Short Interest in Sage Group PLC (OTCMKTS:SGPYY) Rises By 149.3%

Sage Group PLC (OTCMKTS:SGPYY) saw a large growth in short interest in the month of August. As of August 14th, there was short interest totaling 23,248 shares, a growth of 149.3% from the July 30th total of 9,324 shares. Based on an average trading volume of 20,097 shares, the days-to-cover ratio is currently 1.2 days. Approximately 0.0% of the shares of the company are short sold.

Hedge Funds Weigh In On Sage Group

An institutional investor recently bought a new position in Sage Group stock. SPX Gestao de Recursos Ltda bought a new position in shares of Sage Group PLC (OTCMKTS:SGPYY) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 79,788 shares of the technology company’s stock, valued at approximately $641,000. 0.65% of the stock is currently owned by institutional investors and hedge funds.

Sage Group Trading Down 1.9%

Shares of Sage Group stock opened at $59.12 on Friday. Sage Group has a 52 week low of $41.80 and a 52 week high of $63.09. The company’s 50-day moving average price is $50.22 and its two-hundred day moving average price is $47.50.

Analyst Ratings Changes

A number of brokerages have recently commented on SGPYY. Morgan Stanley reissued an “overweight” rating on shares of Sage Group in a report on Friday, August 21st. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of Sage Group in a research note on Thursday, July 30th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Sage Group in a research note on Wednesday, July 29th. Finally, Citigroup reiterated a “buy” rating on shares of Sage Group in a research note on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy”.

About Sage Group

Sage Group plc is a global provider of business management software and services tailored primarily to small and medium-sized enterprises. The company delivers a suite of cloud-based and on-premises solutions designed to simplify accounting, payroll, human resources, enterprise resource planning (ERP) and payment processing. Through its flagship Sage Business Cloud platform, Sage enables customers to manage financials, operations and workforce activities via integrated applications and data analytics.

The company’s product portfolio includes accounting and invoicing tools, payroll management systems, payment solutions and HR management software.