Over the past month, Asure Software (NASDAQ: ASUR) has seen a nice rebound, which subsequently provided another re-establishment of its uptrend that dates back to the fourth quarter of 2022. According to the stock’s weekly chart, the rebound could still be in the early stages. Furthermore, the company’s recent big news with Amazon.com’s (NASDAQ: AMZN) web services business unit, AWS, and its planned Q2 2023 financial results release slated for August 7th, serve as meaningful catalysts that could provide further bullish support for Asure stock.
What Does the ASUR Chart Show Currently?
Shares of the Austin-based human capital management service provider have rewarded shareholders who have held over the past year, after an impressive run of just under 136%. In 2023, ASUR stock has soared nearly 42% year-to-date thus far, as of this writing.
While Asure’s YTD gains are in-line with the overall Nasdaq’s impressive 42% run in 2023, the tech-heavy index has only returned 26% over the past year. This helps to show Asure’s incredible resilience in 2022, as the overall market, particularly the tech sector, struggled in a bear market.
Asure’s stock saw a needed breather from April 2023 into June 2023, which is completely reasonable considering the run-up the shares saw between October 2022 and the end of March 2023. However, the stock has seen a nice 15% rebound through the past month and while the daily chart does show to be a little top-heavy in the short term, the weekly charts hint that the rebound could still be in the very early innings.
On Asure’s weekly chart, the MACD continues to tighten and forecast a potential bullish crossover on the horizon. Meanwhile, the stochastics momentum indicator previously saw a bullish crossover in early July and currently stands at around a reading of 40. This shows us that Asure shares are still closer to the oversold region than the overbought area.
Asure Impresses with AWS News
Asure Software, a renowned provider of cloud-based Human Capital Management (HCM) software solutions, has announced its recent inclusion in Amazon Web Services (AWS) Application Modernization Lab. Asure, now among a select group of AWS’ most forward-thinking clients, will directly collaborate with AWS to develop and improve its HCM SaaS offerings using advancements in cloud optimization and artificial intelligence (AI).
Chosen for its impressive technical proficiency and innovative drive, Asure looks forward to the unique opportunities this collaboration presents. “Our strategic partnership with AWS allows us to better serve our customers,” said Pat Goepel, Chairman and CEO of Asure. This partnership propels Asure’s mission to provide software and services that aid customers’ growth by offering access to the most advanced and secure cloud platform resources globally.
AWS Application Modernization Lab: A Framework for Advancement
The AWS Application Modernization Lab offers select organizations the chance to build a well-architected framework fostering cloud-based development innovation. Asure is leveraging this opportunity to expedite its modernization efforts, ultimately providing customers with a cloud-optimized environment that capitalizes on the latest advancements in technologies such as robotics and AI.
“Asure was selected from AWS’ top partners with the shared objective of advancing cloud-based solutions to tackle real-world business issues,” said Yasmine Rodriguez Wakim, CTO of Asure. The partnership with AWS helps Asure accelerate its modernization journey by updating legacy platforms and reengineering its systems, which optimizes its cloud environment and enables it to respond faster to HCM market demands.
Asure Q2 2023 Results Scheduled For August 7th After Market Release
Aside from the recent AWS news, Asure investors will be anxiously awaiting the company’s second quarter 2023 financial results, which are scheduled to be released after the close on Monday, August 7, 2023.
The company reported impressive revenue growth of 36% y/y and a net income of $0.3 million during the first quarter of 2023. After the strong Q1 2023, Asure’s leadership raised its guidance for Q2 and FY 2023.
As a reminder, management’s Q2 guidance range has revenue coming in between $25 million and $26 million on an adjusted EBITDA range of $2.5 million to $3.5 million. For the full-year 2023, management estimates a revenue range between $105 million and $107 million and adjusted EBITDA margins between 15% and 17%.
In conclusion, Asure Software’s performance trajectory and strategic moves indicate strong future potential. With a stock upsurge of nearly 42% in 2023 so far and a significant 136% run over the past year, the company has outperformed the overall Nasdaq, demonstrating impressive resilience. Asure’s strategic partnership with AWS to enhance its cloud-based Human Capital Management offerings, coupled with promising financial forecasts, underscores the company’s progressive strategy and commitment to growth. Furthermore, with the anticipated release of the Q2 2023 financial results on August 7th, Asure continues to offer an exciting proposition for investors. The company’s substantial growth, impressive resilience in the face of a challenging market, and promising partnerships signal the potential for further success and growth.
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