Analysts Cheer Another Impressive Quarter From Tableau Software

Tableau has received several price-target hikes post-earnings

by Josh Selway

Published on May 3, 2018 at 10:24 AM

Tech stock Tableau Software Inc (NYSE:DATA) burst out of the gate to a two-year high of $97.09, and was last seen trading up 8.9% at $92.78, thanks to the company's well-received earnings release. Adjusted earnings-per-share and revenue for the first quarter easily exceeded consensus estimates, while Tableau also announced an additional $300 million in stock buybacks.

There's been a flurry of analyst attention in response to the report, and it's all been bullish. Bernstein was by far the most ambitious of the bunch, boosting its price target to $124 from $107, representing territory not seen in almost three years, and a more than 38% premium to current levels. Citigroup and Barclays also set noteworthy price targets of $104 each.

Coming into today, however, most analysts in coverage were actually bearish on DATA shares, with 16 of 25 handing out "hold" or "strong sell" opinions. Considering the equity has been in an impressive uptrend since January 2017 -- not to mention today will mark the fifth time in six quarters the shares have rallied the day after earnings -- it wouldn't be surprising to see more of these bearish holdouts upwardly revise their outlooks on the security, potentially bringing more buyers to the table. 

Short sellers have been hitting the exits at a rapid pace, too. In fact, short interest is down more than 44% in 2018. Still, the 3.04 million Tableau Software shares sold short are almost five times the average daily trading volume, suggesting there's room for this short-covering trend to continue -- which would be a boon for the stock.


A Schaeffer's exclusive

11 Stocks to Buy Before Leap Day

Access your FREE insider report before it's too late!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


Legendary Stock-Picker Calls Top Stock of 2020
Matt McCall's picks were met with disbelief... Until five soared over 1,000%. Get his latest 2020 pick.
bluebird bio Sinks on Earnings, Application Setback
BLUE has shed 40% over the past 12 months
2 Stocks Down on M&A Buzz
Options traders preferred puts on LC
Legendary Stock-Picker Calls Top Stock of 2020
Matt McCall's picks were met with disbelief... Until five soared over 1,000%. Get his latest 2020 pick.