State Board of Administration of Florida Retirement System Continues to Hold Stake in Model N, Inc. (NYSE:MODN)
State Board of Administration of Florida Retirement System held its position in Model N, Inc. (NYSE:MODN) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,365 shares of the software maker’s stock at the end of the first quarter. State Board of Administration of Florida Retirement System owned 0.07% of Model N worth $202,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. bought a new stake in Model N during the fourth quarter valued at approximately $3,057,000. State Street Corp increased its stake in Model N by 9.4% in the fourth quarter. State Street Corp now owns 350,077 shares of the software maker’s stock valued at $3,100,000 after buying an additional 30,167 shares during the last quarter. Teachers Advisors LLC increased its stake in Model N by 28.7% in the fourth quarter. Teachers Advisors LLC now owns 43,373 shares of the software maker’s stock valued at $384,000 after buying an additional 9,674 shares during the last quarter. Pier 88 Investment Partners LLC increased its stake in Model N by 1.3% in the first quarter. Pier 88 Investment Partners LLC now owns 88,214 shares of the software maker’s stock valued at $922,000 after buying an additional 1,156 shares during the last quarter. Finally, Essex Investment Management Co. LLC bought a new stake in Model N during the first quarter valued at approximately $568,000. 65.70% of the stock is owned by hedge funds and other institutional investors.
Model N, Inc. (NYSE MODN) traded down 1.14% on Friday, reaching $13.00. The company’s stock had a trading volume of 477,737 shares. The firm’s market cap is $374.41 million. The firm has a 50 day moving average of $13.10 and a 200 day moving average of $11.33. Model N, Inc. has a 12 month low of $6.97 and a 12 month high of $13.86.
Model N (NYSE:MODN) last issued its quarterly earnings data on Monday, May 8th. The software maker reported ($0.34) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.35) by $0.01. Model N had a negative return on equity of 50.03% and a negative net margin of 30.99%. The company had revenue of $33.30 million for the quarter, compared to analysts’ expectations of $33.74 million. During the same period in the previous year, the firm posted ($0.21) earnings per share. The firm’s revenue for the quarter was up 27.6% on a year-over-year basis. Analysts anticipate that Model N, Inc. will post ($0.66) earnings per share for the current year.
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MODN has been the subject of several recent analyst reports. Chardan Capital initiated coverage on Model N in a report on Friday, May 19th. They issued a “buy” rating and a $16.00 price objective for the company. Zacks Investment Research cut Model N from a “hold” rating to a “sell” rating in a research note on Friday, May 12th. Dougherty & Co initiated coverage on Model N in a research note on Thursday, June 29th. They issued a “buy” rating and a $17.00 price target on the stock. Finally, Craig Hallum upgraded Model N from a “hold” rating to a “buy” rating in a research note on Tuesday, May 9th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $13.29.
Model N Company Profile
Model N, Inc is a provider of revenue management solutions for life science and technology companies. The Company’s solutions enable its customers to maximize revenues and reduce revenue compliance risk by transforming their revenue life cycle from a series of tactical, disjointed operations into a strategic end-to-end process.
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