American Software shares are trading lower after the company reported worse-than-expected Q2 financial results and issued FY24 revenue guidance below estimates. Also, B. Riley Securities lowered its price target from $17 to $16 on the stock.
Portfolio Pulse from Benzinga Newsdesk
American Software's stock price dropped following the announcement of disappointing Q2 financial results and FY24 revenue guidance that fell short of expectations. Additionally, B. Riley Securities reduced their price target for American Software from $17 to $16.
November 17, 2023 | 3:22 pm
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NEGATIVE IMPACT
American Software reported lower than expected Q2 results and provided FY24 revenue guidance below estimates, leading to a decrease in stock price. B. Riley Securities also cut their price target for AMSWA.
The negative impact on American Software's stock price is due to the combination of poor quarterly financial performance and a lower revenue forecast for FY24, which typically reduces investor confidence and can lead to a sell-off. The price target reduction by B. Riley Securities further validates the bearish outlook, likely exacerbating the stock's short-term decline.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100