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TechStock Radar
E-mail: Rob@techstockprospector.com
Technorati
April 2017
Archives
 
Wednesday, April 26, 2017, 10:34 AM — by Rob DeFrancesco, TechStock Radar
Ultimate Dips on Q2 Revenue Guide

Ultimate Software (ULTI, $200.05) shares this morning are off more than 5% because of lighter than expected Q2 revenue guidance: $228 million, vs. the consensus of $231.5 million. 


But the provider of cloud-based HCM solutions maintained its full-year guide calling for revenue growth of 24%, indicating a strong 2H.


Ultimate’s Q1 revenue rose 22%, driven by 24% growth in recurring revenue.

 
Wednesday, April 26, 2017, 10:23 AM — by Rob DeFrancesco, TechStock Radar
RBC Capital Downgrades Shopify

RBC Capital downgrades Shopify (SHOP, $73.76) to ‘Sector Perform’ with a price target of $77 based on valuation. The firm believes plenty of good news is already embedded in the current price, while recent initiatives will take time to have an impact on the business model.


Shopify shares on Monday hit a new all-time high at $78.19.

 
Wednesday, April 26, 2017, 10:15 AM — by Rob DeFrancesco, TechStock Radar
April Issue of TSP Available on Kindle

Download the new issue of Tech-Stock Prospector to your Kindle or Kindle reading app for iOS (iPad & iPhone) and Android. 


Order the latest issue of TSP here.



Here are some of the topics covered in the April 2017 issue:


*How virtual reality is changing the game

*Intel and the digitization of sports

*New artificial intelligence (AI) business use cases

*Salesforce partners with IBM in AI

*Tech Focus: New Relic aligns with Splunk

*New competitive dynamics in business intelligence

*Alteryx is a promising new player in analytics

*How Tableau Software is battling its rivals

*IPO Review: MuleSoft is an infrastructure disrupter

*Coupa Software brings value to spend management


*Snap shares get buffeted by bulls & bears

*A look at recent earnings trends at Facebook

*Trend Watch: No slowdown in e-commerce

*Why some smart investors like Shopify

*The large addressable market for Twilio

*Security Watch: Varonis continues to execute well

*Akamai is investing for future growth

*The next Apple iPhone upgrade cycle

*HubSpot could be set for margin expansion

*NVIDIA shares look for future direction


 
Tuesday, April 25, 2017, 11:06 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: ServiceNow

Ahead of the release of Q1 results tomorrow after the close, ServiceNow (NOW, $90.20) stock, now back above its 50-day moving average of $87.92, has pushed through short-term resistance at $89.47. 


The all-time high of $94.72 was reached in February.

 
Tuesday, April 25, 2017, 10:29 AM — by Rob DeFrancesco, TechStock Radar
Chart Watch: Proofpoint

Shares of Proofpoint (PFPT, $79.61) have pushed above the downtrend line from the February high of $84.36. There is short-term resistance from March at the $82 level. The 200-day moving average continues to trend upward from $76.37.

 
Monday, April 24, 2017, 10:53 AM — by Rob DeFrancesco, TechStock Radar
Wedbush Boosts Amazon Target

Wedbush raises its Amazon (AMZN, $907) price target to $1,250 from $900, saying the company appears intent upon growing annual profits. 


The firm believes AWS “should be the growth engine, with its gross and operating margins expanding rapidly.” 


Wedbush cautions that spending on video content, fulfillment and international expansion could put some pressure on margin expansion.

 
Monday, April 24, 2017, 10:26 AM — by Rob DeFrancesco, TechStock Radar
Stephens Ups Check Point PT to $110

Stephens lifts its Check Point Software (CHKP, $103.75) price target to $110 from $105 because it sees upside potential to current expectations for 2017. The firm cites Check Point’s improved product positioning, large installed customer base and expanded acceptance of the company’s software blade strategy.

 
Friday, April 21, 2017, 10:26 AM — by Rob DeFrancesco, TechStock Radar
Wedbush Hikes Shopify PT to $85

Wedbush lifts its Shopify (SHOP, $75.65) price target to $85 from $75 because it expects the company to continue to grow at a rate above the overall e-commerce market thanks to increased penetration of its SMB TAM and further expansion with larger brands.


The firm believes current expectations for Q1 total customer count could be too low. Shopify ended Q4 with more than 375,000 customers.


For more on Shopify, see the April 2017 issue of Tech-Stock Prospector (TSP #182).

 
Friday, April 21, 2017, 10:11 AM — by Rob DeFrancesco, TechStock Radar
Stifel Upgrades Gigamon

Stifel upgrades Gigamon (GIMO, $36.35) to ‘Buy’ and raises its price target to $42 from $30, saying the shares offer an attractive risk/reward balance at current levels. 


The firm believes recent missteps (disappointing Q4 results and Q1 guidance) were temporary, citing: (1) the 100G upgrade cycle; (2) disruption at the competition; and (3) favorable government trends aiding growth.

 
Thursday, April 20, 2017, 10:32 AM — by Rob DeFrancesco, TechStock Radar
Twilio Shares on the Rebound

Shares of Twilio (TWLO, $31.99) continue their rebound off of the April 6 low of $26.76. 


The upside momentum has driven the stock above the downtrend line from the February high of $34.95.


The shares are now comfortably above the 50-day moving average of $30.72. The 200-day moving average stands at $38.72.

 
Thursday, April 20, 2017, 10:11 AM — by Rob DeFrancesco, TechStock Radar
Baird Downgrades Proofpoint

Baird downgrades Proofpoint (PFPT, $72.28) to ‘Neutral’ and reduces its price target to $77 from $92 ahead of the release of Q1 results after the close.


The firm says recent industry feedback suggests sales execution challenges at Proofpoint have accelerated. Thus, Baird has become increasingly concerned regarding 2017 revenue guidance.


Proofpoint shares this morning are down nearly 7%.

 
Wednesday, April 19, 2017, 11:35 AM — by Rob DeFrancesco, TechStock Radar
Pacific Crest Bullish on Alteryx

Pacific Crest is bullish on Alteryx (AYX, $16.32), provider of cloud-based self-service data analytics software, initiating coverage at ‘Overweight’ with a price target of $20.


The company went public in March at $14 a share and opened for trading at $17.25.


Pacific Crest says Alteryx has an attractive subscription model with high retention rates and product expansion opportunities in advanced analytics.


For more on Alteryx, see the April 2017 issue of Tech-Stock Prospector (TSP #182).

 
Wednesday, April 19, 2017, 10:32 AM — by Rob DeFrancesco, TechStock Radar
DA Davidson Upgrades Proofpoint

DA Davidson upgrades Proofpoint (PFPT, $76.93) to ‘Buy’ and raises its price target to $90 from $83, saying its checks have consistently revealed that email and social engineering threats are considered the biggest security challenges.


The firm believes the relative underperformance of Proofpoint shares since October has created an attractive entry point.

 
Tuesday, April 18, 2017, 10:11 AM — by Rob DeFrancesco, TechStock Radar
BTIG Bullish on Splunk, Sets $80 PT

BTIG initiates Splunk (SPLK, $61.02) at ‘Buy’ with a price target of $80, saying the company is a category leader in software that harnesses the value of machine-generated data. The firm sees a host of positive secular drivers and limited competition.

 
Tuesday, April 18, 2017, 10:04 AM — by Rob DeFrancesco, TechStock Radar
Cowen Hikes Priceline Target

Cowen raises its Priceline (PCLN, $1,764) price target to $2,000 from $1,850, saying the company remains the best-positioned online travel vendor headed into earnings thanks in large part to repeat business from its large pool of customers. 

 
Monday, April 17, 2017, 10:25 AM — by Rob DeFrancesco, TechStock Radar
Credit Suisse Boosts Facebook Target

Ahead of the release of Q1 results, Credit Suisse raises its Facebook (FB, $140.78) price target to $175 from $170 based on strong momentum in the ad business. 


In addition, the firm increases its ad volume growth estimates for 2H’17 from what it felt was an excessively conservative level.

 
Thursday, April 13, 2017, 11:51 AM — by Rob DeFrancesco, TechStock Radar
Guggenheim Upbeat on Ultimate

Guggenheim names Ultimate Software (ULTI, $203) a best idea, starting coverage  at ‘Buy’ with a price target of $230. 


The firm says Ultimate has quietly built a top global franchise in HCM, generating best-in-class operating profits while growing revenue 20%+ annually.

 
Thursday, April 13, 2017, 11:26 AM — by Rob DeFrancesco, TechStock Radar
RBC Capital Bullish on ServiceNow

RBC Capital is positive on ServiceNow (NOW, $84.99), saying the stock has reached a good entry point following its pullback since late February on news of the CEO transition. The firm believes ServiceNow is experiencing improving fundamentals.


From the all-time high of $94.72 reached on February 15, the shares dipped to a low of $83.42 on March 27. 

 
Wednesday, April 12, 2017, 2:22 PM — by Rob DeFrancesco, TechStock Radar
A Rapid7 Rally

Shares of Rapid7 (RPD, $16.18) rose more than 9% yesterday after the provider of cloud-based security solutions said it expects Q1 revenue to come in at or above the high end of its prior guidance range of $42.6 million to $44 million.


The firm also reiterated its 2017 revenue guide of $192 million to $198 million on billings of $224 million to $234 million.

 
Wednesday, April 12, 2017, 11:25 AM — by Rob DeFrancesco, TechStock Radar
Morgan Stanley Bullish on RingCentral

Morgan Stanley thinks the market is not fully appreciating the move into the enterprise market by RingCentral (RNG, $28.60), provider of cloud-based communications systems for businesses. 


The firm upgrades the stock to ‘Overweight’ with a price target of $33, saying the enterprise push should begin to pay off for RingCentral this year. 


Yesterday, the stock hit a new all-time high at $29.


We profiled RingCentral in October 2015 (TSP #164), when the shares were trading around $18.50.


At the time, we wrote:


One big positive trend behind ARPU growth is RingCentral’s move up-market to server a greater number of larger enterprise accounts. 

 
Wednesday, April 12, 2017, 11:04 AM — by Rob DeFrancesco, TechStock Radar
Workday Scores Big Customer Win

Shares of Workday (WDAY, $84.57) this morning are up 4% after the company announced that Target has signed on as an HCM customer. The retailer will use Workday Learning, Payroll & Recruiting. Target has more than 300,000 employees.

 
Tuesday, April 11, 2017, 11:15 AM — by Rob DeFrancesco, TechStock Radar
Pacific Crest Upgrades Yelp

Pacific Crest upgrades Yelp (YELP, $33.58) to ‘Overweight’ with a price target of $43 based on positive checks with local ad customers that indicate the company’s core franchise is healthy and appears insulated from larger competitors (Google & Facebook).


The firm says more than $60 billion of offline local ad spending is shifting toward online, and Yelp remains well-positioned to capitalize on this trend. Pacific Crest thinks investors are under-appreciating Yelp’s local ad business.

 
Friday, April 7, 2017, 10:02 AM — by Rob DeFrancesco, TechStock Radar
Citi Still Upbeat on NVIDIA

Citi thinks the recent pullback in NVIDIA (NVDA, $110.10) shares is a buying opportunity. The firm says concerns about gaming market saturation have been overdone. Citi maintains its price target of $145.


In early February, NVIDIA shares hit an all-time high of $120.92.

 
Thursday, April 6, 2017, 10:35 AM — by Rob DeFrancesco, TechStock Radar
Monness Crespi Bullish on Palo Alto Networks

Monness Crespi, Hardt & Co. starts coverage of Palo Alto Networks (PANW, $109.69) at ‘Buy’ with a price target of $150 based on valuation. 


The firm believes improving execution and a potential re-acceleration of growth in FY’18 will drive multiple expansion and additional market share gains.


While there has been moderation in cybersecurity spending from recent peaks, the firm believes IT security remains a priority and that Palo Alto is well-positioned in the firewall segment.

 
Thursday, April 6, 2017, 9:47 AM — by Rob DeFrancesco, TechStock Radar
Citi Bullish on Apple

Citi maintains its Apple (AAPL, $143.96) price target of $160, saying it expects the shares to experience P/E multiple expansion due to positive catalysts over various time frames— including the upcoming iPhone 8 launch, growth opportunities in services (Apple Pay, iCloud and Apple Care) and exposure to India.

 
Wednesday, April 5, 2017, 9:34 AM — by Rob DeFrancesco, TechStock Radar
Canaccord Trims NVIDIA Target to $125

Canaccord trims its NVIDIA (NVDA, $100.49) price target to $125 from $130, saying it believes overall revenue/EPS growth and the stock’s performance may plateau over the near term because of slower gaming growth against tough comps and increased competition from AMD (AMD). The firm expects growth to reaccelerate in 2018.

 
Wednesday, April 5, 2017, 9:03 AM — by Rob DeFrancesco, TechStock Radar
Piper Jaffray Remains Bullish on Netflix

Piper Jaffray remains confident that Netflix (NFLX, $145.50) will be able to achieve its estimate of 12.5% international Internet household penetration by 2020. 


In a recent survey of 1,000 Internet households in seven international markets that had Netflix available for an average of four years, 37% of respondents said they are current Netflix subscribers, with an additional 13% indicating they expect to be subscribers within the next six months. 


The firm maintains its NFLX price target of $166.

 
Tuesday, April 4, 2017, 9:05 AM — by Rob DeFrancesco, TechStock Radar
Pacific Crest Downgrades NVIDIA

Pacific Crest downgrades NVIDIA (NVDA, $108.38) to ‘Underweight’ based on signs of desktop GPU market saturation, lower margins from incremental Nintendo Switch revenue and a possible pause in the company’s datacenter business this summer.


The firm says desktop GPU demand slowed in Q1, particularly in China and the U.S.

 
Tuesday, April 4, 2017, 9:02 AM — by Rob DeFrancesco, TechStock Radar
BMO Capital Raises Amazon Target

BMO Capital lifts its Amazon (AMZN, $891.51) price target to $1,200 from $900, saying it sees the company’s advertising business as a significant new growth opportunity. For 2017, the firm estimates Amazon’s ad business will hit $3.5 billion in revenue. 


The high-margin ad revenue can be a greater catalyst for the stock if Amazon management shares more data points about it, says BMO.

 
Monday, April 3, 2017, 9:09 AM — by Rob DeFrancesco, TechStock Radar
Stifel Downgrades Arista

Stifel downgrades Arista Networks (ANET, $132.27) to ‘Hold’ based on valuation. The stock is up 50%+ since the middle of November.


The firm raises its price target to $135 from $130, saying it maintains a positive view on Arista’s competitive differentiation in the datacenter networking space and the company’s long-term ability to adjacently expand into the edge router market.

   
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