On Tuesday morning, ) updated its earnings guidance for the third quarter of 2023. The company gave a guidance for earnings per share (EPS), which ranged from $0.23 to $0.25, as opposed to the consensus estimate $0.26. The company provided revenue guidance between $61,50 million and $62,50 million, which is lower than the consensus estimate of $61,70 million. Model N updated its FY2023 guidance at $0.94-$0.99 per share.
Model N Stocks Down by 1.2 %
During trading hours, the price of a share fell by $0.37 to $30.01. The trading volume was 217,445 compared to the average of 346.556. Model N's low for the past twelve months is $20.95, and its high for that same period is $43.18. The company has a $1.13 billion market cap, a P/E ratio of -41.68, and a beta value of 0.68. The company's simple moving 50-day average is $32.62 while its simple moving two-hundred-day average is $35.59. The last time ) released quarterly earnings was on February 7th. Software maker reported ($0.05 per share) for the quarter. Model N reported a negative margin of 11,65%, and a negative equity return of 7.52%. Revenue for the quarter was $59.15m, which is lower than the $57.51m consensus estimate. Model N is expected to post an average of -0.02 per share in the current fiscal year, according to analysts.
Analysts set new price targets
Many research analysts have commented on the stock. Morgan Stanley initiated coverage on Model N shares in a research report on Monday, 27th March. The stock was given an overweight rating with a price target of $43.00. In a Thursday, April 27th research report, 1-800-FLOWERS.COM reissued its initiates rating for shares of Model N. Royal Bank of Canada started coverage of shares of Model N on Thursday, 27th April. In a research note published on March 21st, lowered the shares of Model N's rating from buy to hold. Needham & Company LLC increased their price target for shares of Model N in a report published on Wednesday, February 8. They also gave the company a Buy rating. Three analysts have given the company a buy rating, while two have assigned the stock a hold. MarketBeat.com data shows that Model N currently has an average rating Moderate Buy with a consensus target price of $44.63.
Model N: Insiders' Guide to Buying and selling
Insider Suresh Kannan, in other Model N news: on Thursday, 16th February, he sold 6,585 of the company's shares. The shares were purchased at an average of $35.04 for a value of $230.738,40. The insider owns directly 172,240 company shares, worth $6,035,289.60, after the transaction. The business sold 1,000 shares in a single transaction on February 15th. The shares were purchased at an average of $34.18 for a value of $34,180.00. The director now holds 10,857 shares worth $371,092.26. Insider Suresh Kanan also sold 6,585 of the company's shares in a deal that took place on Thursday, 16th February. The shares were purchased at an average of $35.04 for a transaction totaling $230,738.40. After the sale is complete, the insider will now own 172,240 company shares, worth approximately $6,035,289.60. Over the past three months, insiders sold 53,238 company shares worth $1,832,671. Insiders own 2.30%.
Model N: Institutional Trading
Recently, several hedge funds and institutional investors changed their holdings in the company. Altshuler Shaham Ltd increased their holdings in Model N during the fourth quarter by 79.2%. Altshuler Shaham Ltd owns 1,572 of the software maker’s shares worth $64,000, after purchasing an additional 695 during the period. Tower Research Capital LLC TRC has increased its Model N holdings by 35.0% in the third quarter. Tower Research Capital LLC TRC owns 1,664 of the software maker’s shares worth $57,000, after purchasing an additional 431 during the period. UBS Group AG increased their holdings in Model N during the fourth quarter by 3,888.6%. UBS Group AG owns now 4,547 shares worth $184,000 of the software maker’s stock after adding 4,433 more shares. PNC Financial Services Group Inc. increased their holdings in Model N during the first quarter by 13.1%. PNC Financial Services Group Inc. owns 5,080 of the software maker’s stock, worth $136,000, after purchasing an additional 588 during the period. Campbell & CO Investment Adviser LLC also bought a Model N stake worth about $219,000. Institutional investors hold 96.63% the stock of Model N.
Model N, Inc is a company that develops and monetizes revenue management solutions. It provides cloud revenue optimization, compliance, and medical technology to high-tech, pharmaceutical, and semiconductor companies. Its products include business processes like pricing, quoting and contracting. They also provide regulatory compliance, rebates, incentives, and rebates.
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