Aug. 25, 2014 3:43 p.m. ET
MobileIron's MOBL +12.91% MobileIron Inc. U.S.: Nasdaq $10.58 +1.21 +12.91% Aug. 25, 2014 4:00 pm Volume (Delayed 15m) : 1.49M AFTER HOURS $10.75 +0.17 +1.61% Aug. 25, 2014 7:26 pm Volume (Delayed 15m) : 2,029 P/E Ratio N/A Market Cap $710.88 Million Dividend Yield N/A Rev. per Employee $204,068 08/25/14 Apple May Sweeten MobileIron's... 08/15/14 Tim Danford Leaves Lightspeed ... 07/16/14 HEARD ON THE STREET: Apple Tak... More quote details and news » investors have swapped worrying about competing with Apple AAPL +0.22% Apple Inc. U.S.: Nasdaq $101.54 +0.22 +0.22% Aug. 25, 2014 4:00 pm Volume (Delayed 15m) : 39.61M AFTER HOURS $101.29 -0.25 -0.25% Aug. 25, 2014 7:59 pm Volume (Delayed 15m) : 661,717 P/E Ratio 16.29 Market Cap $606.69 Billion Dividend Yield 1.85% Rev. per Employee $2,214,380 08/25/14 Swatch Switches Gears on Smart... 08/25/14 Apple May Sweeten MobileIron's... 08/25/14 Best Buy Won't Fade to Blue --... More quote details and news » for hoping they get a little help from the iPhone maker.
MobileIron's stock leapt Monday, having endured a beating last month. The latter owed much to fears about a partnership between Apple and IBM IBM +0.39% International Business Machines Corp. U.S.: NYSE $191.16 +0.75 +0.39% Aug. 25, 2014 4:01 pm Volume (Delayed 15m) : 1.66M AFTER HOURS $191.16 0.00 % Aug. 25, 2014 6:35 pm Volume (Delayed 15m) : 62,767 P/E Ratio 12.02 Market Cap $197.87 Billion Dividend Yield 2.30% Rev. per Employee $229,711 08/25/14 Apple May Sweeten MobileIron's... 08/24/14 Apple's Next Act for the iPad ... 08/22/14 Google Fiber Is Fast, but Is I... More quote details and news » potentially creating a more powerful competitor to MobileIron, which is only seven years old and went public in June. Businesses use MobileIron's software to manage their fleets of mobile devices and content across platforms that include iOS, Android and Windows.
IBM sells a competing service and has partnered with Apple to take the iPhone deeper into the enterprise market. News of that contributed to a selloff that cut nearly 30% from MobileIron's market cap in mid-July. The stock has spent most of the past month below its $9 initial public offering price.
Investors now seem to be rethinking that judgment following a report from Deutsche Bank DBK.XE +2.23% Deutsche Bank AG Germany: Xetra €25.71 +0.56 +2.23% Aug. 25, 2014 5:35 pm Volume (Delayed 15m) : 6.52M P/E Ratio N/A Market Cap €34.68 Billion Dividend Yield 2.92% Rev. per Employee €420,767 08/25/14 Banks Want Lehman to Increase ... 08/25/14 Corporate Watch 08/22/14 U.S. Stocks Retreat as Fed Giv... More quote details and news » that Apple's upcoming release of iOS 8 may include many enhancements to make it more attractive for enterprises. Much will depend on how it compares with BES 12, the mobile enterprise server platform from BlackBerry BB.T +1.20% BlackBerry Ltd. Canada: Toronto $11.00 +0.13 +1.20% Aug. 25, 2014 4:55 pm Volume (Delayed 15m) : 1.29M P/E Ratio N/A Market Cap $5.73 Billion Dividend Yield N/A Rev. per Employee $628,736 08/25/14 Apple May Sweeten MobileIron's... 08/23/14 BlackBerry Wins Another Court ... 08/18/14 BlackBerry Creates New Technol... More quote details and news » also expected to launch this fall. A stronger iPhone offering for enterprise customers would boost demand for a service like MobileIron's, the thinking goes.
That it may, but MobileIron's many competitors realize the same. Besides IBM and BlackBerry, the company also competes with VMware's VMW -1.43% VMware Inc. U.S.: NYSE $100.78 -1.46 -1.43% Aug. 25, 2014 4:02 pm Volume (Delayed 15m) : 1.88M AFTER HOURS $100.54 -0.24 -0.24% Aug. 25, 2014 6:32 pm Volume (Delayed 15m) : 6,289 P/E Ratio 44.99 Market Cap $43.97 Billion Dividend Yield N/A Rev. per Employee $390,839 08/25/14 Credits & Debits 08/25/14 Apple May Sweeten MobileIron's... 08/25/14 VMware moves to defuse OpenSta... More quote details and news » AirWatch service, Citrix CTXS -0.06% Citrix Systems Inc. U.S.: Nasdaq $70.05 -0.04 -0.06% Aug. 25, 2014 4:00 pm Volume (Delayed 15m) : 1.13M AFTER HOURS $70.05 0.00 % Aug. 25, 2014 4:29 pm Volume (Delayed 15m) : 19,452 P/E Ratio 39.58 Market Cap $11.53 Billion Dividend Yield N/A Rev. per Employee $332,482 08/25/14 Apple May Sweeten MobileIron's... 07/23/14 Citrix Results Exceed Its Proj... 07/16/14 Citrix Using Predictive Analyt... More quote details and news » and Good Technology. The latter also has an IPO waiting in the wings. And it is worth noting that BlackBerry has hinged much of its recovery plan on becoming a provider of enterprise-grade mobile software.
In this light, MobileIron's recent gains raise the stakes for its success. The stock currently trades about 5.3 times forward sales, below VMware's multiple at 6.6 times but above Citrix at 3.4 times. The company better hope Apple can give it a shine.
Write to Dan Gallagher at dan.gallagher@wsj.com
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