Qlik Technologies Inc.NASDAQ
Qlik Technologies Worth A Look After The Dip
Mon, Sep. 12, 12:23 PM
- The fund was oversubscribed and marks the firm's 12th flagship raise.
- Managing partner Orlando Bravo: "The software industry is entering a new phase of secular growth as it expands into all segments of the economy. Significant industry trends, including changes in software companies' business models and the current dissatisfaction with the public equity markets, have created a new opportunity for private equity in the software industry. We are confident that Fund XII will enable Thoma Bravo to continue its leadership in this constantly evolving and exciting space."
- Thoma Bravo is frequently in the mix (Intel Security, HPE software assets of late) when major technology M&A reports surface and with this raise, should continue to be with takeovers increasingly being realized within the sector.
- Recent notable deals involve Imprivata (IMPR +0.1%), Qlik (NASDAQ:QLIK) and others.
Thu, Jul. 28, 4:54 PM
Fri, Jun. 24, 10:34 AM
- After a historic Brexit vote, Brean Capital is looking at software stocks in terms of their exposure to the continent and Britain.
- The vote means near-term volatility for currency rates, Yun Kim notes, that could have an outsize impact on companies with stronger exposure outside America.
- Meanwhile, companies like Intuit (INTU -2.8%) have a stronger U.S. element in their revenue mix. “We note that INTU has the least amount of exposure outside of the U.S. (less than 5% of revenue), with MANH [Manhattan Associates, -3.6%] and CRM [Salesforce.com, -2.9%] having less than 10% exposure in the U.K. based on our estimates,” Yun Kim writes.
- Meanwhile, companies like MicroStrategy (MSTR -3.2%) have 15% exposure to the UK and 30% to Europe; Qlik Technologies (QLIK -1.1%) has 10% exposure to the UK and 49% to Europe, and Varonis Systems (VRNS -5.1%) has 18% exposure to the UK and 35% to Europe.
- Holding Buy ratings from Brean: Salesforce.com (price target of $110, implying 38% upside); Intuit (price target of $130, implying 22.7% upside); Manhattan Associates (price target of $75, implying 17.7% upside); and Varonis (price target of $35, implying 43.6% upside).
Thu, Jun. 2, 8:48 AM
- Qlik Technologies (NASDAQ:QLIK) +4.3% premarket after agreeing to be acquired by private-equity firm Thoma Bravo for about $3B.
- Company shareholders will receive $30.50 in cash for each share of common stock they hold, or a premium of 40% over Qlik's 10-day average stock price prior to March 3, 2016.
- The deal is expected to close in Q3.
Tue, May 31, 3:52 PM
- Reuters reports P-E firm Thoma Bravo plans to offer $28-$30/share for Qlik Technologies (QLIK -10%), and that other P-E firms opted not to make binding offers for the business intelligence/analytics software firm "because of the company's high valuation expectations."
- Qlik, which closed on Friday at $31.94, has dived on the report. Shares had rallied since Reuters reported in late March the company is working with Morgan Stanley on a potential sale. Bloomberg reported in late April Thoma Bravo and two other P-E firms have made preliminary buyout offers. Activist Elliott Management owns an 8%+ stake.
Thu, Apr. 28, 4:08 PM
- Qlik Technologies (NASDAQ:QLIK): Q1 EPS of -$0.09 beats by $0.03.
- Revenue of $138.03M (+14.8% Y/Y) beats by $3.61M.
Wed, Apr. 27, 10:21 PM
- After Tuesday's first-round deadline, Qlik Technologies (QLIK +1.8%) has gotten preliminary purchase offers from Thoma Bravo, Bain Capital and Permira, Bloomberg reports. Vista Capital is also mulling an offer.
- Morgan Stanley is advising the analytics firm, worth about $2.72B at today's close.
- Elliott Management disclosed an 8.88% stake in March and called it undervalued, saying there were "strategic and operational opportunities" to increase shareholder value.
- Qlik is set to report earnings after the close tomorrow.
- Now read Qlik/Tableau: Be Careful What You Wish For »
Wed, Apr. 27, 5:35 PM
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Mon, Mar. 21, 2:43 PM
- Stating it's more confident about the business intelligence/data visulization software firm's future after attending several events over the last month, Pac Crest has upgraded Qlik Technologies (QLIK +2.1%) to Overweight, and set a $34 target.
- The firm thinks revenue for Qlik's Sense self-serve BI platform could more than triple in three years to $205M, and also sees QlikView 12 (the latest version of the QlikView BI platform) and NPrinting (a custom reports tool) also helping to sustain double-digit growth through 2018. A favorable risk/reward is seen ahead of Qlik's May 2-4 Qonnections user conference.
- Qlik popped earlier this month after activist Elliott Management disclosed an 8.88% stake. Shares are at their highest levels since January, but still 35% below a 52-week high of $42.18 (set last August).
Thu, Mar. 3, 11:12 AM
- Elliott Associates, which has a long track record of taking activist positions in tech companies, has disclosed an 8.88% stake in Qlik Technologies (QLIK +5.7%). (13D filing)
- Elliott: "The Reporting Persons believe the securities of the Issuer are significantly undervalued. The Reporting Persons believe the Issuer operates in a highly strategic area of the technology industry with an attractive competitive position and a compelling product set, the value of which is not reflected in the Issuer's current market value. The Reporting Persons believe there are strategic and operational opportunities for the Issuer that would meaningfully increase value to shareholders and have initiated a dialogue with the Issuer's Management and Board of Directors (the "Board") regarding those opportunities."
- The disclosure comes three weeks after the BI/data visualization software firm sold off in response to a Q4 miss and soft Q1/2016 guidance.
Fri, Feb. 26, 12:22 PM
- Tableau (DATA +3.7%), Qlik (QLIK +2.7%), and Hortonworks (HDP +5.4%) are rallying after machine data analytics leader Splunk (SPLK +7.4%) beat FQ4 estimates, reported 44% Y/Y license revenue growth, and issued strong FQ1/FY17 guidance. The gains come three weeks after Qlik, Hortonworks, and Splunk (along with other enterprise tech firms) were hammered in the wake of Tableau's Q4 results and Q1/2016 guidance.
- Oppenheimer's Shaul Eyal (Outperform rating, $80 target) is pleased with Splunk's large deal momentum. "[F]or 4Q SPLK recorded 523 six-figure orders; for FY16, SPLK recorded ~1,500 six-figure orders, 102 seven-figure orders and three eight-digit orders."
- Cowen's Gregg Moskowitz (Outperform, $62 target): "Term license bookings represented a very high 53% of total license bookings. While the co. expects a reversion to the 40%-45% range going forward, we believe it will likely settle at a level at least modestly north of that. License ASPs of $80k were very strong for a second consecutive quarter and well above historical norms (~$40k- $50k). International revenue grew 67% y/y and accounted for 28% of total revenue, 300 bps above the year-ago period."
- William Blair's Bhavan Suri (Outperform): "Not surprisingly, fourth-quarter ASPs jumped to $80,000 from historical levels in the $40,000-$50,000 range, which management said resulted from both larger initial and expansion deals. We attribute this dynamic to increased market recognition of the value proposition inherent to Splunk’s platform approach, which is that it enables joint purchasing decisions, rapid horizontal use-case expansion, and shorter time to value for customers."
- Baird's Steven Ashley: "Partner relationships continue to strengthen, and management called out a number of 80 partners who have tightly integrated Splunk into their own product. Splunk’s competitive win rate in FY16 was over 85%, reinforcing our view that Splunk is a one-of-a-kind solution in the market at this time."
Thu, Feb. 11, 6:08 PM
- In addition to missing Q4 estimates, QLIK has guided for Q1 revenue of $132M-$136M and EPS of -$0.12 to -$0.14, below a consensus of $141.2M and -$0.08.
- Likewise, 2016 guidance is for revenue of $695M-$705M and EPS of $0.41-$0.44, below a consensus of $718.8M and $0.49.
- Q4 license revenue growth was 12% Y/Y, even with total revenue growth. Forex had a 900 bps impact on license growth, and a 1000 bps impact on total growth.
- Shares have fallen to $18.00 after hours. They tumbled last Friday after rival Tableau missed Q4 license estimates and issued soft guidance.
- Qlik's Q4 results, earnings release
Thu, Feb. 11, 4:11 PM
- Qlik Technologies (NASDAQ:QLIK): Q4 EPS of $0.31 misses by $0.07.
- Revenue of $205.5M (+12.4% Y/Y) misses by $2.62M.
- Shares -7.3%.
Wed, Feb. 10, 5:35 PM
Fri, Feb. 5, 6:44 PM
- Though Tableau (NYSE:DATA) naturally saw many target cuts as its shares lost nearly half their value in response to the company's soft Q4 license revenue and below-consensus Q1/2016 guidance, the company didn't get any downgrades. Bulls argued today the company's competitive position and growth opportunity remain intact; others voiced concerns about both rivals and declining sales productivity.
- Maxim's Nehal Chokski, who smartly launched coverage with a Sell rating just a day before earnings, estimates Tableau's sales productivity fell 17% Y/Y in Q4, a larger drop than the 9% averaged over the prior 12 months. He isn't ready to declare Microsoft responsible for Tableau's recent issues, but argues there could be another 50% of downside if Microsoft is indeed responsible and Tableau's challenges spread to international markets.
- Credit Suisse's John DiFucci (Hold rating) wonders if the Desktop version of QLIK's Sense self-serve BI solution is weighing on Tableau Desktop, given Qlik Sense Desktop is free (Sense Enterprise isn't). Nonetheless, he thinks "this market is big enough for both Tableau and Qlik to be successful," and also doesn't believe new offerings from Microsoft, Amazon, and Salesforce are having a big impact. He also believes Tableau's valuation (previously the reason for his Hold rating) is now much more reasonable. Qlik closed down 14.9% today.
- Drexel Hamilton's Brian White, who launched coverage on Tableau at Buy in October (when shares were at $79.56): "We continue to see attractive growth drivers on the horizon for Tableau, including the secular trend toward Big Data, increased market penetration, new opportunities with larger enterprises and international expansion. Given our attendance at a plethora of trade shows over the past few years, we have noticed that Tableau is rapidly becoming an essential layer in the Big Data fabric at both customers and partners."
- Emmanuel Tahar, head of research firm Third Bridge: "Our research suggests [Tableau] sales sentiment remains steady, but we are not seeing same level of enthusiasm from resellers as last year. Many believe that Microsoft BI could prove a threat to Tableau in the near future, and together with another key competitor QlikView, pricing pressures could weigh heavy on Tableau in the year ahead."
- Interestingly, Tableau's earnings coincided with the release of Gartner's 2016 BI Magic Quadrant report. As in 2015, Tableau made the "Leaders" quadrant, this time joined by only Microsoft and Qlik (9 firms made the quadrant last year). However, Tableau's position on the "Ability to Execute" axis fell noticeably. Its position on the "Completeness of Vision" axis improved moderately.
- Gartner declares Tableau "continues to execute better than any vendor in the BI market," and praises the deployment and data source connectivity options for its platform. However, it also notes Tableau's "pricing and packaging is being more heavily scrutinized," and that survey data suggests Tableau is "experiencing the growing pains that often accompany rapid growth."
- Earlier: Enterprise software and security firms hammered following Tableau/LinkedIn's earnings
Fri, Feb. 5, 11:01 AM
- A long list of enterprise software and security tech names are off sharply after business intelligence/analytics software upstart Tableau (down 45.3%) reported slower-than-expected license revenue growth and issued below-consensus Q1/2016 guidance.
- Also possibly weighing: LinkedIn (down 39.6%), which derives a large % of its revenue from cloud-based recruiting and sales tools for enterprises, issued weak Q1/2016 guidance.
- Given the magnitude of the drops, margin calls and forced selling by funds could be playing a big role. The Nasdaq is down 2.2%.
- Tableau suggested its growth slowdown has to do with softening IT spend and a need to improve sales productivity, but analysts have raised questions about competition from the likes of Microsoft, Amazon, and Qlik. LinkedIn forecast a growth slowdown for its field sales hiring solutions business, while blaming European/Asian macro pressures. The company also noted its display ad business continues declining amid weak industry growth.
- Major enterprise software decliners include Splunk (SPLK -23.7%), Workday (WDAY -15.1%), Adobe (ADBE -7%), Zendesk (ZEN -15.2%), ServiceNow (NOW -13.6%), NetSuite (N -12.4%), Salesforce (CRM -11.2%), Paycom (PAYC -10.6%), Ellie Mae (ELLI -11.5%), Cornerstone OnDemand (CSOD -7.8%), Veeva (VEEV -7.7%), Ultimate Software (ULTI -9%), Luxoft (LXFT -7.5%), Manhattan Associates (MANH -8.5%), Box (BOX -6.6%), Guidewire (GWRE -13.6%), Demandware (DWRE -9.3%), Hortonworks (HDP -9.7%), and Tableau rival Qlik (QLIK -16.6%). The casualty list includes many cloud software firms, as well as several analytics software plays. Previously covered: New Relic, Atlassian.
- Major decliners among security tech firms: Palo Alto Networks (PANW -12%), FireEye (FEYE -8.9%), Rapid7 (RPD -8.6%), CyberArk (CYBR -8.3%), Proofpoint (PFPT -8%), Imperva (IMPV -8.3%), Fortinet (FTNT -6.9%), and Vasco (VDSI -5.1%). The selloff comes in spite of an FQ3 beat and in-line FQ4 guidance from Symantec, which has been losing share to various upstarts.