Absolute Software Corporation (ABST:TSX) Reports Strong Quarterly Earnings, Exceeding Expectations

Absolute Software Corporation

Absolute Software Corporation Stock Forecast:

According to four analysts, the average target price for Absolute Software Corporation over the next 12 months is CAD 16.11. The company has a Buy rating based on the average analyst rating. However, Stock Target Advisor‘s own analysis suggests a Bearish outlook for the stock, with 3 positive signals and 8 negative signals. As of the last closing, the stock price of Absolute Software Corporation was CAD 15.26. Over the past week, the stock price has increased by +32.70%, over the past month by +26.43%, and over the last year by +41.30%.

Analysts Coverage Change:

Canaccord Genuity Assigns a “Sector Perform” rating to Absolute Software Corp. with  target price of $15.50.

TD Securities Downgrades Absolute Software Corp. to a “Tender” rating and a target price of $11.50 on the company’s stock.

Absolute Software Corp. News:

Absolute Software Corporation (ABST:TSX), recently released its quarterly earnings report for the period ending March 2023. The results showcased impressive growth and financial performance, surpassing market expectations and indicating positive momentum for the company.

In terms of earnings per share (EPS), Absolute Software reported earnings of $0.11 per share for the quarter, beating  estimates. This marks a significant improvement compared to the loss of $0.13 per share reported during the same period last year. It is worth noting that these figures have been adjusted to exclude non-recurring items.

The quarterly earnings report delivered an earnings surprise of 10%. In the previous quarter, the market had expected the company to post earnings of $0.09 per share. However, Absolute Software reported a loss of $0.13 per share during that period, resulting in a surprising deviation of -244.44%.

Analyzing the company’s performance over the last four quarters, Absolute Software has managed to exceed consensus EPS estimates only once. While this indicates some inconsistency, the current quarter’s earnings report suggests that the company is heading in the right direction.

Absolute Software Corporation generated revenues of $58.77 million for the reported quarter, reflecting an increase compared to the $51.99 million in revenues reported during the same period last year. However, the company fell slightly short of estimates. It is worth noting that Absolute Software has not been able to beat consensus revenue estimates over the past four quarters.

 

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