Wells Fargo & Company MN cut its stake in shares of Model N, Inc. (NYSE:MODN) by 1.6% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 14,851 shares of the software maker’s stock after selling 238 shares during the period. Wells Fargo & Company MN owned approximately 0.05% of Model N worth $155,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MODN. Pier 88 Investment Partners LLC boosted its position in Model N by 1.3% in the first quarter. Pier 88 Investment Partners LLC now owns 88,214 shares of the software maker’s stock valued at $922,000 after buying an additional 1,156 shares in the last quarter. Emerald Advisers Inc. PA boosted its position in Model N by 0.6% in the first quarter. Emerald Advisers Inc. PA now owns 746,180 shares of the software maker’s stock valued at $7,798,000 after buying an additional 4,090 shares in the last quarter. Teachers Advisors LLC boosted its position in Model N by 28.7% in the fourth quarter. Teachers Advisors LLC now owns 43,373 shares of the software maker’s stock valued at $384,000 after buying an additional 9,674 shares in the last quarter. State Street Corp boosted its position in Model N by 9.4% in the fourth quarter. State Street Corp now owns 350,077 shares of the software maker’s stock valued at $3,100,000 after buying an additional 30,167 shares in the last quarter. Finally, Essex Investment Management Co. LLC bought a new position in Model N during the first quarter valued at $568,000. 66.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Model N, Inc. (NYSE MODN) opened at 13.05 on Friday. Model N, Inc. has a 52-week low of $6.98 and a 52-week high of $13.70. The firm’s market cap is $377.61 million. The company’s 50 day moving average is $13.05 and its 200 day moving average is $11.51.
Model N (NYSE:MODN) last posted its earnings results on Tuesday, August 8th. The software maker reported ($0.23) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.04. The business had revenue of $34.20 million for the quarter, compared to analyst estimates of $34.41 million. Model N had a negative net margin of 30.85% and a negative return on equity of 49.40%. Model N’s revenue was up 22.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.16) EPS. Analysts anticipate that Model N, Inc. will post ($0.62) earnings per share for the current year.
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Several brokerages have recently commented on MODN. Zacks Investment Research cut shares of Model N from a “hold” rating to a “sell” rating in a report on Friday, May 12th. Chardan Capital began coverage on shares of Model N in a report on Friday, May 19th. They set a “buy” rating and a $16.00 target price on the stock. BidaskClub cut shares of Model N from a “strong-buy” rating to a “buy” rating in a report on Wednesday. Dougherty & Co began coverage on shares of Model N in a report on Thursday, June 29th. They set a “buy” rating and a $17.00 target price on the stock. Finally, Craig Hallum raised shares of Model N from a “hold” rating to a “buy” rating in a report on Tuesday, May 9th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $12.83.
Model N Company Profile
Model N, Inc is a provider of revenue management solutions for life science and technology companies. The Company’s solutions enable its customers to maximize revenues and reduce revenue compliance risk by transforming their revenue life cycle from a series of tactical, disjointed operations into a strategic end-to-end process.
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