|
August 2014 |
Archives |
|
|
|
Friday, August 29, 2014, 12:39 PM — by Rob DeFrancesco, TechStock Radar |
Imperva in Q2 Attracted New Buyers |
In Q2, Imperva (IMPV, $29.20), a provider of datacenter security solutions, attracted some big money managers, including Fidelity (the #1 buyer in the quarter), which boosted its position by 264%, adding 2.86 million shares. The mutual-fund firm is now the largest holder of Imperva, with 3.94 million shares.
Among the 10 biggest purchases made in Q2, six came from firms opening new positions, including Whale Rock Capital (the #2 buyer), which started a position of 718,490 shares. Whale Rock is now the #7 holder.
|
|
Friday, August 29, 2014, 11:33 AM — by Rob DeFrancesco, TechStock Radar |
Splunk Surges 19% |
Shorts today are running for cover at Splunk (SPLK, $54.28), sending the shares up more than 19%.
Expectations were low going into last night’s fiscal Q2 earnings report, and there had been concerns about pricing pressure at Splunk, a provider of enterprise data monitoring and analytics solutions.
But on the earnings call, Splunk CEO Godfrey Sullivan said pricing in the July quarter (Splunk Cloud lowered by 33%) was a major reason why the company was able to add more than 500 new customers.
In FQ2, Splunk’s revenue rose 52% to $101.5 million, easily beating the consensus estimate of $93.8 million.
|
|
Friday, August 29, 2014, 10:09 AM — by Rob DeFrancesco, TechStock Radar |
Criteo Jumps on Takeover Speculation |
Shares of ad-tech vendor Criteo (CRTO, $36.20) this morning are up 18% on speculation that the company is a takeover target for Publicis, which recently backed away from its planned merger with Omnicom Group.
A French newspaper claims Publicis, now looking for smaller deals, initiated talks to buy Criteo three months ago.
|
|
Friday, August 29, 2014, 9:18 AM — by Rob DeFrancesco, TechStock Radar |
Canaccord Lifts Veeva Target on Strong FQ2 |
Following last night’s strong fiscal Q2 (July) results from Veeva Systems (VEEV, $27.30 pre market, +9.3%), provider of cloud-based CRM solutions for the life sciences industry, Canaccord raises its price target to $33 from $30.
Revenue rose 53% to $75.7 million, above the consensus estimate of $69.3 million. EPS of nine cents beat the consensus by two cents. Gross margin was up 200 basis points to 64%. Billings gained 61%.
Canaccord says Veeva is a best-in-class cloud player with a strong management team and an expanding pipeline of new business. The firm is confident the company can show sustainable top-line growth of at least 30%.
For more on the Veeva growth story, see the June 2014 issue of Tech-Stock Prospector (TSP #148).
|
|
Thursday, August 28, 2014, 2:06 PM — by Rob DeFrancesco, TechStock Radar |
Earnings Estimates on the Rise at NXP Semi |
Earnings estimates continue to rise at NXP Semiconductors (NXPI, $66.51), one of the early pioneers of NFC
technology.
Since the middle of March, the 2014 consensus EPS estimate
has advanced to $4.65 from $4.17 and the 2015 consensus has gone up to $5.37
from $4.72. The Street-high estimates for this year and next: $4.81 and $5.78,
respectively.
NXP shares in early July hit a new 52-week high at $67.79.
So far this year, the stock is up 44.8%.
NXP trades at 14.3 times the 2014 consensus EPS estimate and
12.4x the 2015 consensus. The consensus for next year indicates EPS growth of
15.5%.
In Q2, NXP reported EPS of $1.09, four cents above the consensus,
on revenue of $1.39 billion (+17% year over year), vs. the consensus of $1.33
billion.
NXP is an established leader in providing solutions for
secure mobile transactions, with an ~80% share of the market for contactless
security chips used for consumer banking cards, government-issued IDs and
passport programs.
Following the large-scale data breaches at several
retailers, a broad movement is taking shape to transition to more secure EMV
(chip card) technology from traditional magnetic stripe cards.
Morgan Stanley predicts chip-based payment cards (contact
and dual interface) will grow at a 20% CAGR, hitting $1.1 billion in 2018. With
faster EMV adoption in the U.S. and a solid pricing environment, the firm
believes the CAGR could hit 26%.
Recent Wall Street
activity on NXPI
*August 18—Goldman downgrades to Sell
*August 15—Stifel starts coverage at Buy/$78 price target
*August 8—Canaccord Genuity starts at Buy/$78 target
*July 24—Topeka Capital raises PT to $76 from $72
*July 14—Sterne Agee reiterates Buy/$74 target
*June 23—Pacific Crest raises PT to $80 from $72
*June 13—FBR Capital starts at Outperform/$76 PT
Q2 Top Institutional
Buyers
1-Thornburg Investment Management +3.68 million shares—New
position
2-Invesco +2.16 mil shares—now owns 7.75 mil shares
3-Columbus Circle Investors +1.58 mil shares—now owns
2.67 mil shares
4-Johnston Asset Mgmt +1.28 mil shares—now owns 2.62
mil shares
5-Newbrook Capital +1.21 mil shares—New position
|
|
Thursday, August 28, 2014, 12:08 PM — by Rob DeFrancesco, TechStock Radar |
Apple Announces Special Event for Sept 9 |
Apple (AAPL, $102.43) just sent out the press invites for an event to be held on September 9 at 10:00 AM PT.
This marks the first step in the massive iPhone 6 upgrade cycle.
There has been speculation that a wearables product could also be announced at the event. But we will have to wait and see.
|
|
Thursday, August 28, 2014, 11:28 AM — by Rob DeFrancesco, TechStock Radar |
Stifel Sets $100 Target for Palo Alto Networks |
Stifel resumes coverage of Palo Alto Networks (PANW, $82.33) at ‘Buy’ with a price target of $100, calling the company the leader in the rapidly growing next-generation firewall (NGFW) market.
The firm looks for Palo Alto to successfully leverage its growing installed base to push into ancillary segments--including advanced threat management, URL filtering and mobile device protection.
|
|
Thursday, August 28, 2014, 9:56 AM — by Rob DeFrancesco, TechStock Radar |
Davidson Bullish on NetSuite |
DA Davidson starts coverage of NetSuite (N, $85.47) at ‘Buy’ with a price target of $109, saying the cloud-based ERP software vendor is benefiting from multiple tailwinds.
The firm says NetSuite’s key differentiator is its broad, pre-integrated set of applications delivering specific functionalities and information access for each user’s business responsibilities.
|
|
Wednesday, August 27, 2014, 5:54 PM — by Rob DeFrancesco, TechStock Radar |
Stifel Starts FireEye at 'Buy' |
Stifel starts coverage of FireEye (FEYE, $29.45) at ‘Buy’ with a price target of $45, calling it one of the more innovative names within the security landscape and a pioneer when it comes to the burgeoning advanced threat management market.
FireEye is uniquely qualified to offer risk-averse organizations the full lifecycle of security solutions needed to detect, combat and ultimately remediate a potential attack, according to the firm.
|
|
Wednesday, August 27, 2014, 1:16 PM — by Rob DeFrancesco, TechStock Radar |
Davidson Starts Marketo at 'Buy' |
DA Davidson starts coverage of Marketo (MKTO, $29.56), provider of a cloud-based marketing automation platform, at ‘Buy’ with a price target of $49 based on a strong revenue growth outlook (the 2015 consensus revenue estimate of $192.2 million indicates growth of 32.5%) and solid customer adoption metrics.
|
|
Wednesday, August 27, 2014, 11:50 AM — by Rob DeFrancesco, TechStock Radar |
TubeMogul Shares Surge 45% |
Shares of TubeMogul (TUBE, $13.40), provider of a digital video advertising platform, today are surging 45% after the company last night delivered a beat-and-raise quarter.
Revenue in Q2 jumped 127% and video ad spend on self-serve campaigns via the platform advanced 166%.
For Q3, the company expects revenue of $20 million to $22 million, above the consensus estimate of $18.9 million.
TubeMogul went public in July at $7 a share and opened for trading at $9.
For more on TubeMogul, see the August 2014 issue of Tech-Stock Prospector. Order the latest issue here for download to your Kindle or Kindle for iPad/iPhone reading app.
|
|
Wednesday, August 27, 2014, 11:14 AM — by Rob DeFrancesco, TechStock Radar |
UBS Positive on Nimble Storage |
UBS reiterates its ‘Buy’ rating and $40 price target on Nimble Storage (NMBL, $29.57) after the company last night beat expectations for the July quarter. Revenue rose 89% to $53.8 million, ahead of the consensus estimate of $50.5 million.
For fiscal Q3, Nimble forecasts revenue of $56 million to $58 million, vs. the consensus of $55 million.
UBS says Nimble is taking market share, improving international bookings, adding new customers at a rapid rate and showing gross margin strength.
|
|
Wednesday, August 27, 2014, 9:18 AM — by Rob DeFrancesco, TechStock Radar |
Stephens Upgrades Aruba Networks |
Stephens upgrades Aruba Networks (ARUN, $20.24) to ‘Overweight’ with a price target of $25, saying it believes Cisco Systems (CSCO) over the last several quarters has become increasingly less competitive in the wireless infrastructure space.
Aruba last night reported fiscal Q4 (July) revenue of $202.9 million (+33% y/y), well above the consensus estimate of $194.8 million.
For fiscal Q1, the company offered above-consensus revenue and EPS guidance.
|
|
Wednesday, August 27, 2014, 9:07 AM — by Rob DeFrancesco, TechStock Radar |
Baird Starts Akamai at 'Outperform' |
Robert W. Baird starts coverage of Akamai Technologies (AKAM, $60.56) at ‘Outperform’ with a price target of $71, saying it believes the company is well positioned to benefit from a number of current and future positive secular trends--including OTT video consumption, Web traffic growth, ramping mobile data, cloud computing, increased demand for data security and 4K video.
Baird says Akamai has established itself as the industry leader in media delivery and Web optimization, while gaining a strong foothold in Web security.
|
|
Tuesday, August 26, 2014, 3:40 PM — by Rob DeFrancesco, TechStock Radar |
Apple to Launch a Larger iPad? |
According to Bloomberg, Apple (AAPL, $101.14) is preparing to start production early next year of an iPad with a screen measuring 12.9 inches diagonally, larger than the two current versions (9.7 inches and 7.9 inches) now on the market. The bigger device could be aimed at the enterprise segment, says the article.
|
|
Tuesday, August 26, 2014, 12:26 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Monolithic Power Systems |
Shares of chipmaker Monolithic Power Systems (MPWR, $47.51) today are up nearly 4% on heavy volume and have hit a new 52-week high at $47.75.
The stock is up sharply since the start of this month.
For more on Monolithic Power, Tech-Stock Prospector subscribers should see the July 2014 issue (TSP #149).
|
|
Tuesday, August 26, 2014, 10:36 AM — by Rob DeFrancesco, TechStock Radar |
Zendesk Hits New Post-IPO High |
Shares of Zendesk (ZEN, $26.30), provider of a cloud-based customer service platform, this morning are up more than 4% and have hit a new post-IPO high at $26.41.
The company went public in May at $9 a share and opened for trading at $11.40.
We profiled Zendesk in the August 2014 issue of Tech-Stock Prospector. Order the latest issue here for download to your Kindle or Kindle for iPad/iPhone reading app.
|
|
Tuesday, August 26, 2014, 9:06 AM — by Rob DeFrancesco, TechStock Radar |
Cowen Remains Upbeat on VMware |
Cowen believes the 2015 growth outlook reduction from VMware (VMW, $100.78), while expected, may still weigh on the shares.
Yesterday, VMware CFO Jonathan Chadwick said he looks for mid-teens revenue growth next year, in line with the consensus revenue estimate indicating growth of 15.5%. However, this is down from the company’s previous longer-term growth target range of 16% to 20%.
Cowen reiterates its price target of $107 because it thinks VMware remains well positioned for the following reasons:
1-Larger infrastructure build-outs 2-Increased virtualization activity in the SMB space 3-Expanding product momentum 4-Meaningful ELA tailwinds (bigger deals)
|
|
Monday, August 25, 2014, 3:14 PM — by Rob DeFrancesco, TechStock Radar |
3 Priorities at VMware |
At today’s VMware (VMW, $100.42) 2014 analyst day, the company reiterates its three priorities, calling them the path to the software-defined enterprise:
1-Hybrid cloud 2-Software-defined datacenter (compute, networking, storage & management) 3-End-user computing (desktop & mobile)
The company estimates its TAM at $60 billion, broken down like this:
*Software-defined datacenter--$33 billion *Hybrid cloud--$17 billion *End-user computing--$10 billion
|
|
Monday, August 25, 2014, 10:50 AM — by Rob DeFrancesco, TechStock Radar |
GrubHub Dips on Secondary Announcement |
Shares of GrubHub (GRUB, $40.56), the online/mobile platform for restaurant takeout/delivery, this morning are off more than 5% after the company announced a secondary offering of 10 million shares, including 8.78 million from selling stockholders.
Even with today's pullback, the stock is up 11.7% so far this month.
|
|
Monday, August 25, 2014, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
OpCo Bullish on Workday into Earnings |
OpCo says its checks on enterprise cloud-software provider Workday (WDAY, $88.42) indicate that the July quarter closed well, with strengthening end-market demand leading to increased deal sizes. The strongest verticals appear to be higher education, technology and government.
Workday reports fiscal Q2 results after the close on Wednesday. The consensus estimates: a loss of 14 cents a share on revenue of $177.3 million (the Street-high revenue estimate is $181.5 million).
|
|
Friday, August 22, 2014, 12:14 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Electronic Arts |
After dipping to $33 earlier this month, shares of videogame software maker Electronic Arts (EA, $37.85) have been on the rebound, retaking the 50-day moving average along the way. The stock is approaching the 52-week high of $38.64 from July 22.
|
|
Friday, August 22, 2014, 10:05 AM — by Rob DeFrancesco, TechStock Radar |
Maxim: Big Deals Driving Salesforce Upside |
Maxim Group reiterates its ‘Buy’ on Salesforce (CRM, $58.45), saying large deals drove fiscal Q2 bookings upside.
The firm believes large enterprise replacement deals can support sustainable mid-20% bookings growth over the coming quarters.
Checks indicate strong pipeline builds for large enterprise replacements in addition to sustainable builds in the mid-market segment thanks to the ongoing late adoption cycle of CRM technologies, according to Maxim.
|
|
Friday, August 22, 2014, 9:04 AM — by Rob DeFrancesco, TechStock Radar |
Salesforce Delivers Solid FQ2 Results, Plans New Product |
Salesforce (CRM, $55.71) last night delivered solid fiscal Q2 (July) results: EPS of 13 cents topped the consensus estimate by a penny on revenue of $1.32 billion, vs. the consensus of $1.29 billion.
Revenue growth was strong across all major geographies, driven by 42% growth in the EMEA region.
Deferred revenue rose 31% to $2.35 billion and unbilled deferred was up 32% to roughly $5 billion.
Gross margin of 79.3% fell 140 basis points from a year ago (mainly related to last year’s ExactTarget purchase), while operating margin was up 79 basis points to 11%.
On the call, CEO Marc Benioff said Salesforce at Dreamforce in the middle of October will unveil a major new product category.
Nomura’s Rick Sherlund this morning says he expects Salesforce’s closer relationship with Microsoft to get more press in the September/October period. Microsoft is now the largest customer of the ExactTarget business.
|
|
Thursday, August 21, 2014, 12:33 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Ultimate Software |
Shares of Ultimate Software (ULTI, $144.94), a provider of cloud-based HCM solutions, are trying to hold above the 200-day moving average of $142.90. The 50-day moving average is on the rise and approaching the 200-day for a potential upside crossover.
|
|
Thursday, August 21, 2014, 11:10 AM — by Rob DeFrancesco, TechStock Radar |
Piper Jaffray Upbeat on Nimble into Earnings |
Piper Jaffray looks for Nimble Storage (NMBL, $28.80) next week to come in with a beat-and-raise report, saying demand trends remain strong. Piper maintains its price target of $47. Nimble releases fiscal Q2 (July) earnings on August 26.
For more on Nimble, see TechStock Radar--August 19, 2014.
|
|
Thursday, August 21, 2014, 10:01 AM — by Rob DeFrancesco, TechStock Radar |
Goldman Remains Positive on FireEye |
Goldman Sachs thinks FireEye (FEYE, $28.15) shares present an attractive entry point for a company with best-in-class growth in the IT security sector.
The firm says investors have reset their expectations for FireEye, which is attractively positioned in a positive growth segment.
|
|
Thursday, August 21, 2014, 9:01 AM — by Rob DeFrancesco, TechStock Radar |
Deutsche Bank Cuts Splunk Target |
Deutsche Bank lowers its Splunk (SPLK, $42.90) price target to $55 from $65 ahead of the release of fiscal Q2 (July) results next week.
While the firm says its recent user checks did not pick up anything incrementally negative, it says investors are cautious on the stock going into the report.
|
|
Wednesday, August 20, 2014, 12:11 PM — by Rob DeFrancesco, TechStock Radar |
Infineon to Buy International Rectifier |
Infineon Technologies (IFNNY) has signed an agreement to acquire chipmaker International Rectifier (IRF, $28.22) for $40 a share in cash in a deal valued at roughly $3 billion.
Before trading was halted, International Rectifier shares today were up 6.2%.
Earlier, a Bloomberg article said Infineon was in talks with an unnamed target.
|
|
Wednesday, August 20, 2014, 11:03 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Intel |
After a recent dip, Intel (INTC, $34.42) shares are back on the advance. But is there enough upside momentum to take out the 52-week high of $34.83 from July 22?
|
|
Wednesday, August 20, 2014, 10:22 AM — by Rob DeFrancesco, TechStock Radar |
Buyout Speculation in Semi Space |
A Bloomberg article this morning says Infineon Technologies (IFNNY) is in talks to purchase an unnamed semiconductor company based in the U.S. for around $2 billion.
Some are speculating that the deal will be in the power management segment.
On this report, traders are bidding up shares of Power Integrations (POWI, $63.38) by more than 10% and Semtech (SMTC, $24.90) by more than 6%.
|
|
Wednesday, August 20, 2014, 9:06 AM — by Rob DeFrancesco, TechStock Radar |
OpCo Positive on Salesforce into FQ2 Results |
OpCo says recent checks indicate that Salesforce (CRM, $54.96) after the close tomorrow should report a solid fiscal Q2 (July).
The firm, which maintains its price target of $71, believes the company’s fiscal Q3 and fiscal 2H growth targets could top 25%.
The FQ2 consensus estimates: EPS of 12 cents on revenue of $1.29 billion.
The fiscal 2015 (Jan.) consensus revenue estimate of $5.34 billion indicates growth of 31.1%.
|
|
Tuesday, August 19, 2014, 4:12 PM — by Rob DeFrancesco, TechStock Radar |
Arista Networks Jumps 6.3% |
Shares of Arista Networks (ANET, $75), a provider of enterprise datacenter switches, today jumped more than 6% on active volume, with buyers really stepping in after 2 PM ET.
Despite delivering strong Q2 results earlier this month, Arista Networks shares initially sold off after the report, dipping to an intraday low of $67.31 on August 11. For more on the earnings report, see TechStock Radar--August 8, 2014.
For more on the Arista Networks growth story, see the August 2014 issue of Tech-Stock Prospector. Order the latest issue here for download to your Kindle or Kindle for iPad/iPhone reading app.
|
|
Tuesday, August 19, 2014, 12:03 PM — by Rob DeFrancesco, TechStock Radar |
Apple Hits $100, New 52-Week High |
Apple (AAPL, $100) shares just hit the psychological resistance level of $100, which also happens to be a new 52-week high. The all-time high at $100.72 is the next upside target for the bulls.
|
|
Tuesday, August 19, 2014, 11:20 AM — by Rob DeFrancesco, TechStock Radar |
FireEye Shows Relative Weakness |
Shares of cybersecurity solutions vendor FireEye (FEYE, $28.11), down 2% today, continue to underperform (the RSI is falling from 33.2). The stock wouldn’t have far to drop from here to get back to the May low of $25.58.
|
|
Tuesday, August 19, 2014, 10:04 AM — by Rob DeFrancesco, TechStock Radar |
Citi Cautious on Infoblox, Cuts Target |
Citi predicts networking solutions vendor Infoblox (BLOX, $12.32) will issue disappointing guidance for FY’15 when it reports fiscal Q4 (July) results on September 4.
The firm says it sees product revenue remaining a drag into the first half of the new fiscal year, and reduces its price target to $13 from $15.
For FY’15, Citi expects Infoblox to guide revenue to a range of $254 million to $260 million, below the consensus estimate of $263.4 million.
|
|
Tuesday, August 19, 2014, 9:01 AM — by Rob DeFrancesco, TechStock Radar |
Sterne Agee Positive on Nimble Storage |
Sterne Agee says its fiscal Q2 (July) checks for Nimble Storage (NMBL, $28.34) have come back positive, indicating the company should beat estimates.
Nimble reports results on August 26. The consensus estimates: a loss of 16 cents a share on revenue of $50.5 million (the Street-high revenue estimate is $53.1 million).
In fiscal Q1, Nimble beat on the bottom line by two cents and reported revenue of $46.5 million, nearly $3 million above the consensus of $43.7 million.
|
|
Monday, August 18, 2014, 4:48 PM — by Rob DeFrancesco, TechStock Radar |
An Activist Steps into Rackspace--UPDATED |
According to The WSJ, activist investor Blue Harbour Group has taken a 6.5% stake in Rackspace Hosting (RAX, $31.82), a provider of cloud computing services, including datacenter hosting.
In Q2, Blue Harbour opened a position in Rackspace of 3.52 million shares. The WSJ says the firm added more shares on recent weakness.
UPDATED | 4:48 PM ET--The 13D shows Blue Harbour now owns 9.09 million shares, representing a 6.4% stake. Some of the shares were bought as recently as August 12 below $30.
Another big Q2 buyer of Rackspace: Dan Loeb’s Third Point opened a position of 7.25 million shares.
In May, Rackspace said it hired Morgan Stanley to explore and evaluate its strategic options, including a potential sale. For more on Rackspace, see TechStock Radar--July 9, 2014.
As of the end of Q2, Akamai Technologies (AKAM, $60.70) was the top holding at Blue Harbour, which has 41% exposure to tech.
|
|
Monday, August 18, 2014, 12:03 PM — by Rob DeFrancesco, TechStock Radar |
Stifel Sees Value in ChannelAdvisor |
Stifel remains positive on ChannelAdvisor (ECOM, $15.99), a provider of cloud-based e-commerce solutions used by retailers and manufacturers, saying the recent sharp pullback in the stock has set up an attractive entry point.
On August 5,
ChannelAdvisor shares fell 29.7% following somewhat disappointing Q2 net
customer adds (caused by churn at the low end of the market) and Q3
revenue guidance.
The firm believes the fundamentals of the business model remain strong, with ChannelAdvisor able to sustain 25%+ revenue growth thanks to added sales capacity and international expansion. Stifel maintains its price target of $30.
The 2014 consensus revenue estimate of $86.5 million indicates growth of 27.2%.
|
|
Monday, August 18, 2014, 11:02 AM — by Rob DeFrancesco, TechStock Radar |
Monness Crespi Upgrades Hewlett-Packard |
Monness Crespi & Hardt upgrades Hewlett-Packard (HPQ, $35.42) to ‘Buy’ with a price target of $40, saying the company should experience some tailwinds from increased IT spending on hardware in 2H ’14.
On Wednesday after the close, H-P will report fiscal Q3 (July) results. The consensus estimates: EPS of 89 cents on revenue of $27 billion.
|
|
Monday, August 18, 2014, 10:02 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: EMC Above $30 |
Shares of EMC (EMC, $30.08) have taken out psychological resistance at the $30 level. The RSI is rising from 69.8.
|
|
Monday, August 18, 2014, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
Yahoo Shares Ready to Head Higher? |
MKM Partners expects Yahoo (YHOO, $36.47) shares to trade with Alibaba (BABA) shares following the latter’s IPO.
On a technical basis, the firm thinks Yahoo stock is poised for an upside breakout, with an initial target in the $40 to $42 range.
MKM says Yahoo shares has been consolidating in a bullish trading pattern since peaking in January, consistently finding support in the $32 to $33 range.
The firm points out that the 50-day moving average, which had been declining during much of the weakness earlier this year, has finally started to turn higher.
|
|
Friday, August 15, 2014, 3:42 PM — by Rob DeFrancesco, TechStock Radar |
T. Rowe Price Boosts NetSuite Holdings |
In Q2, T. Rowe Price increased its position in cloud ERP software vendor NetSuite (N, $82.27) by 80%, adding 3.62 million shares.
The mutual-fund firm, the #1 buyer in the quarter (AllianceBernstein was #2, adding 956,480 shares), now owns 8.13 million shares and is the #1 holder of NetSuite.
|
|
Friday, August 15, 2014, 11:06 AM — by Rob DeFrancesco, TechStock Radar |
Fidelity Boosts Symantec Stake |
In Q2, Fidelity raised its Symantec (SYMC, $24.18) stake by 33%, adding 4.04 million shares. The mutual-fund firm now owns 16.33 million shares.
Among Symantec’s 15 largest holders, Fidelity was by far the biggest buyer in the June quarter.
|
|
Friday, August 15, 2014, 10:01 AM — by Rob DeFrancesco, TechStock Radar |
FBR Capital Positive on Oracle |
FBR Capital says its recent checks (with resellers, customers and consultants) show Oracle (ORCL, $40.45) is experiencing improving deal momentum.
The firm is positive for fiscal 2015 (May), citing the launch of 12c in-memory technology, a broad set of fast-growing cloud offerings and engineered systems gaining traction.
FBR Capital maintains its price target of $46.
|
|
Friday, August 15, 2014, 9:04 AM — by Rob DeFrancesco, TechStock Radar |
Jennison Goes Bigger into Twitter |
In Q2, Jennison Associates increased its Twitter (TWTR, $45.33) position by 74%, purchasing 4.31 million shares. The firm, with a 21% tech weighting, now owns 10.13 million shares.
|
|
Thursday, August 14, 2014, 4:58 PM — by Rob DeFrancesco, TechStock Radar |
Appaloosa Likes Facebook |
David Tepper’s Appaloosa Management in Q2 increased its Facebook (FB, $74.30) holdings to 3.58 million shares from 478,500 shares (a new position) in the previous quarter.
|
|
Thursday, August 14, 2014, 11:16 AM — by Rob DeFrancesco, TechStock Radar |
AllianceBernstein Big Q2 Buyer of Facebook |
In Q2, AllianceBernstein increased its Facebook (FB, $74.13) position by 81%, adding 3.55 million shares. The money manager now owns 7.92 million shares.
|
|
Thursday, August 14, 2014, 10:38 AM — by Rob DeFrancesco, TechStock Radar |
The LinkedIn Rally Continues |
The sharp rally continues in shares of LinkedIn (LNKD, $217.70), which sport an RSI of 81.6. The stock, now well above its 200-day moving average of $191.28, is approaching the broad congestion area of $220 to $240 from the December to February period.
|
|
Thursday, August 14, 2014, 9:07 AM — by Rob DeFrancesco, TechStock Radar |
Cantor Positive on NetApp |
Cantor Fitzgerald believes the product cycle at storage solutions vendor NetApp (NTAP, $39.30) bottomed in fiscal Q4.
Last night, the company reported fiscal Q1 (July) EPS of 60 cents, three cents above the consensus estimate, on revenue of $1.49 billion, vs. the consensus of $1.47 billion.
For fiscal Q2, NetApp expects EPS of 66 cents to 71 cents, vs. the consensus of 69 cents. Revenue is expected to come in at $1.49 billion to $1.59 billon, vs. the consensus of $1.53 billion.
Cantor says the healthy outlook for FQ2 indicates continued strong execution and a slightly improved spending environment.
The firm ups its price target by $2 to $47.
|
|
Wednesday, August 13, 2014, 5:06 PM — by Rob DeFrancesco, TechStock Radar |
Cisco Fiscal Q4 Results |
In fiscal Q4 (July), Cisco Systems (CSCO, $25.20) reports EPS of 55 cents, two cents above the consensus estimate, on revenue of $12.4 billion (flat y/y), vs. the consensus of $12.14 billion.
Product revenue declined 2%. Product backlog at the end of FY’14 stood at $5.4 billion, vs. $4.9 billion a year ago.
FQ4 revenue performance by segment:
*Routing -7% *Switching -4% *Datacenter +30% *Wireless +1% *Collaboration -4% *SP video -10% *Security +29%
FQ4 CFFO came in at $3.6 billion. Cash & investments total $52.1 billion ($4.7 billion located in the U.S.).
Cisco will do another restructuring, laying off up to 6,000 employees, about 8% of the workforce.
|
|
Wednesday, August 13, 2014, 12:07 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Pandora |
Helped out by additional takeover chatter earlier this week, Pandora Media (P, $27.42) shares today are up more than 6%. The stock has pushed back above its 50-day moving average. The RSI is rising from 57. The 200-day moving average stands at $29.17.
|
|
Wednesday, August 13, 2014, 11:39 AM — by Rob DeFrancesco, TechStock Radar |
GrubHub Jumps 9% |
Shares of GrubHub (GRUB, $42.94) today are up more than 9% and have hit a new post-IPO high at $43.31.
The provider of an online and mobile platform for restaurant pick-up and delivery went public in early April at $26 a share, opened for trading at $40 and within days had fallen to a low of $29.86.
The GrubHub platform has roughly 30,000 restaurants in more than 600 cities offering 80 different types of cuisine.
For more on the GrubHub growth story, Tech-Stock Prospector subscribers should see the July 2014 issue (TSP #149).
|
|
Wednesday, August 13, 2014, 10:20 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Google |
After holding above the 200-day moving average on the recent pullback, shares of Google (GOOGL, $580.26) are in the process of retaking the 50-day moving average at $580.23. The RSI is on the rise from 48.5.
|
|
Wednesday, August 13, 2014, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
Goldman Upgrades Demandware |
Goldman Sachs upgrades Demandware (DWRE, $54.64), a provider of cloud-based e-commerce solutions for retailers, to ‘Buy’ with a price target of $70, saying the recent sell-off in the stock following the Q2 report has been overdone. The firm sees upside potential for consensus estimates.
|
|
Tuesday, August 12, 2014, 3:08 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Yelp |
Shares of Yelp (YELP, $69.68) rallied earlier in the session, making it up to $71.20, but then succumbed to sellers.
The stock is sitting just below its two key moving averages. And the 50-day moving average is poised to try to cross above the 200-day moving average.
|
|
Tuesday, August 12, 2014, 12:01 PM — by Rob DeFrancesco, TechStock Radar |
Pacific Crest Positive on Salesforce into FQ2 Report |
According to Pacific Crest, recent checks indicate that Salesforce (CRM, $52.79) should be able to make its July quarter numbers based on strong transaction volumes.
The consensus estimates for fiscal Q2: EPS of 12 cents on revenue of $1.29 billion. Salesforce reports results on August 21.
|
|
Tuesday, August 12, 2014, 11:29 AM — by Rob DeFrancesco, TechStock Radar |
Jennison Goes Bigger into Workday |
In Q2, Jennison Associates increased its Workday (WDAY, $84.33) position by 986,005 shares and now owns 7.198 million shares.
The money manager, with $107 billion in long equity assets and a 20.8% tech weighting, is among the largest holders of Workday shares.
|
|
Tuesday, August 12, 2014, 10:10 AM — by Rob DeFrancesco, TechStock Radar |
Pacific Crest Raises Priceline Target |
Pacific Crest raises its Priceline (PCLN, $1,308.57) target to $1,565 from $1,475 based on the company’s strong growth trends from Q2. The firm believes Priceline’s outlook is conservative. For Q3, the company looks for EPS of $19.60 to $21.10, vs. the consensus of $21.28.
|
|
Tuesday, August 12, 2014, 9:19 AM — by Rob DeFrancesco, TechStock Radar |
Juniper Actively Buying Back Shares |
Juniper Networks (JNPR, $23.32) has completed its accelerated share repurchase of $1.2 billion and is now accelerating the remainder of its $800-million authorization into 2014. Thus, the buyback target by the end of the year is $2 billion. Juniper says it remains committed to reaching operating margin of 25% for 2015.
|
|
Monday, August 11, 2014, 4:44 PM — by Rob DeFrancesco, TechStock Radar |
Cantor Lifts Priceline Target |
Cantor Fitzgerald raises its Priceline (PCLN, $1,309.28) target to $1,500 from $1,410 following the release of respectable Q2 results: EPS of $12.51 beat the consensus by 47 cents on in-line revenue growth of 26%. The firm points out strong gross travel bookings growth of 34% as well as solid growth in room nights.
|
|
Monday, August 11, 2014, 12:04 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: F5 Networks |
Shares of F5 Networks (FFIV, $117.05) are nearing the 52-week high of $117.77. Earlier in the session, the stock made it up to $117.74. The RSI is rising from 63.1.
|
|
Monday, August 11, 2014, 10:50 AM — by Rob DeFrancesco, TechStock Radar |
Priceline Expands OpenTable Payments |
Priceline (PCLN, $1,320) today announces the expansion of its OpenTable payments feature to New York City.
Diners who book at participating restaurants can add a credit card to their OpenTable iPhone app before they dine, which then allows them to view and pay the check with a few taps. There are no additional apps to download, table numbers to enter or barcodes to scan.
OpenTable will also expand its mobile payments presence in San Francisco (the pilot city), and plans to roll out the feature in 20 cities before the end of the year.
|
|
Monday, August 11, 2014, 9:12 AM — by Rob DeFrancesco, TechStock Radar |
Cisco Earnings On Deck |
Wells Fargo looks for Cisco Systems (CSCO, $25.03) to come in with solid fiscal Q4 (July) results based on strength in North America and Europe helping to offset challenges in emerging markets. The firm maintains its ‘Outperform’ rating.
The consensus estimates: EPS of 53 cents on revenue of $12.14 billion. Cisco reports FQ4 results on Wednesday.
|
|
Friday, August 8, 2014, 3:06 PM — by Rob DeFrancesco, TechStock Radar |
Blackrock Goes Bigger into Facebook |
In Q2, Blackrock Advisors boosted its Facebook (FB, $73.01) position by 143%, purchasing 2.59 million shares. The money manager now owns 4.39 million shares.
|
|
Friday, August 8, 2014, 12:11 PM — by Rob DeFrancesco, TechStock Radar |
Weekend Reading: Tech-Stock Prospector on Kindle |
Download the July 2014 issue of Tech-Stock Prospector to
your Kindle or Kindle for iPad/iPhone reading app.
Order the latest issue of TSP for Kindle here.
Here are some of the topics covered in the July 2014 issue:
*Global M&A deal activity heats up
*5 top buyout ideas in tech
*Cisco Systems
sees opportunity in the Internet of Things
*How EMC is
positioned for software-defined storage
*A look at the strategic importance of VMware to EMC
*New games are driving growth at Electronic Arts
*Updated Yahoo
& Alibaba valuation analysis
*Five9 brings the
cloud to the customer call center
*Intel shares hit
new 52-week high on raised guidance
*Is the recent stability in the PC market sustainable?
*A leading semiconductor play in power management
*Riverbed Technology
tries to outrun activists with growth rebound
*Why some smart investors like HomeAway shares
*Security Watch: Palo
Alto Networks seeing multiple tailwinds
*Why IT departments are now championing Tableau Software
*Rubicon Project
optimizes the digital advertising market
*GrubHub shakes
up the restaurant delivery business
*Priceline’s buyout of OpenTable
shows the importance of mobile
*Buyers drive up shares of datacenter switch vendor Arista Networks
*Deal Report: GoPro
IPO
|
|
Friday, August 8, 2014, 11:04 AM — by Rob DeFrancesco, TechStock Radar |
William Blair Still Positive on Demandware |
William Blair thinks the recent pullback in shares of Demandware (DWRE, $53.55), a provider of cloud-based e-commerce solutions for retailers, is a buying opportunity.
The stock on Tuesday slid 16%, a sharp negative reaction to management comments about Q2 bookings coming in below plan and a few large deals getting pushed into 2H.
Demandware actually delivered a solid Q2, with revenue rising 55% to $36.1 million, above the consensus estimate of $33.8 million. The company lost three cents a share, but this was 10 cents above the consensus.
William Blair believes underlying demand remains strong and that Demandware is well positioned to close most of the slipped deals over the next couple of quarters.
|
|
Friday, August 8, 2014, 10:07 AM — by Rob DeFrancesco, TechStock Radar |
Microsoft Stronger in the Cloud |
According to Pacific Crest, a recent CIO survey indicates that Microsoft (MSFT, $43.12) is making strong progress in the cloud, as 13% of the respondents said they plan to increase their cloud-related purchases from the software giant.
In the survey, Microsoft was the #2 ranked vendor--after VMware (VMW)--in terms of planned cloud spending.
|
|
Friday, August 8, 2014, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
Citi Ups Arista Networks to 'Buy' |
Citi upgrades Arista Networks (ANET, $79.26 pre market, +9.7%), a provider of datacenter Ethernet switches, to ‘Buy’ with a price target of $90 based on increased confidence in the company’s growth story following last night’s Q2 results.
For the June quarter, Arista’s revenue rose 65% to $137.9 million, coming in well above the consensus estimate of $125.2 million.
For Q3, the company expects revenue of $142 million to $150 million, vs. the consensus of $134.1 million.
Arista, with more than 2,700 customers today, goes after accounts in four main verticals: “cloud titans,” Tier-2 service providers, financial services and high-tech enterprise.
Arista only went public in June at $43 a share and opened for trading at $55.25.
|
|
Thursday, August 7, 2014, 4:15 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: LinkedIn |
LinkedIn (LNKD, $206.84) shares continue to act well, today showing more relative strength, gaining 1.5% in a down market.
The stock is pushing off its 200-day moving average, while the 50-day moving average is now trending upward.
|
|
Thursday, August 7, 2014, 12:09 PM — by Rob DeFrancesco, TechStock Radar |
Pacific Crest Gets More Bullish on NetApp |
Pacific Crest says its recent checks on storage vendor NetApp (NTAP, $38.55) show a build in the order pipeline, which could lead to improved fundamentals.
The firm doesn’t believe that the better dynamics are reflected in the consensus earnings estimates, so there is potential to surprise to the upside going forward.
Pacific Crest raises its NetApp price target to $46 from $41.
|
|
Thursday, August 7, 2014, 11:02 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Twitter |
Following the recent earnings-related surge, Twitter (TWTR, $44.01) shares have settled back into the mid-$40s, remaining comfortably above the 50-day moving average of $38.51. Expect a period of continued sideways trading action.
|
|
Thursday, August 7, 2014, 9:23 AM — by Rob DeFrancesco, TechStock Radar |
RBC Capital Upbeat on Symantec |
Symantec (SYMC, $23.73) last night reported fiscal Q1 (June) EPS of 45 cents, two cents above the consensus estimate, on revenue of $1.74 billion, vs. the consensus of $1.67 billion.
RBC says Symantec’s revenue and bottom-line initiatives seem to be working, and thinks the improvements should get more pronounced moving through FY’15 (March). The firm raises its price target by a $1 to $26.
|
|
Wednesday, August 6, 2014, 3:49 PM — by Rob DeFrancesco, TechStock Radar |
Tibco Software on the Block? |
According to The WSJ, Tibco Software (TIBX, $20.76), a provider of enterprise infrastructure and business intelligence solutions, has approached potential buyers, including private equity.
Tibco, which has been struggling a bit (revenue in FY’14 is expected to be up just 2.5%), has been a rumored takeover target in the past.
Tibco shares today are up more than 7% on heavy volume. The market cap stands at $3.4 billion.
|
|
Wednesday, August 6, 2014, 12:02 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Pandora |
Another day, another Pandora Media (P, $25.50) buyout rumor. The stock today is up 2.4% on the chatter.
However, the technical picture isn’t so encouraging, with Pandora shares trading at the low end of the recent range, and below both the 50-day and 200-day moving averages.
|
|
Wednesday, August 6, 2014, 11:05 AM — by Rob DeFrancesco, TechStock Radar |
CRT Capital Trims Zillow Target |
CRT Capital reduces its Zillow (Z, $138.38) price target to $140 from $160 because it sees a momentum slowdown, pointing out Q2 deceleration in total subscriber growth. Premier Agent subscription additions for the quarter came in well below the firm’s expectations.
|
|
Wednesday, August 6, 2014, 10:04 AM — by Rob DeFrancesco, TechStock Radar |
Canaccord Boosts Zillow Target |
Canaccord raises its Zillow (Z, $137.48) price target to $150 from $130 based on the company’s strong Q2 results (revenue rose 68% to $78.7 million, above the consensus estimate of $76.5 million), acceleration in Premier Agent ARPU growth and increased guidance (2014 revenue of $321 million to $323 million, vs. previous guidance of $304 million to $308 million and the consensus of $310.8 million).
|
|
Wednesday, August 6, 2014, 9:02 AM — by Rob DeFrancesco, TechStock Radar |
Oracle Cloud Biz Needs Work |
Citi says its research indicates that Oracle (ORCL, $39.96) is seeing underperformance from either its acquired SaaS assets or core SaaS assets.
In either case, the firm says things will need to improve in fiscal 2015 because investors are going to start looking at Oracle’s cloud business with more scrutiny.
Oracle has cobbled together a lot of cloud assets (and probably will do more M&A in this segment), so now it’s time for the company to start improving on the execution side.
|
|
Tuesday, August 5, 2014, 4:15 PM — by Rob DeFrancesco, TechStock Radar |
FireEye Q2 Results Top Estimates |
Cybersecurity specialist FireEye (FEYE, $34.75) reports Q2 revenue of $94.5 million, vs. the guidance range of $89 million to $91 million and the consensus estimate of $90.1 million.
The company lost 55 cents a share, five cents better than the consensus.
Billings of $113.8 million topped the guidance range of $108 million to $112 million.
For Q3, FireEye expects to lose 52 cents to 56 cents a share (the consensus is a loss of 56 cents) on revenue of $114 million to $117 million (the consensus is $108.9 million). Billings guidance: $150 million to $155 million.
For 2014, the company raises its revenue guidance range to $423 million-$430 million from $405 million-$415 million previously. The consensus is $412.2 million.
Revised 2014 billings guidance of $560 million to $580 million is above the previous range of $550 million to $570 million.
|
|
Tuesday, August 5, 2014, 12:19 PM — by Rob DeFrancesco, TechStock Radar |
Relative Strength at LinkedIn |
LinkedIn (LNKD, $205.47) shares today are showing relative strength, gaining 1.4% in a down session. The RSI is up to 77.3. Next resistance levels to watch: $206.43 and $211.94.
|
|
Tuesday, August 5, 2014, 11:18 AM — by Rob DeFrancesco, TechStock Radar |
RBC Capital Boosts Qualys Target to $30 |
RBC Capital raises its Qualys (QLYS, $28.44) price target to $30 from $26 based on the strong Q2 results. The company continues to see solid demand for its core Vulnerability Management solution (82% of revenue) and is gaining traction with its Web Application Scanning and Policy Compliance offerings.
Qualys shares today are up more than 12% on active volume.
|
|
Tuesday, August 5, 2014, 10:16 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: NetSuite |
Shares of NetSuite (N, $84.96) today are showing relative strength. The stock has been holding above its 50-day moving average at $82.70.
For more on NetSuite, see TechStock Radar--July 25, 2014.
|
|
Tuesday, August 5, 2014, 9:10 AM — by Rob DeFrancesco, TechStock Radar |
JMP Ups Qualys Target |
JMP Securities raises its Qualys (QLYS, $25.34) price target to $30 from $25 following last night’s strong Q2 report. The firm says the positive results validate the company’s strategy of adding new IT security services to its core platform.
|
|
Monday, August 4, 2014, 5:02 PM — by Rob DeFrancesco, TechStock Radar |
Qualys Delivers Strong Q2 Report |
Another strong Q2 report from the IT security sector: Qualys (QLYS, $25.34), a provider of cloud-based solutions covering vulnerability management and compliance, comes in with revenue of $32.3 million (+23% y/y), vs. the consensus estimate of $31.6 million.
Per-share earnings of 11 cents tops the consensus by five cents.
For Q3, Qualys looks for EPS of eight to 10 cents (the consensus is seven cents) on revenue of $33.5 million to $34 million (the consensus is $33.2 million).
Qualys raises its 2014 revenue & EPS guidance:
*NEW: $131 million to $132 million/30 cents to 34 cents *OLD: $128.5 million to $130.5 million/22 cents to 26 cents *Consensus: $130.1 million/25 cents
|
|
Monday, August 4, 2014, 2:35 PM — by Rob DeFrancesco, TechStock Radar |
Deutsche Bank Lifts Concur Target to $110 |
Ahead of the release of FQ3 (June) results after the close from Concur Technologies (CNQR, $92.02), a provider of cloud-based solutions for enterprise travel and expense management, Deutsche Bank raises its price target to $110 from $95.
The firm remains optimistic on Concur’s growth prospects after attending the GBTA corporate travel event.
The FQ3 consensus estimates: EPS of 16 cents on revenue of $175.1 million (the Street-high estimate is $176.8 million).
|
|
Monday, August 4, 2014, 11:31 AM — by Rob DeFrancesco, TechStock Radar |
Apple Pulls Back |
While Apple (AAPL, $95.49) shares have come off last week’s high of $99.44, they’re holding above the 50-day moving average, which is trending up from $93.45. If the overall market remains lackluster over the near term, we could see Apple shares move sideways until we get indications of the launch date for the iPhone 6.
|
|
Monday, August 4, 2014, 10:16 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Imperva |
Shares of Imperva (IMPV, $25.91), a provider of datacenter security solutions, continue to trade sideways, although they remain above the 50-day moving average of $22.69. There is short-term resistance at $27.30 from early July.
|
|
Monday, August 4, 2014, 9:01 AM — by Rob DeFrancesco, TechStock Radar |
Citi Remains Positive on Yelp |
Citi sees the recent sell-off in Yelp (YELP, $66.31) shares as a buying opportunity, saying it believes concerns about core U.S. operations metrics in the Q2 report and Google search changes in Europe are misplaced. The firm maintains its price target of $87.
|
|
Friday, August 1, 2014, 12:01 PM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: Splunk Retreats |
The short-term technical picture for Splunk (SPLK, $44.61) has deteriorated, with the stock first falling below the 50-day moving average and then taking out recent support at $45.02. The RSI is declining from 38.8.
|
|
Friday, August 1, 2014, 11:06 AM — by Rob DeFrancesco, TechStock Radar |
Mobileye IPO Jumps 50% |
The IPO for Mobileye (MBLY, $37.53), provider of camera-based Advanced Driver Assistance Systems (ADAS), today opened at $36 after being priced at $25.
There are 3.3 million cars on the road today using Mobileye’s ADAS technology, which performs detailed interpretations of the visual field in order to anticipate possible collisions. By the end of this year, Mobileye’s technology will be available in 160 car models from 18 manufacturers worldwide.
In 2013, revenue rose 101% to $81.2 million. For the three months ended March, revenue was up 204% to $35.6 million.
|
|
Friday, August 1, 2014, 10:03 AM — by Rob DeFrancesco, TechStock Radar |
Chart Watch: LinkedIn Pops 10% |
LinkedIn (LNKD, $200.27) shares this morning are rallying more than 10% and have pushed through the 200-day moving average at $192.80. The next resistance levels to watch: $206.43 and $211.94 from March.
|
|
Friday, August 1, 2014, 9:31 AM — by Rob DeFrancesco, TechStock Radar |
Goldman Lifts LinkedIn Target |
Goldman Sachs lifts its LinkedIn (LNKD, $195.96) price target to $250 from $230, saying it believes the long-term trajectory of existing businesses and the opportunity represented by emerging businesses (like Sales Navigator) remain among the strongest in the Internet space.
|
|
Friday, August 1, 2014, 9:01 AM — by Rob DeFrancesco, TechStock Radar |
Raymond James Upgrades Expedia |
Raymond James upgrades Expedia (EXPE, $82.11 pre market, +3.3%) to ‘Outperform’ with a price target of $100 based on last night’s strong Q2 results, pointing out solid room night growth and improving operating leverage.
In Q2, Expedia reported EPS of $1.03, 28 cents above the consensus estimate, on revenue of $1.49 billion (+24% y/y), vs. the consensus of $1.44 billion.
Gross bookings expanded 29%, driven mainly by strong hotel room night and air ticket growth. Room night growth accelerated on a sequential basis to 28% from 24% in Q1.
|