Model N (MODN) Price Target Cut to $20.00

Model N (NYSE:MODN) had its target price dropped by equities research analysts at Craig Hallum from $25.00 to $20.00 in a research note issued on Wednesday, The Fly reports. The brokerage presently has a “buy” rating on the software maker’s stock. Craig Hallum’s price target suggests a potential upside of 41.94% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Model N to $23.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. CIBC began coverage on shares of Model N in a research note on Friday, October 19th. They set an “outperform” rating for the company. ValuEngine raised shares of Model N from a “hold” rating to a “buy” rating in a research note on Thursday, October 11th. Oppenheimer began coverage on shares of Model N in a research note on Friday, October 19th. They set an “outperform” rating and a $23.00 target price for the company. Finally, Zacks Investment Research cut shares of Model N from a “buy” rating to a “hold” rating in a research note on Monday, August 13th. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Model N currently has an average rating of “Buy” and a consensus price target of $22.29.

MODN traded up $0.14 on Wednesday, reaching $14.09. The stock had a trading volume of 5,409 shares, compared to its average volume of 169,357. Model N has a 12-month low of $12.60 and a 12-month high of $20.33. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.18 and a current ratio of 1.18. The stock has a market capitalization of $467.19 million, a price-to-earnings ratio of -19.36 and a beta of 0.77.

Model N (NYSE:MODN) last released its quarterly earnings data on Tuesday, November 6th. The software maker reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.05. Model N had a negative net margin of 18.24% and a negative return on equity of 54.37%. The company had revenue of $36.70 million during the quarter, compared to analysts’ expectations of $35.49 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. The firm’s revenue for the quarter was up 3.1% on a year-over-year basis. On average, equities research analysts forecast that Model N will post -0.21 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in MODN. BlackRock Inc. increased its stake in shares of Model N by 30.6% during the first quarter. BlackRock Inc. now owns 1,507,063 shares of the software maker’s stock worth $27,203,000 after purchasing an additional 353,477 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Model N by 1,072.5% during the first quarter. JPMorgan Chase & Co. now owns 96,533 shares of the software maker’s stock worth $1,742,000 after acquiring an additional 88,300 shares during the last quarter. Allianz Asset Management GmbH boosted its position in Model N by 14.6% during the first quarter. Allianz Asset Management GmbH now owns 358,488 shares of the software maker’s stock worth $6,471,000 after acquiring an additional 45,666 shares during the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in Model N during the second quarter worth about $372,000. Finally, Acadian Asset Management LLC acquired a new position in Model N during the second quarter worth about $1,184,000. 71.47% of the stock is owned by institutional investors and hedge funds.

About Model N

Model N, Inc provides revenue management cloud solutions for the life sciences, technology, and manufacturing companies. The company's cloud-based revenue management solutions include Revenue Cloud for Pharma, Revenue Cloud for Med Tech, Revenue Cloud for High Tech, and Revenue Cloud. It develops software applications, such as managed care and government pricing for life science companies; and channel incentives for technology companies.

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