Concur Technologies Rating Lowered to Underperform at Oppenheimer (CNQR)
Concur Technologies (NASDAQ: CNQR) was downgraded by equities researchers at Oppenheimer from a “market perform” rating to an “underperform” rating in a report issued on Tuesday, TheFlyOnTheWall.com reports.
The analysts wrote, “We downgrade Concur to Underperform on concerns the shares may experience pressure short term as investors realize the organic growth expectations in coming quarters are ahead of what is achievable for the following five reasons: 1) hiring trends in 2Q are significantly weaker than in prior years; 2) recent partner conversations indicate mid-market demand trends temporarily softened and will be a drag on cross-selling productivity; 3) our intra-quarter enterprise-spending survey showed 2013 T&E growth as the laggard category; 4) sequestration effects, along with recent commentary from Red Hat, indicate meaningful government contributions are unlikely to positively inflect soon; and 5) any slower bookings trends could pressure future margins as the company may need to rev up its acquisition engine to compensate (i.e., conTgo).”
Concur Technologies (NASDAQ: CNQR) traded down 2.45% on Tuesday, hitting $63.36. Concur Technologies has a 52-week low of $53.33 and a 52-week high of $76.15. The stock’s 50-day moving average is currently $69.20. The company’s market cap is $3.524 billion.
Concur Technologies (NASDAQ: CNQR) last posted its quarterly earnings results on Wednesday, January 30th. The company reported $0.30 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.20 by $0.10. The company had revenue of $122.80 million for the quarter, compared to the consensus estimate of $121.61 million. During the same quarter last year, the company posted $0.30 earnings per share. Concur Technologies’s revenue was up 22.3% compared to the same quarter last year. Concur Technologies has set its Q2 guidance at $0.24 EPS. On average, analysts predict that Concur Technologies will post $0.92 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at FBN Securities initiated coverage on shares of Concur Technologies in a research note to investors on Wednesday, March 20th. They set a “sector perform” rating and a $75.00 price target on the stock. Separately, analysts at Nomura reiterated a “buy” rating on shares of Concur Technologies in a research note to investors on Thursday, March 7th. They now have a $80.00 price target on the stock. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Concur Technologies in a research note to investors on Friday, February 22nd. They now have a $74.00 price target on the stock.
Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $68.00.
Concur Technologies, Inc. (NASDAQ: CNQR) is a global provider of on-demand Employee Spend Management solutions.
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