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So what: Longbow analyst Steve Koening expressed concerns that weak economic growth will put a lid on hiring and thereby any gains in Kenexa’s share price, Barron’s reports. Fools have equally mixed feelings, giving the stock three out of five stars in Motley Fool CAPS.
Now what: I can appreciate Longbow’s skepticism. Not only are macroeconomic conditions uncertain, the market for human resources software is crowded with online alternatives such as SuccessFactors (Nasdaq: SFSF ) and Taleo (Nasdaq: TLEO ) . There doesn’t seem to be enough competitive advantage to justify Kenexa’s 35 price-to-earnings multiple.
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