Needham Issues a Buy Rating on Anaplan (PLAN)

Needham analyst Scott Berg assigned a Buy rating to Anaplan (PLANResearch Report) today and set a price target of $55.00. The company’s shares closed last Tuesday at $47.15.

According to TipRanks.com, Berg is a top 100 analyst with an average return of 16.8% and a 68.3% success rate. Berg covers the Technology sector, focusing on stocks such as GTY Technology Holdings, Cornerstone Ondemand, and Tyler Technologies.

Currently, the analyst consensus on Anaplan is a Moderate Buy with an average price target of $50.92, representing a 4.6% upside. In a report issued on May 18, Monness also maintained a Buy rating on the stock with a $42.00 price target.

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Based on Anaplan’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $98.24 million and GAAP net loss of $36.68 million. In comparison, last year the company earned revenue of $69.25 million and had a GAAP net loss of $32.56 million.

Based on the recent corporate insider activity of 64 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.