Why Over 10 Analysts Are Chasing Qlik Targets Higher and Higher
Qlik Technologies reported better-than-expected first-quarter financial results on Thursday, and a fair number of analysts took the chance to readjust their views on the stock.
Qlik Technologies Inc. (NASDAQ: QLIK) reported its first-quarter financial results after the markets closed on Thursday. Overall there was a somewhat positive reaction to the results, and a fair number of analysts took this chance to readjust their views on the stock.
The company said it had a net loss of $0.09 per share on $138 million in revenue. That compared to consensus estimates that called for a net loss of $0.12 per share on revenue of $134.5 million.
For this quarter, on a constant currency basis, total revenue in the Americas increased 21% from last year, from Europe increased 11% and from Rest of World increased 36%.
Lars Björk, CEO of Qlik, commented:
We are pleased with our performance in the first quarter. Our balanced business model and continued momentum with Qlik Sense enabled us to deliver total revenue and non-GAAP operating results that exceeded the high-end of our first quarter guidance ranges. We are capitalizing on our growing market opportunity and the rising awareness for analytics and self-service visualization across all the customer segments we serve.
Many analysts weighed in on Qlik just after the company reported earnings:
- Pacific Crest has an Overweight rating and raised its price target to $36 from $34.
- Barclays has an Overweight rating and raised its price target to $35 from $32.
- BMO has a Market Perform rating and raised its price target from $30 to $32.
- Deutsche Bank raised its price target to $32 from $30.
- Evercore ISI raised its price target to $30 from $28.
- Goldman Sachs has a Buy rating and raised its price target to $35 from $32.
- JMP Securities raised its price target to $34 from $33.
- Mizuho Securities raised its price target from $31 to $37.
- Summit Research has a Buy rating and raised its price target to $40 from $35.
- SunTrust Robinson raised its price target to $35 from $33.
- Wedbush raised its price target to $35 from $28.
So far in 2016, Qlik has underperformed the broad markets with the stock down 5%. Over the past 52 weeks, the stock is down 16%.
Shares of Qlik were trading up 1.8% at $30.42 on Friday morning, with a consensus analyst price target of $33.04 and a 52-week trading range of $15.77 to $42.18.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
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