Xactly Corporation (XTLY): Partnership Adds Distribution, Raising PT - Needham

September 9, 2016 7:10 AM EDT
Get Alerts XTLY Hot Sheet
Price: $13.25 +0.38%

Rating Summary:
    6 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Needham & Company analyst, Scott Berg, reiterated his Buy rating on XACTLY Corp (NYSE: XTLY) and raised his price target to $18 from $15 after the company reported 2Q results ahead of expectations.

Revenue of $24.0mm increased 30.6% Y/Y to $24.0mm, its third consecutive quarter with greater than 30% Y/Y revenue growth. EPS was /$0.08). 2Q billings grew 27.7% Y/Y to $25.4mm, beating the 23.7% estimate of $24.5mm and in line with checks that indicated billings could outperform consensus of $23.0mm.

The company announced what the analyst believes is a very instrumental partnership, this time Towers Watson, an HR/Employee Benefits consulting firm.

The PT goes to $15 from $18 as the analyst believes the underlying sales trends remain strong enough to drive a sustained high 20% to 30% overall revenue growth rate with cash flow margins that continue to improve.

For an analyst ratings summary and ratings history on XACTLY Corp click here. For more ratings news on XACTLY Corp click here.

Shares of XACTLY Corp closed at $14.82 yesterday.

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