Zacks Investment Research Lowers Anaplan (PLAN) to Sell

Zacks Investment Research cut shares of Anaplan (NYSE:PLAN) from a hold rating to a sell rating in a research report released on Wednesday morning.

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 analysts also recently issued reports on PLAN. Canaccord Genuity began coverage on shares of Anaplan in a report on Tuesday, November 6th. They set a buy rating and a $27.00 price objective for the company. SunTrust Banks began coverage on shares of Anaplan in a report on Tuesday, November 6th. They set a buy rating and a $28.00 price objective for the company. Needham & Company LLC began coverage on shares of Anaplan in a report on Tuesday, November 6th. They set a buy rating and a $30.00 price objective for the company. Barclays downgraded shares of Anaplan from an overweight rating to an equal weight rating and raised their price objective for the stock from $30.00 to $32.00 in a report on Friday, February 8th. Finally, Morgan Stanley began coverage on shares of Anaplan in a report on Tuesday, November 6th. They set an equal weight rating and a $23.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $31.44.

Shares of Anaplan stock traded up $2.32 during trading hours on Wednesday, reaching $39.83. The company’s stock had a trading volume of 887,942 shares, compared to its average volume of 327,738. The firm has a market capitalization of $4.17 billion and a price-to-earnings ratio of -23.16. Anaplan has a one year low of $20.37 and a one year high of $40.75.

Anaplan (NYSE:PLAN) last announced its earnings results on Monday, February 25th. The company reported ($0.13) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.05. The firm had revenue of $69.30 million during the quarter, compared to analysts’ expectations of $63.71 million. The company’s quarterly revenue was up 49.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Anaplan will post -1.29 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the business. Coatue Management LLC bought a new position in shares of Anaplan in the fourth quarter valued at approximately $240,575,000. Meritech Capital Associates IV L.L.C. bought a new position in shares of Anaplan in the fourth quarter valued at approximately $210,369,000. Salesforce Com Inc. bought a new position in shares of Anaplan in the fourth quarter valued at approximately $79,105,000. Baillie Gifford & Co. bought a new position in shares of Anaplan in the fourth quarter valued at approximately $49,673,000. Finally, HMI Capital LLC bought a new position in shares of Anaplan in the fourth quarter valued at approximately $35,261,000. Hedge funds and other institutional investors own 5.44% of the company’s stock.

About Anaplan

Anaplan, Inc provides a cloud-based connected planning platform Its platform unites traditionally distinct or disconnected database structures, including relational, columnar, and online analytical processing with in-memory data storage and calculation that is used in various lines of business, such as finance, sales, supply chain, marketing, human resources, and operations.

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