How Analysts View Xactly After IPO Quiet Period Expiration

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Published: July 21, 2015 12:05 pm

Xactly Corp. (NYSE: XTLY) has seen its initial public offering (IPO) quiet period come to an end, so the analysts who work for the firms in the underwriting syndicate are now freed up to cover the company. Xactly has at least some key buzzwords in its description, as the company provides cloud-based incentive compensation solutions for employee and sales performance management.

The company’s IPO came at the end of June and was 7,037,500 shares of common stock at a price of $8.00 per share to the public. The company sold some 6,853,500 shares of common stock on the day of the IPO, and certain stockholders were sellers of another 184,000 shares.

Xactly also granted the underwriters a 30-day option to purchase up to an additional 1,055,625 shares to cover overallotments. After it was all said and done, Xactly sold 8,093,125 shares in total, after the overallotment option was exercised in full, with the company selling 7,909,125 shares itself.

JPMorgan and Deutsche Bank were the joint lead book-running managers for the offering. UBS was also a book-running manager, and Needham and Oppenheimer were co-managers for the IPO. We saw quiet period expiration analyst coverage begin as follows:

Deutsche Bank, started as Buy and a $12 price target
JPMorgan, started as Overweight
Needham, started as Buy and a $13 price target
Oppenheimer, started as Outperform and a $12 price target
UBS, started as Neutral and a $9 price target

Xactly has a post-IPO range of $7.76 to $10.09, and shares were down 1.6% at $8.10 in thin volume trading midday Tuesday. Its first day of trading saw a close of $8.70 (its highest close of all) on almost 4.8 million shares.

ALSO READ: 5 IPOs Due to Launch in the Week of July 20

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