In a report released today, Koji Ikeda from Oppenheimer maintained a Buy rating on Model N (MODN), with a price target of $23. The company’s shares closed yesterday at $14.95.
Ikeda wrote:
“Model N reported good F4Q results that were above consensus estimates. Positively, management execution was good, and new revenue segments for the P&L were introduced, which should improve visibility and predictability into the recurring- revenue stream (SaaS and maintenance). On balance, the FY2019 guidance is below consensus, mostly related to ASC-606 and the runoff of legacy on- prem implementations, but it does create a tough optic at first glance. Bottom line: We won’t reprise our 35-page Initiation-Report published three weeks ago (10/18/18 at $15.19) in which we present our “self-help and under-the-radar value- oriented turnaround” thesis on MODN. We believe management’s reputation as good operators improved in F4Q, and that this trend should continue, which should lead to better investor sentiment over time. Reiterate Outperform.”
According to TipRanks.com, Ikeda is a 5-star analyst with an average return of 30.6% and a 77.1% success rate. Ikeda covers the Technology sector, focusing on stocks such as Coupa Software Inc, BlackLine Inc, and SPS Commerce.
Model N has an analyst consensus of Moderate Buy, with a price target consensus of $24.
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The company has a one-year high of $20.33 and a one-year low of $13.36. Currently, Model N has an average volume of 227.7K.
Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock.
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Model N, Inc. engages in the provision of revenue management cloud solutions for the life science and technology industries. It solutions include two complementary suites of software applications: Revenue Management Enterprise and Revenue Management Intelligence.
