Bank of New York Mellon Corp Acquires 923 Shares of Model N, Inc. (MODN)
Bank of New York Mellon Corp boosted its holdings in shares of Model N, Inc. (NYSE:MODN) by 1.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 80,185 shares of the software maker’s stock after acquiring an additional 923 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.28% of Model N worth $1,066,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Prescott Group Capital Management L.L.C. bought a new position in shares of Model N in the second quarter valued at approximately $140,000. American International Group Inc. raised its position in shares of Model N by 7.1% in the first quarter. American International Group Inc. now owns 13,678 shares of the software maker’s stock valued at $143,000 after purchasing an additional 904 shares during the period. Metropolitan Life Insurance Co. NY bought a new position in shares of Model N in the first quarter valued at approximately $175,000. Parametric Portfolio Associates LLC raised its position in shares of Model N by 32.9% in the first quarter. Parametric Portfolio Associates LLC now owns 24,618 shares of the software maker’s stock valued at $257,000 after purchasing an additional 6,098 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Model N by 3.7% in the second quarter. Rhumbline Advisers now owns 25,302 shares of the software maker’s stock valued at $337,000 after purchasing an additional 905 shares during the period. 65.87% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities analysts have recently commented on MODN shares. Dougherty & Co started coverage on shares of Model N in a research report on Thursday, June 29th. They issued a “buy” rating and a $17.00 price target on the stock. BidaskClub lowered shares of Model N from a “strong-buy” rating to a “buy” rating in a research report on Thursday, August 24th. Zacks Investment Research raised shares of Model N from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research report on Monday, August 14th. Finally, ValuEngine raised shares of Model N from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $13.67.
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In other news, SVP Amelia Generalis sold 3,758 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $13.30, for a total transaction of $49,981.40. Following the sale, the senior vice president now owns 76,734 shares in the company, valued at approximately $1,020,562.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 20.40% of the company’s stock.
Model N, Inc. (MODN) opened at 14.35 on Monday. The company’s market cap is $417.48 million. Model N, Inc. has a 52-week low of $6.97 and a 52-week high of $15.05. The stock has a 50 day moving average of $14.12 and a 200-day moving average of $12.88.
Model N (NYSE:MODN) last announced its quarterly earnings data on Tuesday, August 8th. The software maker reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.04. Model N had a negative return on equity of 52.59% and a negative net margin of 30.85%. The company had revenue of $34.20 million for the quarter, compared to analysts’ expectations of $34.41 million. During the same quarter in the prior year, the business posted ($0.16) EPS. The business’s revenue was up 22.6% compared to the same quarter last year. On average, analysts forecast that Model N, Inc. will post ($0.62) EPS for the current year.
About Model N
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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