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Yesterday, 3:59 PM
- 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.
- Teradata is just a day removed from rallying in the wake of a Q4 sales beat and healthy 2016 guidance.
Fri, Jan. 29, 10:43 AM
- Citing the company's recent selloff and the strength of its U.S. construction payment management (CPM) software business, Northland Securities' Jeff Houston has upgraded Textura (NYSE:TXTR) to Outperform. His target remains $25.
- Textura closed yesterday just $1.09 above a 52-week low of $14.11 (set on Jan. 15). Q4 results are expected in the coming weeks.
- Six months ago: Northland starts coverage on Textura with Outperform rating, $40 target
Fri, Jan. 15, 12:46 PM
- Textura (NYSE:TXTR) has plunged below $15 after receiving a downgrade to Sell from Benchmark.
- Like many other tech companies, the cloud construction software firm is making fresh 52-week lows today. Shares fell sharply in November after Textura disclosed chairman/ex-CEO Patrick Allin is leaving the board.
Nov. 23, 2015, 10:53 AM
- Textura (NYSE:TXTR) chairman and co-founder Patrick Allin is stepping down from the board, effective Dec. 31. Allin stepped down as CEO earlier this year; director Dave Habiger has been serving as interim CEO while the company looks for a successor.
- Credit Suisse's Michael Nemeroff has downgraded the cloud construction software firm to Neutral in response, and cut his target by $3 to $24. "The departure of Mr. Allin increases TXTR's near-term sales execution risk, in our view, as he was a key relationship manager for many of the company's large general contractor and owner customers."
- Shares have made new 52-week lows, and are down 22% YTD. They sold off two weeks ago due to the soft Q4 guidance provided with mixed Q3 results.
Nov. 10, 2015, 2:20 PM
- Though Textura (NYSE:TXTR) slightly beat Q3 estimates and just slightly missed on revenue, it's guiding for Q4 revenue of $23M-$24M and EPS of $0.06-$0.09, almost entirely below a consensus of $25.7M and $0.09.
- On the earnings call (transcript), Textura blamed the Q4 outlook on a longer-than-expected international sales ramp, slower-than-expected growth for non-CPM (construction project management) products, and a strong dollar. 2016 guidance will be provided with the Q4 report.
- Q3 billings totaled $26.1M, +39% Y/Y and above revenue of $22.5M. The deferred revenue balance rose 34% to $45.1M. Adjusted operating expenses rose 14% Y/Y to $20.6M.
- Shares have plunged to new 52-week lows.
- Q3 results, PR
Nov. 9, 2015, 5:40 PM
Jul. 8, 2015, 10:20 AM
- As part of a broader cloud software coverage launch, Northland's Jeff Houston has started Textura (NYSE:TXTR) with an Outperform rating and $40 target.
- Houston: "Textura’s disruptive technology is modernizing the large and underpenetrated commercial construction industry. The company enjoys first-mover advantage and pricing power. It has a plethora of opportunities to cross-sell and expand both globally and into adjacent markets."
- He adds that while the functionality of Textura's non-construction payment management (CPM) offerings are in-line with the competition's, they'll be "significantly differentiated once integrated [with the CPM products] with single-sign-on, common database, and sharing information."
- Benchmark provided bullish coverage in March.
Apr. 17, 2015, 1:46 PM
- Cloud IT service management software leader ServiceNow is down 14.5% after providing soft guidance (thanks in part to forex) to go with a Q1 beat. Many high-beta enterprise tech names are off sharply amid a 1.5% drop for the Nasdaq.
- In addition to Salesforce and Workday (previous), cloud software firms posting big losses include NetSuite (N -4.8%), Constant Contact (CTCT -3.3%), InContact (SAAS -3.9%), Paycom (PAYC -3.6%), Ultimate Software (ULTI -3.6%), and Textura (TXTR -3.7%). NetSuite reports on April 23, Ultimate Software on April 28, Constant Contact on April 30, and Paycom on May 6.
- Big data/analytics software plays have also been hit hard. Tableau (DATA -6.3%), Splunk (SPLK -5.2%), Hortonworks (HDP -6%), and Varonis (VRNS -4.3%) are all off sharply. Though its growth rates and multiples are similar to those of many analytics software firms, ServiceNow generally isn't seen as an analytics play. This morning, D.A. Davidson launched coverage on Tableau and Splunk at Buy, and Hortonworks at Neutral.
- Tableau, which surged yesterday following bullish Stifel and William Blair coverage launches, reports on May 7. Stifel praised Tableau's "superior product performance and simplified user experience," data discovery market lead, international growth potential (less than 25% of license revenue is from outside of North America), and ability to capitalize on "free demo downloads by front-line information workers evangelizing [Tableau's] product." William Blair stated its survey work "indicates that the perceived value of Tableau exceeds that of other self-service [business intelligence] vendors."
- Pac Crest hiked its Splunk target to $82 yesterday after attending a user conference. "[T]he economic value derived from expanding Splunk implementations ... into new areas like security intelligence, compliance and real-time capacity planning results in cost avoidance that can far overshadow the historical pricing objections to Splunk. This is a significant change in customer behavior and pricing perception ... It was clear that the appetite of existing Splunk users to find new use cases remains fierce..."
Mar. 26, 2015, 12:08 PM
- Benchmark has launched coverage on Textura (NYSE:TXTR) with a Buy rating and $35 target.
- The construction industry cloud software provider is now up 11% from its March 13 close. Shares rallied last month following a Q4 beat, but quickly gave back their gains. A number of insiders bought shares in December.
Dec. 9, 2014, 12:25 PM
- A spate of insider buys have led Textura (TXTR +2.7%) to rise 7.4% over the last two days.
- Since last Friday, CEO Patrick Allin has bought 11.3K shares; corporate development EVP Franco Turrinelli has bought 1K shares; client services EVPs David Kelly and Mike Antis have respectively bought 950 and 908 shares; CFO Jillian Sheehan has bought 2.8K shares; tech EVP Linda Deburin has bought 3,971 shares; and directors Greg Besio and David Habiger have respectively bought 5K and 946 shares.
- The cloud construction software provider's shares plummeted a month ago due to weak Q4 guidance.
Nov. 6, 2014, 10:22 AM
- Textura (NYSE:TXTR) is guiding for Q4 revenue of $17.4M-$17.8M and EPS of -$0.02 to -$0.04, below a consensus of $18.9M and -$0.01.
- The cloud construction software provider says Q3 revenue (slightly missed consensus) was at the low end of its guidance range due to an "implementation delay" for a major customer.
- No word yet from Citron Research, which has repeatedly levied fraud accusations.
- Q3 results, PR
Oct. 9, 2014, 12:46 PM
Sep. 29, 2014, 5:07 PM
- Citron Research, which originally took aim at Textura (TXTR -8.9%) last December, now accuses the company (.pdf) of dramatically overstating the fees charged for its flagship CPM cloud construction management software.
- Whereas Textura says it charges a usage fee of ~15 bps (0.15%) of a contract's value from various contractors, Citron asserts actual bookings are much lower. Among other things, the research firm states per-contract subcontractor fees are capped, and that "special deals" are often cut.
- Citron also argues (citing industry data about subcontractor activity) Textura's addressable market is less than 1/10 of what it claims, and that the company has made "no meaningful entry into foreign construction markets." A subcontractor lawsuit regarding alleged overcharges is also brought up.
Sep. 29, 2014, 12:49 PM
May 30, 2014, 1:49 PM
- High-beta enterprise tech names are particularly well-represented in a momentum stock selloff as Splunk, Nimble Storage, Violin Memory, and (especially) Infoblox fall post-earnings.
- Analytics/data visualization software vendors Tableau (DATA -6.5%) and Qlik (QLIK -4.1%), often hyped (like Splunk) as big data plays, are among the decliners. As is flash storage vendor Fusion-io (FIO -5.4%), which competes with Violin and (to a lesser extent) Nimble. But they're far from the only ones.
- Security decliners: FEYE -6.5%. CUDA -8.4%. IMPV -7.4%. PFPT -5.7%. VDSI -4%. QLYS -4.5%.
- Cloud software decliners: WDAY -4.1%. JIVE -4.3%. MKTO -7.4%. NOW -4.9%. TNGO -5.1%. CSLT -6.9%. TXTR -6.7%. RALY -11.6%.
Apr. 3, 2014, 3:57 PM
- Today's rout in tech momentum names (the latest in a string) has been especially harsh on enterprise cloud software, security, and big data/analytics plays.
- Major cloud software decliners: NOW -11%. WDAY -9.6%. N -6.5%. CNQR -7.2%. SAAS -6.3%. TXTR -6.3%. ULTI -5.5%. DWRE -8%. MKTO -6.2%. CSLT -9%. RALY -7.2%.
- Salesforce (CRM -4.1%) is following the group lower after announcing plans to offer industry-specific cloud software solutions. Pac Crest thinks Salesforce's top-line will benefit, but is cutting its EPS estimates on margin concerns.
- Security decliners: FEYE -10.3%. PANW -8.2%. KEYW -5.7%.
- Big data/analytics decliners: DATA -7.4%. SPLK -6.9%. QLIK -4.1%. Splunk's selloff comes in spite of a two-notch CLSA upgrade to Outperform.
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