Advent's Notes From DB Tech Conference

Advent Software, Inc. (NASDAQ: ADVS) had President Pete Hess speak at the DB Tech Conference, giving Deutsche Bank these key takeaways:

The tone from management on the state of the pipeline was positive, and broad based activity was driven by an increase in overall spending in the asset management market and the market share gains by Advent.

Advent's management reiterated its targets of 30% non-GAAP operating margin within 5 years and revenue growth of 10-20%.

Advent is targeting renewal rates in the high 90s over the next few quarters, noting that the only way to obtain record high renewal rates is if the economy makes a tremendously resilient recovery and the buy-side add significant seats.

The company also sees annual price increases between 7-10% under typical market conditions and believes the norm will be achieved in either 2011 or 2012.

Deutsche Bank reiterates its Hold rating and $48 price target.

Advent Software, Inc. closed yesterday at $52.86.

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