Barrington Research Starts Ultimate Software (ULTI) at Market Perform; Leading Provider, But Shares Fairly Valued
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Price: $331.36 --0%
Rating Summary:
15 Buy, 17 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 7
Rating Summary:
15 Buy, 17 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 12 | New: 7
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Barrington Research initiates coverage on Ultimate Software (NASDAQ: ULTI) with a Market Perform. PT $22.00.
Analyst, Jeffrey L. Houston, said, "Ultimate has been successfully luring customers
away from ADP (NYSE: ADP) and Ceridian, but also, and to a less extent, Paychex (Nasdaq: PAYX), Oracle/Peoplesoft (Nasdaq: ORCL), and others. The driver of change is poor customer support, lack of functionality (e.g., business intelligence), and aging legacy technology, not cost savings. We expect Ultimate’s market share (10% of enterprise and 3% of midsize) to increase by about one percentage point annually."
"Ultimate Software will remain a leading provider of SaaS payroll for midsize and large U.S. firms and continue gaining market share, deepening customer penetration and posting profitable growth, in our opinion. However, its stock appears to be fairly valued, includes an acquisition premium, and we worry about competition from Workday."
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 $74.57 yesterday.
Analyst, Jeffrey L. Houston, said, "Ultimate has been successfully luring customers
away from ADP (NYSE: ADP) and Ceridian, but also, and to a less extent, Paychex (Nasdaq: PAYX), Oracle/Peoplesoft (Nasdaq: ORCL), and others. The driver of change is poor customer support, lack of functionality (e.g., business intelligence), and aging legacy technology, not cost savings. We expect Ultimate’s market share (10% of enterprise and 3% of midsize) to increase by about one percentage point annually."
"Ultimate Software will remain a leading provider of SaaS payroll for midsize and large U.S. firms and continue gaining market share, deepening customer penetration and posting profitable growth, in our opinion. However, its stock appears to be fairly valued, includes an acquisition premium, and we worry about competition from Workday."
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 $74.57 yesterday.
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