FBN Securities reiterated their sector perform rating on shares of Qlik Technologies (NASDAQ: QLIK) in a research note issued to investors on Friday. The firm currently has a $27.00 target price on the stock, up from their previous target price of $20.00.
“After missing expectations in FQ2 2012, QLIK ended the year with a very strong report. We are not upgrading the stock, however, as we believe that the stock will open significantly higher (near $26-27) and not leave enough upside to our new price target of $27. We think that investors can capitalize on this report by investing in our Outperform-rated Big Data stocks: INFA, SPLK, TIBX and BIRT. We applaud QLIK for 1.) rebounding from the Q2 stumble, 2.) posting a strong increase in large deals (e.g. deals over $250K were up 49% Y/Y to 52, and there were several over $1M deals), 3.) better penetrating the enterprise (indirect % of license and FY maintenance declined to 51% from 61% in FQ3; this means the % of direct, which is mostly enterprise, grew), and 4.) exhibiting very strong Q/Q growth rates in the Americas (up 62% Q/Q we estimate) and EMEA (up 65% Q/Q we estimate). We think that shares of QLIK itself could become attractive in the low $20s.,” FBN Securities’ analyst wrote.
A number of other analysts have also recently weighed in on QLIK. Analysts at RBC Capital upgraded shares of Qlik Technologies from a sector perform rating to an outperform rating in a research note to investors on Friday. They now have a $32.00 price target on the stock, up previously from $23.00. They noted that the move was a valuation call. Separately, analysts at BMO Capital Markets raised their price target on shares of Qlik Technologies from $24.00 to $31.00 in a research note to investors on Friday. They now have an outperform rating on the stock. Finally, analysts at Susquehanna raised their price target on shares of Qlik Technologies from $20.00 to $24.00 in a research note to investors on Tuesday, February 12th.
Twelve investment analysts have rated the stock with a buy rating, one has issued an overweight rating, and six have given a hold rating to the company. Qlik Technologies has an average rating of overweight and a consensus target price of $29.39.
Shares of Qlik Technologies traded down 1.05% during mid-day trading on Friday, hitting $26.55. Qlik Technologies has a 52 week low of $16.71 and a 52 week high of $33.59. The stock’s 50-day moving average is currently $21.83. The company has a market cap of $2.283 billion and a P/E ratio of 670.78.
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