Jive Software (JIVE) CEO Departure Not a Huge Surprise, Needham & Company; Trends Stabilizing/Improving
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Rating Summary:
3 Buy, 9 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Needham & Company analyst Michael Huang reiterated a Buy rating and $12 price target on Jive Software (NASDAQ: JIVE) despite another executive departure. Meanwhile, he called Q3 results 'a relative breath of fresh air'.
Huang commented, "While some might be surprised and/or disappointed by the relatively abrupt retirement of CEO Zingale (though he remains exec chairman), we're not terribly surprised given a number of other exec departures recently. Our focus is that underlying trends appear to be stabilizing/improving as reflected by the strength of metrics across the board (which we believe is not baked into current valuations), and we're optimistic that the new dose of executive management could help restore some lost investor confidence."
On the quarter, he said, "Q3 was a relative breath of fresh air given the previous series of missteps over the past year. Highlights included: notable outperformance on both the top/bottom line, a significant rebound in short-term and total billings performance, impressive net new logo activity, strong up-sell activity, improved retention rates, and meaningful operating margin expansion."
For an analyst ratings summary and ratings history on Jive Software click here. For more ratings news on Jive Software click here.
Shares of Jive Software closed at $5.89 yesterday.
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