Assenagon Asset Management S.A. decreased its stake in Model N Inc (NYSE:MODN) by 88.9% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 7,833 shares of the software maker’s stock after selling 62,556 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Model N were worth $272,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in MODN. Gagnon Securities LLC boosted its holdings in shares of Model N by 6.7% in the 1st quarter. Gagnon Securities LLC now owns 6,147 shares of the software maker’s stock worth $137,000 after purchasing an additional 387 shares during the period. SG Americas Securities LLC purchased a new position in shares of Model N in the 1st quarter worth approximately $145,000. IndexIQ Advisors LLC purchased a new position in shares of Model N in the 1st quarter worth approximately $184,000. Ziegler Capital Management LLC purchased a new position in shares of Model N in the 1st quarter worth approximately $275,000. Finally, Envestnet Asset Management Inc. purchased a new position in shares of Model N in the 2nd quarter worth approximately $321,000. Hedge funds and other institutional investors own 81.39% of the company’s stock.
MODN has been the subject of a number of recent research reports. BTIG Research initiated coverage on Model N in a report on Thursday, April 16th. They issued a “neutral” rating for the company. Needham & Company LLC began coverage on Model N in a report on Tuesday, May 26th. They set a “buy” rating and a $34.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on Model N from $36.00 to $37.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. SunTrust Banks boosted their price objective on Model N from $32.00 to $35.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Finally, Robert W. Baird boosted their price objective on Model N from $31.00 to $33.00 and gave the company an “outperform” rating in a report on Wednesday, May 6th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Model N presently has an average rating of “Buy” and a consensus target price of $31.88.
Shares of NYSE MODN opened at $38.46 on Friday. The company has a quick ratio of 1.41, a current ratio of 1.41 and a debt-to-equity ratio of 0.62. The business has a fifty day simple moving average of $35.20 and a two-hundred day simple moving average of $30.17. Model N Inc has a twelve month low of $15.00 and a twelve month high of $39.65.
Model N (NYSE:MODN) last issued its earnings results on Tuesday, May 5th. The software maker reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.05. The business had revenue of $39.90 million during the quarter, compared to analyst estimates of $38.41 million. Model N had a negative return on equity of 19.69% and a negative net margin of 10.88%. Model N’s revenue was up 14.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.01 EPS. As a group, sell-side analysts expect that Model N Inc will post -0.39 EPS for the current year.
In other news, CFO David Barter sold 13,027 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $32.55, for a total value of $424,028.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Christopher Lyon sold 4,281 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $32.55, for a total value of $139,346.55. Following the completion of the transaction, the senior vice president now directly owns 103,347 shares of the company’s stock, valued at $3,363,944.85. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,919 shares of company stock valued at $1,258,863. 1.20% of the stock is currently owned by corporate insiders.
Model N Company Profile
Model N, Inc provides revenue management cloud solutions for the life sciences and technology companies. The company's cloud-based revenue management solutions include Revenue Cloud for Pharma, Revenue Cloud for Med Tech, and Revenue Cloud for Semiconductors and High Tech Manufacturing. 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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