Truist Securities Trims Anaplan (NYSE:PLAN) Target Price to $70.00

Anaplan (NYSE:PLAN) had its target price cut by Truist Securities from $80.00 to $70.00 in a report released on Wednesday, Stock Target Advisor reports. They currently have a buy rating on the stock.

A number of other brokerages also recently commented on PLAN. UBS Group started coverage on Anaplan in a research note on Friday, October 1st. They issued a buy rating and a $72.00 target price for the company. Barclays decreased their target price on Anaplan from $84.00 to $68.00 and set an equal weight rating for the company in a research note on Wednesday. Needham & Company LLC reiterated a buy rating and set a $95.00 price objective on shares of Anaplan in a research report on Wednesday, September 1st. Morgan Stanley reduced their price objective on Anaplan from $80.00 to $73.00 and set an overweight rating for the company in a research report on Wednesday. Finally, Loop Capital reduced their price objective on Anaplan from $65.00 to $45.00 and set a hold rating for the company in a research report on Wednesday. Seven research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Buy and a consensus price target of $69.90.

Shares of Anaplan stock opened at $44.22 on Wednesday. The firm has a market cap of $6.46 billion, a P/E ratio of -35.10 and a beta of 1.88. Anaplan has a fifty-two week low of $40.13 and a fifty-two week high of $86.17. The business has a 50-day moving average price of $62.24 and a 200 day moving average price of $58.50.

Anaplan (NYSE:PLAN) last issued its earnings results on Tuesday, November 23rd. The company reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.11) by $0.06. Anaplan had a negative return on equity of 64.29% and a negative net margin of 35.47%. The company had revenue of $155.30 million during the quarter, compared to the consensus estimate of $146.31 million. During the same period in the previous year, the firm posted ($0.24) earnings per share. Anaplan’s quarterly revenue was up 35.2% compared to the same quarter last year. On average, equities analysts anticipate that Anaplan will post -1.33 EPS for the current year.

In other Anaplan news, CEO Frank Calderoni sold 45,000 shares of the company’s stock in a transaction on Wednesday, November 10th. The stock was sold at an average price of $60.82, for a total value of $2,736,900.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ana G. Pinczuk sold 10,261 shares of the business’s stock in a transaction on Tuesday, September 14th. The shares were sold at an average price of $64.94, for a total transaction of $666,349.34. Following the sale, the insider now directly owns 41,653 shares in the company, valued at $2,704,945.82. The disclosure for this sale can be found here. Insiders sold 496,094 shares of company stock worth $32,646,403 in the last ninety days. 5.20% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in shares of Anaplan by 13.2% in the third quarter. Bank of New York Mellon Corp now owns 827,386 shares of the company’s stock worth $50,378,000 after acquiring an additional 96,514 shares during the last quarter. Gyon Technologies Capital Management LP acquired a new position in shares of Anaplan in the third quarter worth $527,000. Suvretta Capital Management LLC increased its stake in shares of Anaplan by 8.0% in the third quarter. Suvretta Capital Management LLC now owns 2,165,238 shares of the company’s stock worth $131,841,000 after acquiring an additional 159,690 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Anaplan in the third quarter worth $24,117,000. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Anaplan by 36.0% in the third quarter. BNP Paribas Arbitrage SA now owns 8,745 shares of the company’s stock worth $532,000 after acquiring an additional 2,313 shares during the last quarter. 90.08% of the stock is currently owned by institutional investors and hedge funds.

About Anaplan

Anaplan, Inc engages in the provision of cloud-based connected planning platform that connects organizations and people for decision making. 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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