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Top Analyst Upgrades & Downgrades (BRCM, EAT, CMVT, CTCT, NLST, NVDA, CRM)

Administrator — Fri, 13 Aug 2010 12:29:17 +0000

Analysts have very selective calls this Friday the 13th. Some of this Friday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls are as follows:

Broadcom Corp. (NASDAQ: BRCM) Cut to Hold at S&P Equity Research (late Thursday call).
Brinker International Inc. (NYSE: EAT) Cut to Market Perform at Wells Fargo.
Comverse Technology (CMVT) Cut to Hold at Stifel Nicolaus.
Constant Contact, Inc. (NASDAQ: CTCT) Started as Buy at Needham.
Netlist Inc. (NASDAQ: NLST) Started as Buy at Roth Capital.
NVIDIA Corporation (NASDAQ: NVDA) maintained Hold at Needham; maintained Neutral at Gleacher.
Salesforce.com (NYSE: CRM) Started as Hold at Needham.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Filed under: Analyst Calls Tagged: BRCM, CMVT, CRM, CTCT, EAT, NLST, NVDA

Constant Contact Insiders & Backers Selling Into IPO Lock-Up Date (CTCT)

247wallst — Thu, 27 Mar 2008 07:07:01 +0000

Constant Contact, Inc. (NASDAQ: CTCT) has filed a registration statement with the SEC to sell 4,390,800 shares of common stock. Almost all of the stock is being sold by insiders as 4,284,339 shares are being sold by the selling stockholders and 106,461 shares are being sold by the company. In fact, the shares being sold by the company are being sold to pay the expenses incurred by it in connection with this offering. If there are any remaining proceeds, they will be used for general corporate purposes.

The company and some of the selling stockholders have granted the underwriters an overallotment option to purchase up to an additional 658,620 shares.

Oppenheimer and Thomas Weisel Partners are listed as joint book-runners for this secondary offering; co-managers are listed as William Blair & Co., Cowen, and Needham.

This company has only been public since October, 2007, so it appears the insiders and backers are taking some of the funds out after the IPO Lock-up expiration. Shares traded above $25.00 after the IPO and they closed at $17.19 yesterday. Since coming public, shares traded as low as $14.67.

When this came public, it was a "very hot IPO" as this rallied significantly on day one. It originally sold 6.7 million shares at $16.00 per share, above the $12.00 to $14.00 range. The float is just about to get a lot bigger.

Jon C. Ogg
March 27, 2008

Jon Ogg produces the Special Situation Investing Newsletter and can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.

Constant Contact IPO: Instant Gapper (CTCT)

247wallst — Wed, 03 Oct 2007 10:37:26 +0000

Constant Contact, Inc. (NASDAQ:CTCT) has finally opened for trading at what appears to be $26.00 as the first print. This IPO was originally supposed to open at 11:00 AM but faced delays in each five minute segment. 11:35 AM EST was the opening time.

Its premium IPO opened at an even higher premium after 6,700,000 shares of its common stock priced at $16.00 per share, above the $12.00 to $14.00 previous indication. CIBC World Markets and Thomas Weisel Partners acted as joint book-runners for the offering, and William Blair, Cowen & Co., and Needham were co-managers. 5,829,839 shares were cold sold by the company and 870,161 shares were sold by certain stockholders of the company.

For those of you who don’t know Constant Contact, this company is one of the leaders in on-demand email marketing campaigns. In fiscal 2006, revenue was $27.6 million and its net loss was $7.8 million. In the six months ended June 30, 2007 revenue was $21.1 million and its net loss was $5.5 million. Here is a more detailed backgrounder with some of the relevant data from an amended filing.

We are getting ready to release our "Watch List"of small-cap Internet stocks to readers of our "Special Situation Investing Newsletter" in the coming days. These stocks are not active takeover candidates or active restructuring stocks today, but these are the smaller internet stocks we think could easily become prey under the right circumstances.

Jon C. Ogg
October 3, 2007

Jon Ogg produces the 24/7 Wall St. SPECIAL SITUATION INVESTING NEWSLETTER; he does not own securities in the companies he covers.

Constant Contact: Premium Price & IPO Contact! (CTCT)

247wallst — Tue, 02 Oct 2007 18:14:39 +0000

Constant Contact, Inc. (NASDAQ:CTCT) has announced the pricing of its initial public offering of 6,700,000 shares of its common stock at $16.00 per share, above the $12.00 to $14.00 previous indication. CIBC World Markets and Thomas Weisel Partners acted as joint book-runners for the offering, and William Blair, Cowen & Co., and Needham were co-managers. The 6,700,000 shares consist of 5,829,839 being sold by the Company and 870,161 being sold by certain stockholders of the company.

Jon C. Ogg
October 2, 2007

Jon Ogg produces the 24/7 Wall St. SPECIAL SITUATION INVESTING NEWSLETTER; he does not own securities in the companies he covers.

Constant Contact IPO Closer (CTCT, MS)

247wallst — Wed, 05 Sep 2007 10:29:52 +0000

Constant Contact is now closer to coming public as it has an amended S-1 filing with the SEC, and it has the proposed ticker of "CTCT" on NASDAQ (NASDAQ:CTCT). The company originally filed in early July to come public. The joint book-runners are CIBC World Markets and Thomas Weisel Partners; co-managers are listed as William Blair, Cowen & Co., and Needham & Co.

Constant Contact helps small to large companies run email campaigns: As of July 31, 2007, it had over 130,000 customers (up from 25,000 at the end of 2004) for permission-based email marketing campaigns. In June 2007, it introduced an online survey product to complement email marketing. "CC’s" top 50 email marketing customers accounted for approximately 1% of gross email marketing revenue. Customers pay a monthly subscription fee that generally ranges between $15 per month and $150 per month based on the size of their contact lists and, in some cases, volume of mailings. For the first half of 2007, its average monthly revenue per email marketing customer was approximately $33. Retention rates look strong as it noted that from January 2005 through July 2007, 97.4% of its customers in a given month have continued to utilize our email marketing product in the following month. Since the first quarter of 2002, "CC" achieved 22 consecutive quarters of growth in customers and revenue.

In fiscal 2006, revenue was $27.6 million and its net loss was $7.8 million. In the six months ended June 30, 2007 revenue was $21.1 million and its net loss was $5.5 million.

This is not large enough to be a ‘Backdoor Play’ into Morgan Stanley (NYSE:MS) nor is it enough to create a "Special Situation" opportunity, but entities affiliated with Morgan Stanley Dean Witter Venture Partners own over 4.65 million shares (almost 22% of the company).

Jon C. Ogg
September 5, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he produces the Special Situation Investing Newsletter and he does not own securities in the companies he covers.