Monness Believes Anaplan Inc (NYSE: PLAN) Still Has Room to Grow

By Jason Carr

In a report released today, Brian White from Monness maintained a Buy rating on Anaplan Inc (PLANResearch Report), with a price target of $50. The company’s shares closed on Friday at $38.28, close to its 52-week high of $41.76.

According to TipRanks.com, White is a top 25 analyst with an average return of 25.9% and a 75.2% success rate. White covers the Technology sector, focusing on stocks such as Spotify Technology SA, Salesforce.com, and Alphabet Inc.

Currently, the analyst consensus on Anaplan Inc is a Moderate Buy with an average price target of $42.40.

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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 16 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.