Anaplan Inc (PLAN) Gets a Buy Rating from KeyBanc

In a report released today, Brent Bracelin from KeyBanc maintained a Buy rating on Anaplan Inc (PLANResearch Report), with a price target of $57. The company’s shares opened today at $46.75, close to its 52-week high of $50.66.

Bracelin commented:

“We came away encouraged by elevated investments that partners are making into building new practices around Anaplan, similar to the investment into Salesforce and ServiceNow practices when they were at similar sizes and growth trajectories. Deloitte, for example, now has 30 different pre-packaged solutions powered by Anaplan and has recently expanded the relationship to help shorten sales cycles (Deloitte signed 41 Anaplan deals in 1H19). Expansion opportunity at existing customers appears untapped. Number not only praised the workflow and business planning benefits after moving to Anaplan but highlighted multiple use-cases across multiple departments that could also benefit internally, implying a broad expansion opportunity.”

According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 29.7% and a 75.6% success rate. Bracelin covers the Technology sector, focusing on stocks such as Tyler Technologies, Coupa Software Inc, and Salesforce.com.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Anaplan Inc with a $53 average price target, which is a 13.4% upside from current levels. In a report issued on May 28, Monness also maintained a Buy rating on the stock with a $62 price target.

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The company has a one-year high of $50.66 and a one-year low of $20.37. Currently, Anaplan Inc has an average volume of 1.92M.

Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is negative on the stock.

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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.