After KeyBanc and Berenberg Bank gave Anaplan (NYSE: PLAN) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Scott Berg assigned a Buy rating to Anaplan today and set a price target of $95.00. The company’s shares closed last Thursday at $67.25.
According to TipRanks.com, Berg is a top 25 analyst with an average return of 32.8% and a 74.9% success rate. Berg covers the Technology sector, focusing on stocks such as GTY Technology Holdings, BigCommerce Holdings, and Cornerstone Ondemand.
Currently, the analyst consensus on Anaplan is a Strong Buy with an average price target of $88.90, implying a 33.8% upside from current levels. In a report issued on February 16, Morgan Stanley also upgraded the stock to Buy with a $100.00 price target.
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Based on Anaplan’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $115 million and GAAP net loss of $36.79 million. In comparison, last year the company earned revenue of $89.41 million and had a GAAP net loss of $34.7 million.
Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PLAN in relation to earlier this year.
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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.
