Instructure (INST) Q3 Results a 'Short-Term Blip' - Oppenheimer
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Oppenheimer analyst Brian Schwartz reiterated an Outperform rating and $27 price target on Instructure, Inc. (NYSE: INST) following mixed results, saying they are a short-term blip.
Schwartz commented, "Instructure reported mixed 3Q results that show better than expected cash flow generation and margin improvements, but below-consensus revenue results and revenue guidance. The revenue shortfall is mostly from revenue-recognition timing issues (elongated new starts, more back-end loaded renewals quarter), though management is likely moderating the investments pace too. While the top-line trend is a clear disappointment, 3Q results still show many positive business trends that we think point to a strong trajectory for the Ed-Tech story (40%+ growth rates for TTM subscription billings, deferred revenue, revenue). Bottom Line: 3Q results/guidance mark a subtle but noticeable change from management that has typically guided growth well above consensus to moderate SG&A investments for reaching positive cash flows sooner, and are likely a short-term blip in INST’s journey as a public company."
Shares of Instructure, Inc. closed at $25.45 yesterday.
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