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Austin, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Accruent, the leading provider of workplace and asset management solutions and an operating company of Fortive (NYSE: FTV), today introduced a powerful new integration between RedEye, an Engineering Document Management Solution (EDMS) and Maintenance Connection, a leading Computerized Maintenance Management System (CMMS). The introduction of this new integration enhances Accruent’s connected SaaS ecosystem and is another example of how the Company is providing customers with seamless solutions that address business challenges and help to unify their built environments.
The integration between RedEye and Maintenance Connection gives users instant access to the information needed to work safely and efficiently. It brings engineering documentation from RedEye into Maintenance Connection, unifying asset documentation and work orders within the platform. Working to improve communication and record accuracy, the integration supports the annotation of engineering documents from Maintenance Connection, speeding up feedback loops to ensure that records accurately depict the state of real-world assets. The integration enables users to:
Accruent's integration of its cloud-based CMMS and EDMS solutions creates a unified source of truth for asset information, accessible from any location. This integration improves visibility, workflow efficiency, and organizational decision-making.
"In industries where effective operations are contingent upon precise, current engineering data and documentation, the integration of RedEye and Maintenance Connection marks a significant milestone, ensuring our customers have access to the real-time data needed to do their jobs effectively," said Brooke Huling, Chief Product Officer at Accruent. "By streamlining data across platforms, we’re not only optimizing workflows and decision-making, but also bolstering the safety and efficiency of the workplace. This integration is a critical step to enhance our connected ecosystem and best serve our customers across our suite of products."
The integration supports customers who have licensed both RedEye and Maintenance Connection. Visit Accruent.com to learn more about how this integration transforms asset and maintenance management or request a demo.
ABOUT ACCRUENT Accruent is a leading provider of solutions for unifying the built environment — spanning real estate, physical and digital assets, and the integrated technology systems that connect and control them. Accruent continues to set new expectations for how organizations can use data to transform how they manage their facilities and assets. With U.S. headquarters in Austin, Texas, Accruent serves over 5,000 customers in a wide range of industries in more than 100 countries worldwide.
Accruent is a registered trademark of Accruent, LLC, or its subsidiaries in the United States and other jurisdictions. ©2024 All Rights Reserved.
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Meredith Duhaime Accruent meredith.duhaime@accruent.com
Reporter Name | Schwarz Jonathan L |
Relationship | SVP - Corporate Development |
Type | Sell |
Amount | $1,049,657 |
SEC Filing | Form 4 |
Jonathan L Schwarz, SVP of Corporate Development at Fortive Corp, sold 14,223 shares of common stock on September 13, 2024, at a weighted average price of $73.8 per share, totaling $1,049,657. Following the transaction, Schwarz directly owns 68,161 shares of Fortive Corp.
SEC Filing: Fortive Corp [ FTV ] - Form 4 - Sep. 16, 2024
Wall Street has resumed its rally after a hiccup earlier this month. September has been one of the worst months for stocks, but all three major indexes this year seem to be snapping the tradition.
The rally is once again being fueled by tech stocks that have been on a dream run since 2023. With the Federal Reserve’s rate cut on the anvil, tech stocks are set to get further and drive the market rally. It would thus be ideal to invest in tech stocks such as Adobe Inc. ADBE, NetApp, Inc. NTAP, Fortive Corporation FTV and Arista Networks, Inc., ANET with solid growth potential for this year.
S&P 500, Nasdaq Stocks Boost Rally
On Friday, the S&P 500 and the Nasdaq recorded their fifth straight session of gains, as investors rushed to buy mega-cap tech and semiconductors stocks. The S&P gained 0.5% to close at 5,626.02 points. The index is now less than 1% from its all-time high recorded in July.
The tech-heavy Nasdaq rose 07% to close at 17,638. 98 points. The S&P 500 and the Nasdaq have gained 18.6% and 19.8%, respectively.
A softer-than-expected August jobs report unsettled markets at the beginning of the month. Also, inflation data showed that the consumer price index (CPI) increased slightly by 0.2% in August, which somewhat dented investors’ sentiment.
However, investors have since regained their confidence as they took the positives from the CPI report that showed the inflation rate falling to its lowest level since February 2021. Market participants are now looking forward to the Federal Reserve’s rate cut, which is likely to happen this week.
Tech Stocks Boosting Market Rally Led by AI
The Nasdaq and the S&P 500’s recent rally is being fueled by tech stocks. Technology and semiconductor stocks have largely been responsible for the broader market rally since 2023. The Technology Select Sector SPDR (XLK) has gained 14.5% year to date.
One of the major reasons behind the rally is the enthusiasm surrounding artificial intelligence (AI), especially generative AI, spearheaded by the industry darling NVIDIA Corporation NVDA.
Experts think AI has huge potential that hasn't been fully tapped into yet. NVIDIA's impressive achievements over the past year have encouraged many tech companies to explore AI's possibilities to secure lasting business benefits.
The advancement of smart devices is key in this area, as they need robust computing and learning abilities for tasks such as face detection, image recognition and video analysis. These functions demand significant processing power, speed, memory, energy efficiency, and advanced graphics processors, which in turn benefit the semiconductor industry.
Fed Set to Cut Rate in Upcoming FOMC Meeting
Although the latest inflation report has crushed hopes of a 50-basis point rate cut, market participants are confident that the Federal Reserve will go for a 25-basis point rate cut in its Sept. 17-18 meeting.
Any size of rate cut bodes well for the broader economy. Lower interest rates generally benefit growth assets by decreasing the opportunity cost of holding non-yielding assets, such as technology and semiconductor stocks.
Markets have so far tried to defy the stock market sluggishness in September. Moreover, the fourth quarter is about to begin, which is usually the best quarter of the year. Since 1950, the S&P has jumped more than 4% in the final three months of the year, with this rise occurring 80% of the time.
4 Tech Stocks to Buy Ahed of Fed’s Rate Cuts
We have chosen four top tech stocks from the S&P 500 that have seen positive earnings estimate revisions in the last 60 days and have strong potential for 2024. Each of the stocks has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Adobe Inc.
Adobe Inc. is one of the largest software companies in the world. ADBE picks up licensing fees from customers, which form the bulk of its revenue. Adobe also offers technical support and education, which account for the balance.
Adobe has an expected earnings growth rate of 13.1% for the current year. The Zacks Consensus Estimate for current-year earnings improved 0.2% over the past 60 days. ADBE presently has a Zacks Rank #2.
NetApp, Inc.
NetApp, Inc. provides enterprise storage as well as data management software and hardware products and services. NTAP assists enterprises in managing multiple cloud environments, adopting next-generation technologies like AI, Kubernetes, and contemporary databases. It also helps in navigating the complexity brought about by the quick development of data and cloud usage.
NetApp has an expected earnings growth rate of 8.8% for the current year. The Zacks Consensus Estimate for current-year earnings improved 2.5% over the past 60 days. NTAP presently carries a Zacks Rank #2.
Fortive Corporation
Fortive Corporation is a diversified industrial growth company. FTV provides essential technologies for connected workflow solutions on a global basis.
Fortive Corporation has an expected earnings growth rate of 11.4% for the current year. The Zacks Consensus Estimate for current-year earnings improved 0.3% over the past 60 days. FTV presently carries a Zacks Rank #2.
Arista Networks, Inc.
Arista Networks, Inc. is engaged in providing cloud networking solutions for data centers and cloud computing environments. ANET offers 10/25/40/50/100 Gigabit Ethernet switches and routers optimized for the next-generation data center networks. Arista uses multiple silicon architectures across its products.
Arista Networks’ expected earnings growth rate for the current year is 18.7%. The Zacks Consensus Estimate for current-year earnings improved 3.9% over the past 60 days. ANET presently has a Zacks Rank #2.
Zacks Investment Research
Adobe Inc. ADBE released third-quarter fiscal 2024 non-GAAP earnings of $4.65 per share, beating the Zacks Consensus Estimate by 2.65%. The figure improved 13.7% on a year-over-year basis.
Total revenues were $5.41 billion, which beat the Zacks Consensus Estimate of $5.37 billion. The figure rose 11% both on a reported and a constant-currency basis from the year-ago quarter.
Top-line growth was driven by the strong performances of Adobe Creative Cloud, Document Cloud and Experience Cloud. Accelerating subscription revenues also contributed well.
Growing generative artificial intelligence (GenAI) capabilities contributed well.
Adobe’s strong efforts to bolster its GenAI-powered offerings are expected to boost its prospects. The company’s substantial investments in AI image and video generation to boost its presence in the design software industry are positives.
However, ADBE faces stiff competition in the AI software space from other tech giants and well-funded startups like Stability AI and Midjourney.
The ADBE stock has lost 1.7% year to date against the industry’s rally of 13.6%.
Intensifying competition might cause the returns from its AI push to take longer to materialize due to which its fiscal fourth quarter revenue outlook looks weaker. This led to a slump of more than 8% in the ADBE stock in the pre-market trading session.
Adobe Inc. Price, Consensus and EPS Surprise
Adobe Inc. price-consensus-eps-surprise-chart | Adobe Inc. Quote
ADBE’s Top Line in Detail
Adobe reports revenues under three categories — subscription, product, and services & other.
Subscription revenues were $5.18 billion (accounting for 95.8% of the total revenues), up 11.6% on a year-over-year basis.
Product revenues totaled $82 million (1.5% of the total revenues), down 14.6% year over year.
Services & other revenues were $146 million (2.7% of the total revenues), decreasing 10.4% from the prior-year quarter.
ADBE’s Segmental Details
Digital Media: The segment generated revenues of $4 billion, which improved 11% on a year-over-year basis. The figure surpassed the Zacks Consensus Estimate of $3.97 billion. The segment comprises Creative Cloud and Document Cloud. Digital Media’s annualized recurring revenues (“ARR”) increased to $16.76 billion, of which the net new ARR was $504 million.
Creative Cloud generated $3.19 billion in revenues, up 10% year over year. The figure beat the Zacks Consensus Estimate of $3.18 billion. Creative ARR was $13.45 billion. The company witnessed the solid adoption of Creative Cloud All Apps across various geographies and customer categories, which contributed well to subscription growth. Solid adoptions of Acrobat Pro, Illustrator, Lightroom and Photoshop single apps were positives. The growing traction across Express mobile offerings was a plus. Also, early monetization of the new Firefly Service solution in the enterprise segment and strength in higher-value Creative plans contributed well.
Document Cloud’s revenues were $807 million, up 18% from the prior-year quarter. The figure surpassed the consensus mark of $791 million. Document cloud ARR was $3.31 billion. Solid momentum across the Acrobat ecosystem was a positive. Rising Acrobat desktop demand and mobile subscriptions across various customer segments and geographies contributed well. Strong monetization of AI Assistant with new Acrobat subscriptions was a positive. Growing enterprise and public sector sales, and solid momentum among SMBs drove top-line growth. Also, Google Chrome and Microsoft Edge extensions contributed well to growth in the monthly active user base.
Digital Experience: The segment generated revenues of $1.35 billion, up 10% on a year-over-year basis and beating the consensus mark of $1.33 billion. Experience Cloud subscription revenues were $1.23 billion, rising 12% from the year-ago quarter. Strength across transformational accounts, and Data Insights & Audiences, and Customer Journey categories drove subscription revenue growth. Strong demand for AEP and native apps contributed well. The solid adoption of AEM and Workfront solutions was another positive.
Operating Details of ADBE
The gross margin was 89.8%, which expanded 170 basis points (bps) on a year-over-year basis.
Adobe incurred operating expenses of $2.86 billion, reflecting a 9.5% year-over-year increase. As a percentage of total revenues, the figure contracted 50 bps to 52.9% from the year-ago quarter.
The adjusted operating margin was 46.5%, expanding 30 bps year over year.
ADBE’s Balance Sheet & Cash Flow
As of Aug 30, 2024, the cash and short-term investment balance was $7.5 billion, down from $8.1 billion as of May 31, 2024. Trade receivables were $1.8 billion, up from $1.6 billion in second-quarter fiscal 2024.
The long-term debt was $4.128 billion at the end of third-quarter fiscal 2024 compared with $4.127 billion at the end of second-quarter fiscal 2024.
Cash generated from operations was $2.02 billion in the reported quarter versus $1.94 billion in the previous quarter.
The company repurchased 5.2 million shares in the fiscal second quarter.
Q4 Guidance of ADBE
For fourth-quarter fiscal 2024, Adobe projects total revenues between $5.50 billion and $5.55 billion. The Zacks Consensus Estimate for the same is pegged at $5.60 billion.
Adobe expects Digital Media revenues between $4.09 billion and $4.12 billion. The Digital Experience segment’s revenues are expected between $1.36 billion and $1.38 billion.
Net new ARR in the Digital Media segment is projected to be $550 million. Subscription revenues of Digital Experience are anticipated to be $1.23-$1.25 billion.
Management expects non-GAAP earnings per share between $4.63 and $4.68. The consensus mark for the same is pinned at $4.65.
Zacks Rank & Other Stocks to Consider
Currently, Adobe carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader technology sector are Arista Networks ANET, Badger Meter BMI and Fortive FTV, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Arista Networks’ shares have gained 53.4% in the year-to-date period. The long-term earnings growth rate for ANET is anticipated to be 17.2%.
Badger Meter’s shares have gained 34% in the year-to-date period. The long-term earnings growth rate for BMI is projected at 17.91%.
Shares of Fortive have returned 0.6% in the year-to-date period. The long-term earnings growth rate for DBX is expected to be 8.98%.
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