The firm's first-quarter 2019 results continue a trend of broad-based strength across businesses.
Its successful transition to the cloud reinforces the company's wide moat.
Our opinion of the wide-moat firm's cloud positioning and growth prospects remain tepid, especially when measured with competitors like Microsoft, Salesforce, and Workday.
Its enterprise value/revenue multiple makes it more expensive on a fundamental basis than nearly every enterprise software firm in our coverage.
The wide-moat firm still has a runway for growth.
The narrow-moat firm continues to execute.
We still anticipate additional upside for the wide-moat firm even after its impressive year-to-date run.