Anaplan (NYSE:PLAN) Coverage Initiated by Analysts at Needham & Company LLC

Needham & Company LLC started coverage on shares of Anaplan (NYSE:PLAN) in a research report released on Wednesday morning, PriceTargets.com reports. The brokerage issued a buy rating and a $94.00 target price on the stock.

Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity cut their price objective on shares of Anaplan from $80.00 to $70.00 and set a buy rating on the stock in a report on Wednesday. Wells Fargo & Company cut their price objective on shares of Anaplan from $85.00 to $75.00 and set an overweight rating on the stock in a report on Wednesday. Piper Sandler cut shares of Anaplan from an overweight rating to a neutral rating and cut their price objective for the stock from $77.00 to $48.00 in a report on Wednesday. Monness Crespi & Hardt upped their price objective on shares of Anaplan from $70.00 to $101.00 and gave the stock a buy rating in a report on Wednesday. Finally, Jefferies Financial Group cut their price target on shares of Anaplan from $85.00 to $70.00 and set a buy rating on the stock in a report on Wednesday. Seven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Buy and an average price target of $69.90.

PLAN stock opened at $44.22 on Wednesday. Anaplan has a 1 year low of $40.13 and a 1 year high of $86.17. The company has a market cap of $6.46 billion, a P/E ratio of -35.10 and a beta of 1.88. The firm has a 50-day moving average of $62.24 and a 200 day moving average of $58.50.

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

In other Anaplan news, CEO Frank Calderoni sold 45,000 shares of the stock in a transaction that occurred on Wednesday, November 10th. The shares were sold at an average price of $60.82, for a total value of $2,736,900.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Gagan Dhingra sold 2,000 shares of the firm’s stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $70.00, for a total transaction of $140,000.00. The disclosure for this sale can be found here. Insiders sold 496,094 shares of company stock worth $32,646,403 over the last quarter. Insiders own 5.20% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC grew its stake in shares of Anaplan by 92.3% in the 2nd quarter. FMR LLC now owns 11,085,764 shares of the company’s stock worth $590,871,000 after buying an additional 5,319,915 shares in the last quarter. Palestra Capital Management LLC purchased a new position in shares of Anaplan during the 3rd quarter worth about $164,099,000. Champlain Investment Partners LLC purchased a new position in shares of Anaplan during the 2nd quarter worth about $131,840,000. Echo Street Capital Management LLC boosted its stake in shares of Anaplan by 23,211.1% during the 2nd quarter. Echo Street Capital Management LLC now owns 2,000,794 shares of the company’s stock worth $106,642,000 after purchasing an additional 1,992,211 shares during the period. Finally, Natixis purchased a new position in shares of Anaplan during the 2nd quarter worth about $103,199,000. 90.08% of the stock is owned by institutional investors.

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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Analyst Recommendations for Anaplan (NYSE:PLAN)

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