SunTrust Banks Boosts Anaplan (PLAN) Price Target to $42.00

Anaplan (NYSE:PLAN) had its price target boosted by SunTrust Banks to $42.00 in a report released on Tuesday, February 26th, The Fly reports. The brokerage currently has a “buy” rating on the stock. SunTrust Banks’ price objective points to a potential upside of 7.78% from the company’s previous close.

A number of other research firms have also issued reports on PLAN. Canaccord Genuity assumed coverage on shares of Anaplan in a research report on Tuesday, November 6th. They set a “buy” rating and a $27.00 price target for the company. Needham & Company LLC assumed coverage on shares of Anaplan in a research note on Tuesday, November 6th. They issued a “buy” rating and a $30.00 price target on the stock. Barclays cut shares of Anaplan from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $30.00 to $32.00 in a research note on Friday, February 8th. Morgan Stanley assumed coverage on shares of Anaplan in a research note on Tuesday, November 6th. They issued an “equal weight” rating and a $23.00 price target on the stock. Finally, Evercore ISI assumed coverage on shares of Anaplan in a research note on Tuesday, November 6th. They issued an “inline” rating and a $26.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $31.44.

Anaplan stock traded down $1.48 during midday trading on Tuesday, hitting $38.97. 527,274 shares of the company’s stock were exchanged, compared to its average volume of 703,573. Anaplan has a 12 month low of $20.37 and a 12 month high of $41.42. The stock has a market cap of $4.87 billion and a price-to-earnings ratio of -22.66.

Anaplan (NYSE:PLAN) last released its quarterly earnings results on Monday, February 25th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.05. The firm had revenue of $69.30 million during the quarter, compared to the consensus estimate of $63.71 million. The business’s quarterly revenue was up 49.7% on a year-over-year basis. Research analysts predict that Anaplan will post -1.29 earnings per share for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in PLAN. Neuburgh Advisers LLC acquired a new position in shares of Anaplan during the 4th quarter valued at about $27,000. Advisor Group Inc. acquired a new position in shares of Anaplan during the 4th quarter valued at about $41,000. Flinton Capital Management LLC acquired a new position in shares of Anaplan during the 4th quarter valued at about $42,000. Legal & General Group Plc acquired a new position in shares of Anaplan during the 4th quarter valued at about $74,000. Finally, Citigroup Inc. acquired a new position in shares of Anaplan during the 4th quarter valued at about $126,000. 35.66% of the stock is currently owned by institutional investors.

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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