Amid the release of its fiscal 2020 earnings report, Jack Henry & Associates Inc.'s (Nasdaq: JKHY) stock hit a 52-week high before reversing course this morning.
The new stock high of $200.98 per share came on Tuesday, the same day Monett-based financial software firm reported higher earnings and revenue for the fiscal year ended June 30. However, the company's stock price dropped to as low as $171.19 per share by deadline, according to data collected by Google Finance.
A company spokesperson said the new 52-week high came ahead of the earnings report’s release and that they were unsure what led to the increase. A report by investment research website Seeking Alpha indicates the stock was impacted by earnings that were higher than analysts projected and lower than expected revenue.
Jack Henry's fiscal 2020 net income rose 9% to $296.7 million, or $3.86 per diluted share. Revenue also was up 9% for the year, coming in at $1.7 billion, according to a news release. Fiscal fourth quarter revenue of $410.5 million missed analysts’ predictions by roughly $2 million, according to Seeking Alpha.
"Despite the challenges associated with conducting business in the midst of a global pandemic, our sales teams persevered and set a monthly sales record in June and a quarterly sales record in our fiscal fourth quarter," said David Foss, Jack Henry's president and CEO, in the release. "Even in the current business environment, the resiliency of our business model and the ongoing commitment of our associates have put us in a position to continue to successfully execute as we look forward to the new fiscal year."
As of June 30, Jack Henry had $2.5 billion in assets and roughly 8,700 financial industry clients nationwide, according to the release.
The 52-week low for JKHY stock is $123.64 per share.
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