Goldman Pees on Software As Service KNXA, SFSF, TLEO
Goldman out with a bearish call on three "human capital management" companies in the red-hot Software-As-A-Service (SaaS) market: Kenexa (KNXA), SuccessFactors (SFSF), and Taleo (TLEO). The bottom line? Too expensive, too competitive, and deteriorating environment for enterprise spending:
Still, Goldman can't resist recommending a pair trade: long Kenexa, which has been battered to 1.7x EV/2007 sales by a whiffed quarter (a problem with one client, Goldman believes), and short the popular "best of breed" Taleo, which is trading at 5.2X sales. Goldman believes such a trade neutralizes the macro exposure.
Sounds logical, but we would add the following: In our experience, it's hard to count the number of folks who have blown themselves up shorting "expensive" tech stocks or died waiting for "value" tech stocks to recover.
Still, Goldman can't resist recommending a pair trade: long Kenexa, which has been battered to 1.7x EV/2007 sales by a whiffed quarter (a problem with one client, Goldman believes), and short the popular "best of breed" Taleo, which is trading at 5.2X sales. Goldman believes such a trade neutralizes the macro exposure.
Sounds logical, but we would add the following: In our experience, it's hard to count the number of folks who have blown themselves up shorting "expensive" tech stocks or died waiting for "value" tech stocks to recover.
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- eBay Traffic Plummeting (EBAY)
- BlackBerry Fan Longs For A Better Curve
- Google: Yes, We Broke iPhone App Store Rules (GOOG)
- The Simpsons Parodies The Apple Store (AAPL)
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