Absolute Software (NASDAQ:ABST) Upgraded by Zacks Investment Research to “Hold”

Zacks Investment Research upgraded shares of Absolute Software (NASDAQ:ABST) from a sell rating to a hold rating in a report issued on Tuesday, Zacks.com reports.

According to Zacks, “Absolute Software Corporation engages in the business of providing firmware-persistent endpoint security and management solutions. It provides solutions for computer security monitoring and endpoint management industry. The company’s solutions include data protection, lifecycle management, enterprise mobility management and IT service management as well as data loss prevention. Absolute Software Corporation is headquartered in Vancouver, Canada. “

A number of other research analysts have also weighed in on the company. Needham & Company LLC started coverage on Absolute Software in a report on Wednesday, September 15th. They issued a buy rating and a $18.00 price objective on the stock. TD Securities reduced their price target on Absolute Software from $15.00 to $13.00 and set a hold rating on the stock in a report on Friday, November 12th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of Buy and an average target price of $18.42.

Shares of ABST stock opened at $8.08 on Tuesday. The stock’s fifty day moving average is $9.19 and its two-hundred day moving average is $11.23. The firm has a market capitalization of $405.81 million, a P/E ratio of -62.15 and a beta of 0.92. Absolute Software has a fifty-two week low of $7.96 and a fifty-two week high of $21.20.

Absolute Software (NASDAQ:ABST) last announced its quarterly earnings data on Tuesday, November 9th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.04). The business had revenue of $43.75 million during the quarter, compared to the consensus estimate of $48.60 million. As a group, equities research analysts predict that Absolute Software will post -0.19 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 29th. Shareholders of record on Wednesday, November 17th were given a $0.063 dividend. This is an increase from Absolute Software’s previous quarterly dividend of $0.06. This represents a $0.25 annualized dividend and a yield of 3.12%. The ex-dividend date was Tuesday, November 16th. Absolute Software’s payout ratio is currently -199.98%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ABST. Lazard Asset Management LLC grew its position in Absolute Software by 53.2% in the 2nd quarter. Lazard Asset Management LLC now owns 4,212 shares of the company’s stock valued at $60,000 after acquiring an additional 1,462 shares in the last quarter. Toronto Dominion Bank grew its position in shares of Absolute Software by 33.3% during the second quarter. Toronto Dominion Bank now owns 6,944 shares of the company’s stock worth $100,000 after buying an additional 1,733 shares in the last quarter. Meridian Investment Counsel Inc. acquired a new position in shares of Absolute Software during the third quarter worth about $132,000. Raymond James & Associates acquired a new position in shares of Absolute Software during the third quarter worth about $144,000. Finally, Millennium Management LLC acquired a new position in shares of Absolute Software during the second quarter worth about $188,000. 65.11% of the stock is owned by institutional investors.

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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