Why Concur Technologies (CNQR) Stock Is Up in After-Hours Trading Today

NEW YORK (TheStreet) -- Concur Technologies  (CNQR) surged 14.41% to $115.50 in after-hours trading Tuesday after Bloomberg reported the company is exploring a sale.

The company, which makes software that assists companies with travel expense management, has reached out to some companies, including SAP SE (SAP) , to test the waters on a possible sale, Bloomberg reports. Concur is working with an investment bank and also reached out to Oracle (ORCL) , though the company decided not to pursue an acquisition.

Concur has a market value of more than $5.7 billion.

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The stock closed up 0.57% to $100.95 on Tuesday. Concur hit an intraday high of $101.38 and low of $99.84.

Separately, TheStreet Ratings team rates CONCUR TECHNOLOGIES INC as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate CONCUR TECHNOLOGIES INC (CNQR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including deteriorating net income, disappointing return on equity and weak operating cash flow."

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