Xactly Corporation (XTLY): Partnership Adds Distribution, Raising PT - Needham
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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.
Shares of XACTLY Corp closed at $14.82 yesterday.
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