Chardan Capital Sticks to Their Buy Rating for Model N (MODN)

By Jason Carr

In a report released today, Steven Wardell from Chardan Capital reiterated a Buy rating on Model N (MODNResearch Report), with a price target of $23. The company’s shares opened today at $18.33.

Wardell said:

“We liked the onboarding of new customers for cloud subscription services segment and healthy pipeline for FY19. Management is on track to complete its move toward 100% SaaS revenue. We also liked strong execution capabilities over the last few quarters and see potential for valuation multiple expansion over the next 12 months. We maintain our PT at $23 and reiterate our Buy rating.”

According to TipRanks.com, Wardell is ranked #712 out of 5184 analysts.

Currently, the analyst consensus on Model N is a Moderate Buy with an average price target of $23, implying a 25.5% upside from current levels. In a report issued on May 8, National Securities Corp also maintained a Buy rating on the stock with a $23 price target.

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The company has a one-year high of $20.33 and a one-year low of $12.60. Currently, Model N has an average volume of 171.4K.

Based on the recent corporate insider activity of 43 insiders, corporate insider sentiment is negative on the stock.

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Model N, Inc. engages in the provision of revenue management cloud solutions for the life science and technology industries. It solutions include two complementary suites of software applications: Revenue Management Enterprise and Revenue Management Intelligence.