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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The article Why Concur Technologies Shares Conquered Today originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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