Credit Suisse Sees Solid 4Q14 With Sales Hiring On Track For Workiva

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In a report published Thursday, Credit Suisse analyst Michael Nemeroff reiterated an Outperform rating and $18.00 price target on
Workiva Inc.WK
. In the report, Credit Suisse noted, "WK reported solid 4Q results, in our view, with revenue, EPS and cash flow all ahead of Street ests. The quarter was highlighted by better than expected subscription growth (+30.6% yr/yr vs. CS of +25.4%), driven by strong new customer growth (+17% yr/yr to 2,261) as WK executes on its "land and expand" sales strategy by acquiring new customers and driving incremental seat growth at existing customers through the cross sell of additional Wdesk use cases. This was a solid first quarter post-IPO, in our view, as mgmt. commented that its sales force hiring is tracking well against its +25-30% yr/yr quota-carrying sales reps target, which we believe should support an acceleration in new customer acquisition and drive continued strong subscription revenue growth over the next few qtrs." Workiva closed on Wednesday at $14.51.
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Posted In: Analyst ColorReiterationAnalyst RatingsCredit SuisseMichael Nemeroff
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