First Light Asset Management LLC increased its stake in Model N Inc (NYSE:MODN) by 13.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,070,023 shares of the software maker’s stock after purchasing an additional 125,898 shares during the quarter. Model N accounts for 4.2% of First Light Asset Management LLC’s portfolio, making the stock its 9th largest position. First Light Asset Management LLC owned about 3.50% of Model N worth $19,314,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently modified their holdings of the stock. Barclays PLC raised its position in Model N by 153.5% in the first quarter. Barclays PLC now owns 9,550 shares of the software maker’s stock worth $171,000 after acquiring an additional 5,783 shares during the period. A.R.T. Advisors LLC raised its position in Model N by 186.0% in the first quarter. A.R.T. Advisors LLC now owns 66,576 shares of the software maker’s stock worth $1,201,000 after acquiring an additional 43,300 shares during the period. Next Century Growth Investors LLC bought a new position in Model N in the first quarter worth approximately $1,868,000. Allianz Asset Management GmbH raised its position in Model N by 14.6% in 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 period. Finally, Cortina Asset Management LLC bought a new position in Model N in the first quarter worth approximately $5,055,000. Institutional investors own 68.53% of the company’s stock.
Several research analysts have weighed in on MODN shares. JPMorgan Chase & Co. set a $20.00 price target on shares of Model N and gave the stock a “hold” rating in a research report on Wednesday, March 14th. They noted that the move was a valuation call. Zacks Investment Research upgraded shares of Model N from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Monday, March 12th. Dougherty & Co started coverage on shares of Model N in a research report on Tuesday. They issued a “buy” rating and a $22.00 price target on the stock. Finally, ValuEngine upgraded shares of Model N from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Model N currently has a consensus rating of “Buy” and an average price target of $20.67.
Shares of MODN stock opened at $17.80 on Thursday. The firm has a market cap of $541.91 million, a PE ratio of -21.45 and a beta of 0.81. Model N Inc has a one year low of $12.40 and a one year high of $19.60. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.20 and a current ratio of 1.20.
Model N (NYSE:MODN) last announced its quarterly earnings data on Tuesday, May 8th. The software maker reported $0.02 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.06. The firm had revenue of $39.20 million for the quarter, compared to the consensus estimate of $38.32 million. Model N had a negative net margin of 19.31% and a negative return on equity of 41.62%. The company’s revenue was up 17.7% on a year-over-year basis. During the same period last year, the firm earned ($0.25) EPS. equities analysts forecast that Model N Inc will post -0.55 EPS for the current fiscal year.
Model N Profile
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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