Baird cuts PTs on SAAS/SOFTWARE names

On Wednesday, Robert Baird issued a Software & SaaS Industry update, highlighting several companies while adjusting their price targets to reflect current market conditions and recent analysis. Steven Ashley and Jason Velkavrh, analysts at Robert Baird, highlighted Tableau Software Inc.

, ServiceNow Inc.

, Workday Inc.

, Qlik Technologies Inc.

, and Workiva Inc

, and Red Hat Inc.

as investors have adjusted their focus from top-line revenue growth to near-term profitability prospects. Tableau: Baird reduced their price target from $80 to $60 after disappointing fourth quarter earnings and 2016 guidance. ServiceNow: Analysts reduced ServiceNow's price target from $75 to $70 after the company reported billings that failed to meet consensus estimates. Qlik: Robert Baird reduced their price target from $30 to $26 to reflect disappointing 4Q15 earnings. Red Hat: Red Hat's stock has been hurt by the overall declining software industry with a price target reduced from $90 to $80. Workday: Workday has been hurt by the overall industry decline, with Baird lowering their price target from $85 to $70. Workiva: While Baird reduced Workiva's price target from $19 to $15, they did note that the company could be beginning a meaningful long-term growth opportunity. Tableau is currently trading at $41.76, up 2.25 percent. ServiceNow is currently trading at $51.99, down 1.92 percent. Workday is currently trading at $55.99, down 0.96 percent. Qlik is currently trading at $20.70, up 0.73 percent. Workiva is currently trading at $11.81, down 0.51 percent. Red Hat is currently trading at $64.52, down 1.19 percent.