Bytes Technology Group (LON:BYIT) Rating Increased to Buy at Deutsche Bank Aktiengesellschaft

Bytes Technology Group (LON:BYIT) was upgraded by research analysts at Deutsche Bank Aktiengesellschaft to a “buy” rating in a research report issued on Wednesday,Digital Look reports. The brokerage currently has a GBX 500 price target on the stock, up from their prior price target of GBX 410. Deutsche Bank Aktiengesellschaft’s price objective indicates a potential upside of 17.92% from the stock’s current price.

A number of other research firms also recently weighed in on BYIT. Jefferies Financial Group raised their price target on Bytes Technology Group from £3,200 to £3,700 and gave the company a “hold” rating in a research note on Thursday, June 25th. UBS Group reiterated a “neutral” rating and set a GBX 305 price objective on shares of Bytes Technology Group in a research note on Monday, May 11th. Finally, Berenberg Bank cut their price objective on Bytes Technology Group from GBX 390 to GBX 360 and set a “hold” rating for the company in a report on Wednesday, May 13th. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of £620.36.

Bytes Technology Group Price Performance

LON:BYIT opened at GBX 424 on Wednesday. Bytes Technology Group has a 52-week low of GBX 232.92 and a 52-week high of GBX 432.60. The company has a market cap of £986.02 million, a P/E ratio of 20.44, a P/E/G ratio of 2.27 and a beta of 0.71. The company has a debt-to-equity ratio of 2.44, a quick ratio of 0.98 and a current ratio of 1.05. The stock’s 50-day simple moving average is GBX 402.59 and its 200 day simple moving average is GBX 346.37.

Insider Buying and Selling at Bytes Technology Group

In related news, insider Sam Mudd acquired 25,000 shares of the company’s stock in a transaction dated Monday, July 13th. The shares were bought at an average cost of GBX 413 per share, with a total value of £103,250. Also, insider Gavin Rochussen acquired 100,000 shares of the company’s stock in a transaction dated Monday, July 13th. The stock was bought at an average cost of GBX 416 per share, for a total transaction of £416,000. Company insiders own 3.34% of the company’s stock.

Bytes Technology Group Company Profile

BTG is one of the UK and Ireland’s leading software, security, AI and cloud services specialists. With a team of more than 1,200 talented people, it serves around 6,000 customers in the corporate and public sectors, building lasting, trust-based relationships to help organisations get the most from the latest transformative technologies shaping our world.

As a value-added reseller, BTG works hand in hand with more than 100 of the world’s biggest vendors who make or distribute the software, hardware and other IT products that it provides to its customers.