Jive Software, Inc. (NASDAQ: JIVE) is seeing some soft trading on the day that its quiet period has ended after its initial public offering. This company was supposed to be a winner from its social business software platform called Jive Engage Platform for businesses, government agencies, and other enterprises. The research grouping is not driving shares higher. Here are the calls we have been able to get:
- BMO Capital Markets started as Outperform with $20 target
- Citigroup started as Buy with $20 target
- Goldman Sachs started with Neutral and $16 target
- Morgan Stanley started as Overweight
- UBS Started as Neutral with $16 target
- Wells Fargo started as Market Perform with $15 to $17 target
When Jive came public in mid-December as one of the last IPOs of 2011, its stock closed at $15.05 on the first day after pricing at $12.00 per shares for the more than 13 million shares in the offering. The post-IPO range has been $14.18 to $16.86.
As far as which firms matter the most in the underwriting, joint lead book-runners were Morgan Stanley and Goldman Sachs. Citi and UBS were behind as joint book-running managers and then the co-managers were BMO and Wells Fargo.
JON C. OGG
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