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OpenTable, Inc. (OPEN)

OPEN is defunct.
  • Dec. 13, 2013, 11:41 AM
    • Apple (AAPL) has filed a patent application for an advanced restaurant reservation/ordering system. The systems would be aware of how much time a customer has spent at a table, would alert waiting customers when a table is ready, and would provide menu recommendations based on customer preferences.
    • OpenTable (OPEN -4.1%) investors appear nervous about the patent application. However, taking share from OpenTable in the face of the restaurant reservation leader's huge network effect would be an uphill battle, especially if (as one would expect) Apple's offering is only available on mobile devices to iOS users.
    • OpenTable's services have been integrated with Siri for more than a year.
  • Dec. 2, 2013, 9:49 AM
    • Groupon (GRPN -5.4%), OpenTable (OPEN -5%), and Trulia (TRLA -5.4%) have been cut to Neutral by Goldman.
    • Sprint (S -2.3%) has been cut to Neutral by Macquarie.
    • Rackspace (RAX +3.4%) has been upgraded to Outperform by Raymond James.
    • Avago (AVGO +2.7%) has been upgraded to Buy by DA Davidson.
    • Marketo (MKTO +7.3%) has been added to Goldman's Conviction Buy list.
    • Ruckus (RKUS +3.1%) has been upgraded to Buy by Goldman.
    • Palo Alto Networks (PANW -3.2%) has been cut to Outperform from Strong Buy by Raymond James.
    • American Superconductor (AMSC -2.5%) has been cut to Neutral by Ascendiant Capital.
    • Fairchild (FCS -4.2%) has been cut to Market Perform by Raymond James.
    • Tableau (DATA -1.8%) has been started at Sector Perform by RBC.
    | Comment!
  • Nov. 6, 2013, 10:13 AM
    • After digesting its 2013 gains over the last two months, OpenTable (OPEN +11.9%) is breaking out to new highs in response to its Q3 beat and a major pickup in restaurant adds.
    • After growing its installed base by just 317 restaurants in Q2 and 440 in Q1, OpenTable managed to add 2,690 restaurants in Q3 thanks to more aggressive marketing (Piper called it last month), raising the size of its total base to 30,964 (+17% Y/Y).
    • That contributed to a 30% Y/Y increase in seated diners (up from 26% in Q2) to 38.5M, a 27% increase in reservation revenue (+24% in Q2) to $27.8M, and an 11% increase in subscription revenue (+8% in Q2) to $15.8M.
    • In spite of lower penetration, OpenTable's international ops continue to underperform. North American revenue +18% Y/Y to $40.6M, international revenue +16% to $6.1M. North American installed restaurants +23% to 23.3K, international installed restaurants +4% to 7.7K.
    • Due in part to marketing spend, costs/expenses rose 19% Y/Y, up from 6% growth in Q2 and slightly outpacing rev. growth of 18%. 41% of seated diners booked via mobile devices, up from 38% in Q2.
    • Q4 guidance is for revenue of $50.7M-$52.1M and EPS of $0.49-$0.53, in-line with a consensus of $50.9M and $0.52. Craig-Hallum has upgraded shares to Hold.
    • Q3 results, PR, CC transcript
    | Comment!
  • Nov. 6, 2013, 9:15 AM
    | Comment!
  • Nov. 5, 2013, 5:11 PM
    • OpenTable (OPEN): Q3 EPS of $0.50 beats by $0.08.
    • Revenue of $46.7M (+18% Y/Y) beats by $0.65M. Shares +3.8% AH. (PR)
    | Comment!
  • Oct. 4, 2013, 2:54 PM
    • Piper's Michael Olson, who upgraded OpenTable (OPEN +1.2%) to Overweight this morning, thinks the restaurant reservation platform's growth strategy is "shifting toward a renewed focus on consumer marketing and mobile growth," and is a fan of the move.
    • Olson sees OpenTable's efforts, which include the hiring of new marketing personnel and are expected to feature a pickup in mobile ad spend, leading to "an acceleration in OpenTable adoption during 2014-15." That, in turn, is expected to yield "an inflection point similar to what occurred for online travel during the early 2000s."
    • His PT is now at $80, or a full 35x a 2014 EPS estimate of $2.28 (consensus is at $2.21).
    • Shares now +44% YTD.
    | 1 Comment
  • Oct. 4, 2013, 9:52 AM
    • ServiceNow (NOW +2.5%) has been upgraded to Outperform by Northland.
    • OpenTable (OPEN +1.6%) has been upgraded to Overweight by Piper.
    • Portugal Telecom (PT) has been upgraded to Buy by Berenberg a day after getting cut to Neutral by Citi, and two days after announcing plans to merge with Oibr.
    • iGate (IGTE -3.1%) has been cut to Neutral by Nomura.
    • Acxiom (ACXM -1.1%) has been cut to Underperform by BMO.
    • Align Technology (ALGN -3.4%) has been cut to Neutral by Baird.
    • NXP (NXPI +0.7%) has been started at Outperform by Pac Crest.
    • Sensata (ST +0.9%) has been started at Outperform by Wells Fargo.
    • RingCentral (RNG +0.2%), which went public just a week ago, has been started at Outperform by Northland.
    | 1 Comment
  • Sep. 6, 2013, 9:23 AM
    • In a coverage launch for Internet stocks, Barclays has started Zillow (Z), YELP, and Shutterfly (SFLY) at Overweight, Zynga (ZNGA), OpenTable (OPEN), HomeAway (AWAY,), and InterActiveCorp (IACI) at Equal Weight, and Vistaprint (VPRT) at Underweight. Z +1%. YELP +4.1% to new post-IPO highs. Deutsche started coverage on Yelp at Buy after the close yesterday.
    • Canaccord has started Splunk (SPLK), Datawatch (DWCH), and ServiceNow (NOW) at Buy.
    • EZchip (EZCH) has been upgraded to Buy by Chardan Capital.
    • VeriFone (PAY) has been upgraded to Outperform by Wedbush following its FQ3 beat and solid FQ4 guidance. PAY +7.3%.
    • T-Mobile USA (TMUS) has been upgraded to Outperform by William Blair. TMUS +0.9%.
    • InterXion (INXN) has been cut to Market Perform by Oppenheimer.
    | Comment!
  • Sep. 5, 2013, 9:23 AM
    • OpenTable (OPEN) has received a two-notch downgrade to Underweight, and Zillow (Z) a one-notch downgrade to Underweight, by Morgan Stanley. Z -2.5%.
    • Groupon (GRPN) has been upgraded to Overweight by Morgan Stanley. GRPN +5.6%.
    • YY has been upgraded to Outperform by Pac Crest. YY +4%.
    • IPG Photonics (IPGP) has been upgraded to Buy by Noble Financial.
    | Comment!
  • Aug. 12, 2013, 2:35 PM
    • OpenTable (OPEN +3.9%) and Rovi (ROVI +1.4%) have spiked higher after Facebook (FB -0.5%) announces companies will be able to take OpenTable reservations and display Rovi TV listings data on their Facebook pages.
    • OpenTable has integration deals with 600+ sites/services. They currently account for 5%-10% of the company's monthly booked restaurant seats.
    • Facebook has made several moves in recent months (I, II) to improve the quality of the local content/services provided by its mobile site and apps. Yelp (YELP -1.2%) has sold off more than once thanks to those moves, but the company is still differentiated from Facebook (and other rivals) via the breadth of its local reviews database.
    • OpenTable's Facebook deal comes at a time when the company is seeing fresh competition from Yelp (remains a partner for now) and Groupon. It also comes shortly after OpenTable began testing a payments system for its restaurant bookings.
  • Aug. 1, 2013, 6:13 PM
    • OpenTable's (OPEN) Q3 guidance is for revenue of $45M-$46.3M and EPS of $0.38-$0.42, below a consensus of $46.5M and $0.48.
    • 2013 guidance is for revenue of $186.2M-$190.1M and EPS of $1.80-$1.92 vs. a consensus of $188M and $1.93.
    • Seated diners +26% Y/Y in Q2 38.2M (+25% in Q1), installed restaurant base grew by 317 Q/Q to 28,274 (grew by 440 in Q1).
    • North American restaurant base +12% Y/Y to 10.6K, international base +15% to 7.7K. 35M North American diners (+25%), still only 3.3M international diners (+46%).
    • Restaurant revenue +24% Y/Y (+21% in Q1), thanks to both diner growth and a promotional pricing change. Subscription revenue +8% (+6% in Q1).
    • Costs/expenses +6% vs. rev. growth of 15%.
    • Q2 results, PR
    • Previous: Rezbook acquisition
    | Comment!
  • Aug. 1, 2013, 5:03 PM
    • OpenTable (OPEN): Q2 EPS of $0.50 beats by $0.03.
    • Revenue of $45.6M (+15% Y/Y) misses by $0.43M. Shares -4.9% AH. (PR)
    | Comment!
  • Aug. 1, 2013, 11:14 AM
    • OpenTable (OPEN +7.2%) is buying Rezbook, the restaurant reservation platform developed by InterActiveCorp's (IACI -1.7%) UrbanSpoon restaurant app unit.
    • Rezbook was once feared as a serious rival to OpenTable, but the platform has made limited headway in the face of OpenTable's superior network effects. It currently has ~2K restaurant customers to OpenTable's 28K+.
    • As part of the deal, OpenTable is becoming the North American reservation platform for Urbanspoon's popular apps.
    • The deal comes as Yelp and Groupon both make efforts to encroach on OpenTable's turf.
    • OpenTable's Q2 results arrive this afternoon.
  • Aug. 1, 2013, 12:10 AM
  • Jul. 31, 2013, 5:35 PM
  • Jul. 30, 2013, 9:43 AM
    • Bankrate (RATE +13.6%) has been upgraded to Buy by BofA in response to its Q2 report.
    • SanDisk (SNDK -2.5%) has been cut to Neutral by Goldman.
    • OpenTable (OPEN -1.3%) has been cut to Neutral by Macquarie.
    • Sohu (SOHU -0.7%) has been cut to Equal Weight by Morgan Stanley following yesterday's Q2 report (I, II).
    • EDA software firms Mentor Graphics (MENT -0.1%) and Synopsys (SNPS +0.8%) have been started at Outperform by Pac Crest. Rival Cadence (CDNS -0.2%) has been started at Sector Perform.
    | Comment!
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Company Description
OpenTable, Inc. provides solutions that form an online network connecting reservation-taking restaurants & people who dine at those restaurants. Its solutions are Electronic Reservation Book for restaurant customers and reservation website for diners.
Sector: Services
Country: United States