Needham & Company Maintains a 'Hold' on Ultimate Software (ULTI); Solid Quarter, But Valuation Already at Premium

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Needham & Company maintains a 'Hold' on Ultimate Software (NASDAQ: ULTI).

Analyst, Michael Huang, said, "ULTI turned in yet another solid performance highlighted by a large 70K seat deal, record new bookings (on a dollar basis),
accelerating recurring revenue growth, strong attach rates of newer products across Enterprise and Workplace, and record lead activity...Although we acknowledge the strength of demand trends, sales execution and competitive positioning, we’re maintaining our rating at Hold primarily to reflect premium valuations."

FY12 EPS estimate lowered from $1.05 to $1.01 and Q3 from $0.33 to $0.28.

For an analyst ratings summary and ratings history on Ultimate Software click here. For more ratings news on Ultimate Software click here.

Shares of Ultimate Software closed at $89.47 yesterday, with a 52 week range of $43.28-$94.15.

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