Technology

Why Over 10 Analysts Are Chasing Qlik Targets Higher and Higher

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.