State Street Corp raised its stake in Model N, Inc. (NYSE:MODN) by 4.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 372,302 shares of the software maker’s stock after acquiring an additional 16,720 shares during the period. State Street Corp owned approximately 1.28% of Model N worth $4,953,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in MODN. SQN Investors LP increased its stake in shares of Model N by 28.8% in the 2nd quarter. SQN Investors LP now owns 2,805,028 shares of the software maker’s stock valued at $37,307,000 after purchasing an additional 627,700 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Model N by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 963,235 shares of the software maker’s stock valued at $12,811,000 after purchasing an additional 28,369 shares during the last quarter. Trigran Investments Inc. increased its stake in shares of Model N by 11.1% in the 2nd quarter. Trigran Investments Inc. now owns 856,612 shares of the software maker’s stock valued at $11,393,000 after purchasing an additional 85,879 shares during the last quarter. First Light Asset Management LLC increased its stake in shares of Model N by 0.6% in the 2nd quarter. First Light Asset Management LLC now owns 423,211 shares of the software maker’s stock valued at $5,629,000 after purchasing an additional 2,461 shares during the last quarter. Finally, Lyon Street Capital LLC bought a new position in shares of Model N in the 2nd quarter valued at $3,594,000. 65.77% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently issued reports on MODN shares. BidaskClub lowered Model N from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, October 10th. Zacks Investment Research upgraded Model N from a “hold” rating to a “buy” rating and set a $15.00 price target on the stock in a research note on Monday, August 14th. Finally, ValuEngine upgraded Model N from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Model N presently has a consensus rating of “Buy” and an average price target of $14.75.
In related news, Director Alan S. Henricks sold 4,730 shares of the business’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $14.59, for a total transaction of $69,010.70. Following the sale, the director now owns 40,134 shares in the company, valued at approximately $585,555.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO David Barter sold 3,596 shares of the business’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $14.65, for a total value of $52,681.40. Following the sale, the chief financial officer now owns 111,676 shares in the company, valued at approximately $1,636,053.40. The disclosure for this sale can be found here. Insiders have sold a total of 21,801 shares of company stock worth $317,080 in the last 90 days. 20.40% of the stock is currently owned by corporate insiders.
Shares of Model N, Inc. (NYSE:MODN) traded up $0.05 during mid-day trading on Wednesday, reaching $15.85. The company had a trading volume of 189,600 shares, compared to its average volume of 151,765. Model N, Inc. has a twelve month low of $7.90 and a twelve month high of $16.75. The company has a debt-to-equity ratio of 1.27, a quick ratio of 1.13 and a current ratio of 1.13.
Model N (NYSE:MODN) last issued its quarterly earnings data on Tuesday, November 7th. The software maker reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.03. The business had revenue of $35.61 million for the quarter, compared to analyst estimates of $34.86 million. Model N had a negative return on equity of 55.26% and a negative net margin of 30.15%. Model N’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.28) EPS. equities research analysts expect that Model N, Inc. will post -0.64 EPS for the current fiscal year.
About Model N
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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