Needham Assumes/Upgrades Ultimate Software (ULTI) to Buy

Needham & Company assumed coverage and upgraded Ultimate Software (NASDAQ: ULTI) from Hold to Buy with a price target of $195. Analyst Scott Berg sees significant growth opportunity.

"ULTI has been at the forefront of a marketplace accelerating toward customer use of Software-asa-Service-based Human Resource Management Systems (HRMS) versus legacy onpremise systems that we believe lack the innovation to keep pace with today’s changing workforce demographics. We believe that ULTI with its industry-leading value proposition and broad product functionality—will continue to capitalize on this still-young and burgeoning secular shift and we believe it has a strong opportunity to grow its subscription billings more than 20% annually for a multi-year period," said Berg.

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 $168.58 yesterday.

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