Panagora Asset Management Inc. Takes Position in Model N Inc (NYSE:MODN)

Panagora Asset Management Inc. purchased a new stake in shares of Model N Inc (NYSE:MODN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 32,223 shares of the software maker’s stock, valued at approximately $628,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Altshuler Shaham Ltd raised its stake in shares of Model N by 216.5% in the second quarter. Altshuler Shaham Ltd now owns 1,459 shares of the software maker’s stock worth $28,000 after purchasing an additional 998 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Model N in the second quarter worth approximately $40,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Model N by 68.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,209 shares of the software maker’s stock worth $43,000 after purchasing an additional 896 shares during the last quarter. Aperio Group LLC purchased a new stake in shares of Model N in the second quarter worth approximately $47,000. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Model N by 7,886.8% in the first quarter. BNP Paribas Arbitrage SA now owns 5,431 shares of the software maker’s stock worth $95,000 after purchasing an additional 5,363 shares during the last quarter. 75.70% of the stock is owned by institutional investors.

Shares of NYSE:MODN traded down $0.16 during trading on Friday, hitting $27.26. 12,169 shares of the company were exchanged, compared to its average volume of 476,246. The company has a market cap of $897.24 million, a PE ratio of -37.34 and a beta of 0.56. The stock has a 50 day moving average of $22.68 and a 200 day moving average of $19.10. Model N Inc has a 52-week low of $12.60 and a 52-week high of $27.79. The company has a debt-to-equity ratio of 0.85, a current ratio of 1.33 and a quick ratio of 1.33.

Model N (NYSE:MODN) last posted its earnings results on Tuesday, August 6th. The software maker reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.09. The firm had revenue of $34.71 million for the quarter, compared to the consensus estimate of $34.16 million. Model N had a negative return on equity of 27.17% and a negative net margin of 12.21%. The business’s quarterly revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.07) earnings per share. Sell-side analysts forecast that Model N Inc will post -0.32 EPS for the current fiscal year.

In related news, SVP Mark Albert Anderson sold 2,600 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $27.26, for a total value of $70,876.00. Following the sale, the senior vice president now owns 128,125 shares in the company, valued at $3,492,687.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David Barter sold 1,522 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $26.12, for a total value of $39,754.64. Following the completion of the sale, the chief financial officer now owns 176,862 shares in the company, valued at approximately $4,619,635.44. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,998 shares of company stock worth $237,992. Company insiders own 1.20% of the company’s stock.

Several analysts have recently commented on the company. JMP Securities increased their price objective on Model N to $29.00 and gave the stock a “positive” rating in a research note on Wednesday, August 7th. They noted that the move was a valuation call. Needham & Company LLC raised Model N from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a report on Wednesday, August 7th. National Securities reaffirmed a “buy” rating on shares of Model N in a report on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on Model N from $21.00 to $25.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $23.00 target price on shares of Model N in a report on Monday, May 20th. Two investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Model N currently has a consensus rating of “Buy” and an average price target of $23.13.

Model N 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.

Further Reading: Catch-Up Contributions

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Institutional Ownership by Quarter for Model N (NYSE:MODN)

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