Cormark Downgrades Sylogist (CVE:SYZ) to Buy

Sylogist (CVE:SYZ) was downgraded by stock analysts at Cormark from a “top pick” rating to a “buy” rating in a report released on Wednesday, BayStreet.CA reports. They currently have a C$15.00 price target on the stock, down from their prior price target of C$17.00. Cormark’s target price would suggest a potential upside of 30.43% from the company’s previous close.

CVE:SYZ traded down C$0.19 during mid-day trading on Wednesday, hitting C$11.50. The stock had a trading volume of 10,971 shares, compared to its average volume of 11,224. The firm’s 50-day simple moving average is C$11.41. The company has a market capitalization of $257.45 million and a P/E ratio of 20.91. Sylogist has a twelve month low of C$10.84 and a twelve month high of C$14.76.

Sylogist (CVE:SYZ) last issued its earnings results on Tuesday, May 14th. The company reported C$0.11 earnings per share for the quarter. The firm had revenue of C$9.50 million during the quarter, compared to analyst estimates of C$9.70 million. As a group, analysts predict that Sylogist will post 0.6399999 EPS for the current fiscal year.

In related news, Senior Officer David Elder sold 100,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of C$12.00, for a total value of C$1,200,000.00. Following the sale, the insider now owns 8,500 shares of the company’s stock, valued at C$102,000. Also, Director James Wilson sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of C$11.35, for a total transaction of C$11,350,000.00. Following the completion of the sale, the director now directly owns 269,400 shares in the company, valued at approximately C$3,057,690. In the last ninety days, insiders sold 1,606,500 shares of company stock worth $18,312,870.

About Sylogist

Sylogist Ltd. provides enterprise resource planning (ERP) solutions to local governments, non-profit and non-governmental organizations, and K-12 education markets in Canada, the United States, the United Kingdom, and internationally. It offers Serenic Navigator solutions comprises accounting and financial management, award and budget management, payroll and human resources, analytics and decision support, reporting, deposits and loans, and field connect products.

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