Shares Gap Down – What’s Next?

Shares of Sage Group PLC (OTCMKTS:SGPYY) gapped down before the market opened on Wednesday . The stock had previously closed at $60.16, but opened at $57.50. Sage Group shares last traded at $58.14, with a volume of 5,666 shares changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SGPYY shares. Jefferies Financial Group reiterated a “buy” rating on shares of Sage Group in a research report on Wednesday, July 29th. Citigroup reissued a “buy” rating on shares of Sage Group in a research note on Thursday, July 30th. Morgan Stanley restated an “overweight” rating on shares of Sage Group in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of Sage Group in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy”.

Sage Group Stock Performance

The stock has a 50-day simple moving average of $49.26 and a 200 day simple moving average of $47.24.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Sage Group stock. SPX Gestao de Recursos Ltda bought a new position in Sage Group PLC (OTCMKTS:SGPYY) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 79,788 shares of the technology company’s stock, valued at approximately $641,000. Institutional investors own 0.65% of the company’s stock.

About Sage Group

Sage Group plc is a global provider of business management software and services tailored primarily to small and medium-sized enterprises. The company delivers a suite of cloud-based and on-premises solutions designed to simplify accounting, payroll, human resources, enterprise resource planning (ERP) and payment processing. Through its flagship Sage Business Cloud platform, Sage enables customers to manage financials, operations and workforce activities via integrated applications and data analytics.

The company’s product portfolio includes accounting and invoicing tools, payroll management systems, payment solutions and HR management software.