- Needham Analyst Scott Berg reiterated a buy Absolute Software Corp DIST and a Price target $14.
- In what’s quickly becoming an issue at Enterprise Software, Absolute’s chief revenue officer, Matthew Schonfeld, has resigned from the company to take on a role as president of a pre-IPO company.
- ABST promoted EVP, channel and business development Mark Grace in the role of CRO. The changes will take effect on November 4th.
- While Berg always views this type of change through a keen lens, Grace has been with ABST for more than eight years and has had a significant impact on the GTM changes over the past 12 months. The analyst believes this should position Grace well for the sales leadership position.
- His ABST dissertation focuses on a significant change in the company’s distribution channel strategy that Grace has led in his role and should mitigate concerns about this change in leadership.
- His Absolute Software investment thesis calls for the improvement of GTM strategies and new product innovation to lead to more sustainable and higher revenue growth over the next few years.
- Coupled with a more profitable model than in recent years, he expects ABST’s EV/revenue multiple to widen as his new strategies are better appreciated.
- Price promotion: ABST shares traded 0.27% lower at $11.02 on the last check Wednesday.
© 2022 Benzinga.de. Benzinga does not provide investment advice. All rights reserved.
