Anaplan (NYSE:PLAN) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Anaplan (NYSE:PLAN) from a hold rating to a buy rating in a research note published on Saturday, Zacks.com reports. They currently have $65.00 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. “

A number of other research firms also recently commented on PLAN. Canaccord Genuity reiterated a buy rating and set a $65.00 price objective on shares of Anaplan in a research note on Friday, November 22nd. Citigroup initiated coverage on shares of Anaplan in a research note on Friday, October 25th. They set a neutral rating and a $49.00 price objective on the stock. Barclays reiterated a hold rating and set a $55.00 price objective on shares of Anaplan in a research note on Sunday, November 3rd. SunTrust Banks increased their price objective on shares of Anaplan to $68.00 and gave the company a buy rating in a research note on Friday, November 22nd. Finally, Rosenblatt Securities initiated coverage on shares of Anaplan in a research note on Tuesday, September 24th. They set a buy rating and a $71.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $62.06.

Shares of PLAN stock opened at $57.04 on Friday. The company has a market capitalization of $7.58 billion, a PE ratio of -33.16 and a beta of 0.95. The firm has a fifty day simple moving average of $53.42 and a 200-day simple moving average of $52.30. The company has a current ratio of 1.60, a quick ratio of 1.60 and a debt-to-equity ratio of 0.11. Anaplan has a twelve month low of $26.53 and a twelve month high of $60.36.

Anaplan (NYSE:PLAN) last announced its earnings results on Thursday, November 21st. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.12) by $0.04. The business had revenue of $89.41 million during the quarter, compared to the consensus estimate of $86.47 million. Anaplan had a negative net margin of 45.48% and a negative return on equity of 46.75%. The business’s quarterly revenue was up 44.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.18) earnings per share. Equities research analysts predict that Anaplan will post -1.08 EPS for the current year.

In other Anaplan news, CFO David H. Morton, Jr. sold 33,430 shares of the stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $51.00, for a total transaction of $1,704,930.00. Following the sale, the chief financial officer now directly owns 69,018 shares of the company’s stock, valued at $3,519,918. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Frank Calderoni sold 49,957 shares of the stock in a transaction on Monday, October 21st. The stock was sold at an average price of $47.28, for a total transaction of $2,361,966.96. Insiders have sold 243,455 shares of company stock worth $12,637,344 over the last three months. 37.20% of the stock is owned by corporate insiders.

Several large investors have recently modified their holdings of PLAN. Vanguard Group Inc. raised its holdings in shares of Anaplan by 349.7% during the second quarter. Vanguard Group Inc. now owns 7,370,796 shares of the company’s stock worth $372,004,000 after purchasing an additional 5,731,817 shares during the period. Coatue Management LLC increased its holdings in shares of Anaplan by 33.7% in the 2nd quarter. Coatue Management LLC now owns 12,110,110 shares of the company’s stock worth $611,198,000 after acquiring an additional 3,053,613 shares during the period. Nuveen Asset Management LLC acquired a new stake in shares of Anaplan in the 2nd quarter worth about $118,659,000. Invesco Ltd. increased its holdings in shares of Anaplan by 2,460.9% in the 2nd quarter. Invesco Ltd. now owns 2,053,941 shares of the company’s stock worth $103,662,000 after acquiring an additional 1,973,737 shares during the period. Finally, Holocene Advisors LP acquired a new stake in shares of Anaplan in the 2nd quarter worth about $88,708,000. 70.26% of the stock is currently owned by institutional investors.

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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