BlackLine upgraded on strong SAP cloud fundamentals: Piper Sandler [Seeking Alpha]
Piper Sandler Companies (PIPR)
Last piper sandler companies earnings: 5/1 08:04 am
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Source: Seeking Alpha
Piper Sandler also upped its price target to $62 from $55 due in part to BlackLine's partnership with the Germany-based enterprise software company SAP. SAP climbed 4% during premarket trading Tuesday, while BlackLine increased 3% Los Angeles-based BlackLine provides cloud software that automates financial processes. Last year, the partnership with SAP drove 25% of BlackLine sales. On Monday, SAP released its first quarter financial results , indicating strong cloud backlog growth, which should translate to accelerated growth at BlackLine. "The acceleration in current cloud backlog growth to 28% (vs. 27% last quarter) on a €3B ($3.2B) year-over-year increase suggests demand fundamentals for SAP cloud appear healthy despite macro uncertainty," said Piper Sandler's Brent Bracelin and other analysts in a note. "Current cloud's backlog grew 28% to €14.2B ($15.15B)," said SAP CEO Christian Klein, during yesterday's earnings call. "This is the fastest growth on record and demonst
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PIPR
Earnings
- 4/29/24 - Beat
PIPR
Sec Filings
- 4/26/24 - Form 8-K
- 4/12/24 - Form DEFA14A
- 4/12/24 - Form DEFA14A
- PIPR's page on the SEC website