Why Concur Technologies Shares Conquered Today
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Concur Technologies conquered today, up by 15% at the high, after the company reported earnings.
So what: Revenue in the fiscal third quarter totaled $138.7 million, with adjusted earnings per share of $0.39. The top line was slightly lower than the $139.2 million forecast but Concur posted a healthy beat down below compared to the $0.24 per share adjusted profit that the Street was expecting.
Now what: The company said the quarter was one of the busiest periods for new customer deployments, which drove record revenue. Revenue next quarter is expected to grow by 29% year-over-year, which should result in at least $1.32 per share in adjusted profit. Nomura Securities raised its price target to $100, while reiterating its buy rating. The analyst is confident that Concur will remain the leader in the travel and expense software market.
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