Barrington raises Asure Software price target to $15 following quarterly results

Barrington raised the firm’s price target on Asure Software to $15 from $12 given improved outlook on organic growth momentum. The firm keeps an Outperform rating on the shares following quarterly results, noting that the strength in recurring revenue was driven by rapid growth in HR compliance product revenue, Employee Retention Tax Credit program revenue, Asure Marketplace revenue, and interest income float revenue. The strength in PSHO revenue was driven by implementation projects for ERTC and tax products. Meanwhile, total company bookings increased 234% year-over-year on strong contributions from both direct sales and reseller channels, Barrington highlights. Bookings were strong in HR compliance, the ERTC program, and the Asure Marketplace.