JPMorgan Starts Duck Creek Technologies (DCT) at Neutral
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JPMorgan analyst Alexei Gogolev initiates coverage on Duck Creek Technologies (NASDAQ: DCT) with a Neutral rating and a price target of $13.00.
The analyst comments "Duck Creek provides software solutions to improve the operational efficiency of insurers’ core processes: policy administration, claims management, and billing. Customers have the option of subscribing to one, two, or all of Duck Creek’s core products: effectively all of their new customers are cloud customers. Duck Creek has over 150 insurance customers : almost half of those (70 insurers) use one or more SaaS products, and about a fourth (35 insurers) use the whole Duck Creek Suite. Duck Creek prices both its SaaS and license arrangements at individually negotiated rates based on a customer’s direct written premiums that will be managed by Duck Creek’s products. Duck Creek and a given customer agree to pre-determined fee adjustments as the customer’s DWP increases over the term of the contract. SaaS arrangements typically last three to seven years."
Shares of Duck Creek Technologies closed at $11.19 yesterday.
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