Anaplan Shares Plunge as Analysts Slash Price Targets Post Q3 Beat

By Benzinga
Benzinga
Benzinga
November 25, 2021 Updated: November 25, 2021

Analysts lowered price targets on Anaplan Inc. despite Q3 beat and upbeat outlook. Goldman Sachs analyst Kash Rangan lowered the Price Target (PT) to $58 from $67 (11.4 percent upside) and kept a Neutral.

Rangan sees continued billings volatility but believes Anaplan remains well-positioned to capitalize on a recovery in demand.

However, with incremental competition in the market longer-term, he prefers to own Workday Inc. for exposure to increasing digitization within the office of the CFO.

Morgan Stanley analyst Stan Zlotsky lowered the PT to $73 from $80 (40.2 percent upside) and kept an Overweight.

Mizuho analyst Siti Panigrahi lowered the PT to $70 from $90 and kept a Buy.

Wells Fargo analyst Michael Turrin lowered PT to $75 from $85 (44.1 percent upside) and kept an Overweight.

KeyBanc analyst Josh Beck lowered PT to $60 from $80 (15.3 percent upside) and kept an Overweight.

Wolfe Research analyst Alex Zukin lowered PT to $55 from $77 (5.6 percent upside) and kept an Outperform.

Truist analyst Terry Tillman lowered the PT to $70 from $80 (34.5 percent upside) and kept a Buy.

Canaccord analyst Joseph Vafi lowered the PT to $70 from $80 and kept a Buy.

Jefferies analyst Brent Thill lowered PT to $70 from $85 and kept a Buy.

Piper Sandler analyst Brent Bracelin downgraded to Neutral from Overweight with a PT of $48, down from $77 (7.8 percent downside).

Barclays analyst Raimo Lenschow lowered the PT to $68 from $84 (30.6 percent upside) and kept an Equal Weight.

Price Action

Anaplan shares traded lower by 15.06 percent at $44.22 on the last check Thursday.

By Anusuya Lahiri 

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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