Zacks Investment Research Upgrades Anaplan (NYSE:PLAN) to Buy
Zacks Investment Research upgraded shares of Anaplan (NYSE:PLAN) from a hold rating to a buy rating in a research note published on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $64.00 price target on the stock.
According to Zacks, “Anaplan, Inc. develops and publishes a cloud platform for business applications. The Company offers a platform which allow business users to build and maintain strategic, operational and business planning and performance management. Anaplan, Inc. is based in CA, United States. “
Other research analysts have also recently issued reports about the company. Barclays reissued a hold rating and set a $55.00 price objective on shares of Anaplan in a report on Sunday, November 3rd. Morgan Stanley reissued a hold rating and set a $54.00 price objective (up from $53.00) on shares of Anaplan in a report on Friday, November 22nd. Citigroup initiated coverage on Anaplan in a report on Friday, October 25th. They set a neutral rating and a $49.00 price objective for the company. Evercore ISI reissued a buy rating and set a $65.00 price objective on shares of Anaplan in a report on Sunday, November 24th. Finally, Canaccord Genuity reissued a buy rating and set a $65.00 price objective on shares of Anaplan in a report on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the stock. Anaplan presently has a consensus rating of Buy and a consensus price target of $62.00.
Anaplan (NYSE:PLAN) last issued its quarterly earnings data on Thursday, November 21st. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.04. The company had revenue of $89.41 million during the quarter, compared to analysts’ expectations of $86.47 million. Anaplan had a negative return on equity of 46.75% and a negative net margin of 45.48%. The business’s revenue was up 44.2% on a year-over-year basis. During the same period last year, the business earned ($0.18) earnings per share. Analysts predict that Anaplan will post -1.08 earnings per share for the current year.
In related news, CEO Frank Calderoni sold 45,000 shares of Anaplan stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $56.96, for a total value of $2,563,200.00. Following the completion of the transaction, the chief executive officer now directly owns 1,142,810 shares of the company’s stock, valued at $65,094,457.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David H. Morton, Jr. sold 33,430 shares of Anaplan stock in a transaction dated Wednesday, December 11th. The shares were sold at an average price of $51.00, for a total value of $1,704,930.00. Following the completion of the transaction, the chief financial officer now directly owns 69,018 shares of the company’s stock, valued at $3,519,918. The disclosure for this sale can be found here. Insiders sold 193,498 shares of company stock valued at $10,275,377 over the last ninety days. 37.20% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC bought a new position in shares of Anaplan in the third quarter valued at about $40,000. Point72 Hong Kong Ltd bought a new stake in Anaplan during the 2nd quarter worth about $54,000. Ladenburg Thalmann Financial Services Inc. raised its holdings in Anaplan by 1,463.4% during the 2nd quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,282 shares of the company’s stock worth $65,000 after purchasing an additional 1,200 shares during the last quarter. Royal Bank of Canada raised its holdings in Anaplan by 18.9% during the 2nd quarter. Royal Bank of Canada now owns 1,768 shares of the company’s stock worth $89,000 after purchasing an additional 281 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in Anaplan by 178.6% during the 3rd quarter. Parallel Advisors LLC now owns 1,950 shares of the company’s stock worth $92,000 after purchasing an additional 1,250 shares during the last quarter. 70.23% of the stock is owned by institutional investors and hedge funds.
Anaplan Company Profile
Anaplan, Inc engages in the provision of cloud-based connected planning platform that helps connect organizations and people to make better and faster decisions. It also offers professional services, including consulting, implementation, and training. The company was founded by Michael Gould, John David Guy Haddleton, and Sue Haddleton in 2006 and is headquartered in San Francisco, CA.
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