Joshua Reilly, an analyst from Needham, maintained the Buy rating on Asure. The associated price target remains the same with $20.00.
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Joshua Reilly has given his Buy rating due to a combination of factors surrounding Asure’s recent strategic acquisition. The purchase of Lathem Time for $39.5 million in cash, funded through an expanded term loan, is a significant move that enhances Asure’s offerings in the time and attendance sector. Lathem’s employee time tracking system, which integrates physical and remote work functionalities, including facial identification, provides a comprehensive solution that aligns well with Asure’s business model.
Furthermore, this acquisition is expected to accelerate Asure’s growth in the time and attendance software market by providing more robust solutions and enabling cross-selling opportunities of Asure’s existing software to Lathem’s client base. Although financial details of Lathem were not disclosed, the strategic rationale behind the acquisition suggests potential for increased scale and market presence, justifying the Buy rating.
Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ASUR in relation to earlier this year.