anaplan-tops-2021-guidance;-shares-spike-22%

Anaplan Tops 2021 Guidance; Shares Spike 22%

Shares of Anaplan jumped 21.6% on Wednesday after the company reported stronger-than-expected 2Q results and provided upbeat guidance for 3Q and fiscal 2021.

PLAN) 2Q revenues climbed 26% to $106.5 million year-on-year and surpassed analysts’ expectations of $103.5 million. The business planning software developer’s adjusted loss narrowed down to $0.04 per share from $0.12 reported in the year-ago quarter and beat Street estimates of a loss of $0.12.” data-reactid=”13″ type=”text”>Anaplan’s (PLAN) 2Q revenues climbed 26% to $106.5 million year-on-year and surpassed analysts’ expectations of $103.5 million. The business planning software developer’s adjusted loss narrowed down to $0.04 per share from $0.12 reported in the year-ago quarter and beat Street estimates of a loss of $0.12.

See PLAN stock analysis on TipRanks).” data-reactid=”14″ type=”text”>Anaplan presented 3Q revenues guidance range of $109-$110 million, which is above analysts’ expectations of $108.4 million. Moreover, the company anticipates generating revenues between $437 million and $439 million in fiscal 2021 compared with Street estimates of $433.5 million. (See PLAN stock analysis on TipRanks).

Brian White lifted the stock’s price target to $74 (27.3% upside potential) from $55 and reiterated a Buy rating. White said that “We believe the next-gen planning market remains in the nascent stages of development and Anaplan is still very early in penetrating its top customers. Furthermore, we believe this crisis will accelerate digital transformation, benefiting Anaplan.”” data-reactid=”19″ type=”text”>Following the 2Q results, Monness analyst Brian White lifted the stock’s price target to $74 (27.3% upside potential) from $55 and reiterated a Buy rating. White said that “We believe the next-gen planning market remains in the nascent stages of development and Anaplan is still very early in penetrating its top customers. Furthermore, we believe this crisis will accelerate digital transformation, benefiting Anaplan.”

price target of $57 implies downside potential of about 2% to current levels.” data-reactid=”20″ type=”text”>Currently, PLAN has a Moderate Buy analyst consensus. With shares up about 11% year-to-date, the average price target of $57 implies downside potential of about 2% to current levels.

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