Analysts Offer Insights on Technology Companies: Carbonite Inc (CARB), GoDaddy (GDDY) and Cornerstone Ondemand (CSOD)


There’s a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on Carbonite Inc (NASDAQ:CARB), GoDaddy (NYSE:GDDY) and Cornerstone Ondemand (NASDAQ:CSOD) with bullish sentiments.

Carbonite Inc (CARB)

B.Riley FBR analyst Sarkis Sherbetchyan maintained a Buy rating on Carbonite Inc today and set a price target of $42. The company’s shares opened today at $35.20.

Sherbetchyan observed:

“After the market close on PT) reported 2Q results at the top end of management’s 7/16 preliminary announcement and ahead of our upwardly revised model into the print. Non-GAAP revenue was slightly ahead of our model on an in-line GM%, while strong operating expense controls and quicker than expected integration from Mozy enabled CARB to generate adj. EPS ahead of our upwardly revised estimates. While the cost side of the integration appears to be tracking ahead of schedule, CARB plans to incorporate Mozy’s products under the unified CARB console. The first generation of this internally developed console is scheduled for release later this year.”

According to TipRanks.com, Sherbetchyan is a 4-star analyst with an average return of 12.3% and a 64.1% success rate. Sherbetchyan covers the Consumer Goods sector, focusing on stocks such as Lightpath Technologies, Vishay Precision Group, and S&W Seed Company.

Carbonite Inc has an analyst consensus of Moderate Buy, with a price target consensus of $38.67, a 9.9% upside from current levels. In a report released today, Oppenheimer also assigned a Buy rating to the stock with a $40 price target.

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GoDaddy (GDDY)

In a report released today, Sameet Sinha from B.Riley FBR maintained a Buy rating on GoDaddy, with a price target of $83. The company’s shares opened today at $76.56, close to its 52-week high of $80.42.

Sinha noted:

“GoDaddy (GDDY) reported a 2Q revenue/Bookings/uFCF beat versus our estimates but, as expected, missed consensus Bookings/uFCF due to overly optimistic modeling by some competitors; shares traded -6% AH. Revenue/uFCF came in at $651.6M/$154.7M versus our estimates of $641.7M/$143.0M and consensus $644.0M/$157.0M. FY18 revenue guidance was increased by $25M, however, the uFCF outlook was unchanged due to higher investments to improve customer service and increase the overall TAM. These investments were highlighted at the company’s Investor Summit and, with current business momentum, the company has decided to reinvest in 2H to drive further growth. We increase our FY18/FY19 revenue estimates by 1% each and have held uFCF stable. Our PT of $83 per share is based on 25x 2019 FCF, in line with Web services comps.”

According to TipRanks.com, Sinha is a 4-star analyst with an average return of 6.3% and a 53.2% success rate. Sinha covers the Technology sector, focusing on stocks such as Digital Turbine Inc, Limelight Networks, and Alphabet Inc.

Currently, the analyst consensus on GoDaddy is a Strong Buy with an average price target of $84.18, implying a 10.0% upside from current levels. In a report issued on July 20, Piper Jaffray also reiterated a Buy rating on the stock with a $90 price target.

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Cornerstone Ondemand (CSOD)

In a report released today, Zach Cummins from B.Riley FBR reiterated a Buy rating on Cornerstone Ondemand. The company’s shares opened today at $51.41.

Cummins said:

“We have three covered software companies reporting in the coming week, beginning with Cornerstone OnDemand (CSOD, Buy; $52 PT), which reports 2Q results after the market closes on Tuesday, August 7. We expect results at least in line with our estimates. Consensus forecasts for revenue and pro forma EPS are in line with and slightly higher than our projections. We anticipate 3Q guidance in line with Street expectations, and believe management’s FY18 revenue guidance may have room to rise. We also expect management to reaffirm its prior FY18 annual recurring revenue (ARR) guidance. Both Determine (DTRM, ChannelAdvisor (ECOM, Buy; $17.50 PT) report C2Q18 results after the market closes on Thursday, August 9.”

According to TipRanks.com, Cummins is ranked #3775 out of 4853 analysts.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Cornerstone Ondemand with a $57 average price target, which is a 10.9% upside from current levels. In a report issued on July 23, Needham also maintained a Buy rating on the stock with a $65 price target.

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