UPDATE: Piper Jaffray Initiates inContact at Overweight on Cloud Momentum

Piper Jaffray initiated coverage on inContact SAAS with an Overweight rating and a price target of $9. Piper Jaffray commented, "Feedback shows inContact has become the premier player in the space based on its size, expertise, growth, and technology portfolio. Industry contacts sense momentum and runway for the cloud software portion of inContact's business, and we expect shares to outperform as investors begin to recognize the transformation of the business and financial model." inContact closed at $6.32 on Friday.