- Analysts lowered price targets on Duck Creek Technologies Inc DCT following Q4 earnings results and FY22 guidance below consensus.
- Revenue of $70.9 million, up 21% year-on-year, exceeded the consensus of $69.1 million. EPS of $0.02 beat consensus of $0.01.
- Duck Creek sees Q1 FY22 revenue of $68 million - $70 million versus the consensus of $68.7 million. It sees FY22 revenue of $292 million - $300 million below the consensus of $303 million.
- On October 11, CFO Vincent Chippari informed his plans to retire effective February 22. Duck Creek initiated a search to appoint Chippari's successor.
- JPMorgan analyst Jackson Ader downgraded to Neutral from Overweight with a PT of $50, down from $62, implying a 37% upside.
- The analyst sees "cracks" in his "cloud and growth thesis" following the print.
- RBC Capital analyst Rishi Jaluria lowered the PT to $47 from $51, implying a 29% upside, but reiterated an Outperform.
- The company posted a "disappointing" Q4 with a "meaningful" deceleration in subscription revenue and weak guidance, Jaluria notes.
- Jaluria adds, however, that he still likes Duck Creek's SaaS-first approach and remains positive on the stock as a long-term opportunity as P&C insurers continue their digital transformation.
- Barclays analyst Saket Kalia maintained an Equal-Weight and lowered the PT from $43 to $41, implying a 13% upside.
- Raymond James analyst Brian Peterson affirmed an Outperform and lowered the PT from $49 to $46, implying a 26% upside.
- Price Action: DCT shares traded lower by 21.9% at $36.13 on the last check Friday.
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