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Baron Funds Comments on Ultimate Software Group

August 23, 2012 | About:
Holly LaFon

Holly LaFon

255 followers
From Baron Funds' second quarter letter:

The shares of The Ultimate Software Group, Inc. (ULTI), a leading provider of cloud based payroll and human resources services, rose 21.4% in the quarter. The company reported recurring revenue growth of 22%. We believe the company is positioned to continue to add new accounts, especially now that customers are more accepting of the SaaS ("software as a service") business model.We believe the company is on a path to doing $1 billion in revenues and $250 million in cash flow in five years, and, if so, and appropriately valued, we think the stock could triple from here.

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