Oppenheimer Comments on 2Q at SuccessFactors

Oppenheimer has published a report on SuccessFactors SFSF after second quarter results were reported. In the report, Oppenheimer wrote, "Despite investors' fears that SFSF's markets are becoming saturated, the company delivered an impressive 42% YoY growth in billings (38% organically) and handily topped expectations across the board. Robust demand for its newer, home-grown, products (including Recruiting, Calibration and Employee Central) combined with strong performances from its recently acquired businesses (Inform, Jambok, etc) fueled the better than anticipated results. Looking ahead, given solid business momentum, a strong start to 3Q (just closed strongest July ever) and an expanding sales force, we believe management's 2011 organic billings target of 25% will prove quite conservative. Given a large market opportunity, industry leading growth profile and expanding cash flow, we remain buyers." Oppenheimer rated SuccessFactors an Outperform with a price target of $37.00. SuccessFactors closed Tuesday at $25.28