Anaplan Inc (PLAN) Receives a Hold from KeyBanc

By Carrie Williams

KeyBanc analyst Brent Bracelin maintained a Hold rating on Anaplan Inc (PLANResearch Report) today. The company’s shares opened today at $41.33, close to its 52-week high of $44.90.

Bracelin said:

“We are raising our estimates and increasing the bull case target to $67 from $47 to reflect strong execution, improving fundamentals, and an untapped market opportunity in Cloud Planning that helps justify a premium valuation. Cloud planning momentum is building. Revenue rose 47% y/y to $75.8M, exceeding consensus by $5.2M, with upside driven by improving sales productivity, strong new customer lands, and a healthy net dollar expansion rate of 123%. Subscription revenue growth accelerated for the second straight quarter to 45% y/y (vs. 44% last quarter) despite a tough comparison. ST deferred revenue was even stronger, rising 54% y/y. Calculated billings growth also accelerated to 57% y/y growth from 54% last quarter on a balanced mix of new customer lands and existing customer expands.”

According to TipRanks.com, Bracelin is a top 25 analyst with an average return of 29.1% and a 76.8% 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 Moderate Buy analyst consensus rating for Anaplan Inc with a $62 average price target.

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Based on Anaplan Inc’s latest earnings release for the quarter ending January 31, the company reported a quarterly GAAP net loss of $32.56 million. In comparison, last year the company had a GAAP net loss of $26.18 million.

Based on the recent corporate insider activity of 17 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.