Needham & Company Reiterates Buy on Instructure (INST) After Speaking with Large Moodle Customer
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Needham & Company reiterated a Buy rating and $28.00 price target on Instructure, Inc. (NYSE: INST) following a lengthy conversation with a large higher education Moodle customer. The customer stated Moodle’s flexibility as the platform’s key strength which is not a surprise given its Open Source history.
Analyst Scott Berg commented, "We recently had the chance to speak at length with an existing large higher education Moodle customer about their current selection process for evaluating a new LMS solution. Overall, the customer is very impressed with INST's Canvas platform's user interface and overall modern technology footprint that is materially ahead of its current Moodle installation. But our conversation highlighted several new factors that we believe help "tip the scales" in INST's favor through future selection processes including third party application integration, a significantly heavy Moodle hardware requirement for long time Moodle customers, and new demand for pre-built analytics. We believe these newer selection drivers along with others we have highlighted should be able to sustain or accelerate Canvas' 50% plus win rates within Higher Ed."
Shares of Instructure, Inc. closed at $24.00 yesterday.
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