Anaplan Inc (PLAN) Receives a Buy from Rosenblatt Securities

By Carrie Williams

In a report released today, Yun Kim from Rosenblatt Securities initiated coverage with a Buy rating on Anaplan Inc (PLANResearch Report) and a price target of $71. The company’s shares closed last Monday at $50.02.

Kim observed:

“We are initiating coverage of Buy rating and $71 PT. In our view, PLAN’s “Connected Planning” solution is quickly becoming the next killer app with its high, quantifiable ROI (return on investment). As such, its sales process is a smoother process despite selling directly to C-level executives. Also, the company has built a strong partner ecosystem, especially among large global system integrators. These highly strategic partners are adding their domain expertise to PLAN’s solution to generate its own highly differentiated and highly quantifiable ROI solution, which are often sold in conjunction with large transformation projects. With the recent addition of Mr. Mark Anderson, a highly regarded sales executive, the company is attracting top sales talent in the industry, according to our recent field checks.”

According to TipRanks.com, Kim is a 5-star analyst with an average return of 18.4% and a 68.4% success rate. Kim covers the Technology sector, focusing on stocks such as Manhattan Associates, Mimecast Ltd, and Alteryx Inc.

Currently, the analyst consensus on Anaplan Inc is a Strong Buy with an average price target of $63.08, implying a 21.3% upside from current levels. In a report issued on September 20, JMP Securities also reiterated a Buy rating on the stock with a $62 price target.

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The company has a one-year high of $60.36 and a one-year low of $20.37. Currently, Anaplan Inc has an average volume of 2.25M.

Based on the recent corporate insider activity of 50 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.