Recent management shifts at Tableau Software (NYSE:DATA), labeled with an "In Play" status in the obtained Salesforce target review, are speculated at Stifel to have signaled an effort by the company to remain independent amid revenue deceleration and lowered valuation, making it a more attractive target to a potential acquirer. Tableau Software shares are up by 6% today. N.B. Demandware, acquired by Salesforce in June, is also labeled "In Play" on the document.
Pegasystems (NASDAQ:PEGA), though sharply up 5.3% subsequent inclusion in the list, stated it had not participated in any talks with Salesforce relating to an acquisition.
ServiceNow (NYSE:NOW), up 4.4%, has offered no comment on the development.
Other public names mentioned – Adobe, Workday NetSuite, Veeva Systems, Box, Zendesk, HubSpot
The 60-slide document identified 14 possible acquisition targets. Among them were Adobe Systems (NASDAQ:ADBE), whose market cap of $53.7B is above that of Salesforce, and Pegasystems (NASDAQ:PEGA), with a $2.3B valuation.
The list also included Demandware, which Salesforce ended up buying, and LinkedIn, which the company lost in a bidding war with Microsoft.
Pegasystems' (NASDAQ:PEGA) buyback authorization has been hiked by $26M, resulting in total available funds of $50M. The increased authorization is good for repurchasing over 2.5% of shares at current levels, and is effective until June 30, 2017.
The enterprise software vendor had $194M in cash at the end of March, and no debt.
Add Red Hat (RHT -8.1%), Autodesk (ADSK -6.9%), and Teradata (TDC -8%) to the list of enterprise tech firms nosediving following weak Q1/2016 guidance from business intelligence/data visualization software firm Tableau and professional social networking/online jobs leader LinkedIn. The Nasdaq is down 3.4%, and the S&P 2%, in the wake of this morning's jobs report.
Other big decliners include Varonis (VRNS -13.4%), Gigamon (GIMO -9.7%), Pegasystems (PEGA -10.3%), SGI (SGI -7.5%), LogMeIn (LOGM -8.6%), inContact (SAAS -10.8%), Attunity (ATTU -14.4%), Textura (TXTR -6.8%), and Tableau rival MicroStrategy (MSTR -6.6%). A slew of other enterprise names were previously covered here - the group includes many cloud software and security tech firms.