Essex Investment Management Co. LLC cut its position in shares of Model N Inc. (NYSE:MODN) by 20.2% during the second quarter, Holdings Channel reports. The institutional investor owned 47,618 shares of the company’s stock after selling 12,051 shares during the period. Essex Investment Management Co. LLC’s holdings in Model N were worth $636,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of the stock. Royce & Associates LP raised its stake in Model N by 8.0% in the first quarter. Royce & Associates LP now owns 215,000 shares of the company’s stock worth $2,316,000 after buying an additional 16,000 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Model N by 20.3% in the first quarter. Geode Capital Management LLC now owns 122,369 shares of the company’s stock valued at $1,317,000 after buying an additional 20,679 shares in the last quarter. State Street Corp raised its position in shares of Model N by 11.0% in the first quarter. State Street Corp now owns 226,180 shares of the company’s stock valued at $2,435,000 after buying an additional 22,371 shares in the last quarter. Palisade Capital Management LLC NJ raised its position in shares of Model N by 23.5% in the first quarter. Palisade Capital Management LLC NJ now owns 313,650 shares of the company’s stock valued at $3,378,000 after buying an additional 59,650 shares in the last quarter. Finally, Thomson Horstmann & Bryant Inc. bought a new position in shares of Model N during the second quarter valued at $821,000. 67.47% of the stock is currently owned by institutional investors and hedge funds.
Model N Inc. (NYSE:MODN) traded up 0.10% on Wednesday, hitting $10.51. 34,631 shares of the stock traded hands. Model N Inc. has a 12-month low of $9.19 and a 12-month high of $13.98. The firm’s market cap is $290.78 million. The stock has a 50-day moving average of $10.71 and a 200-day moving average of $11.64.
Model N (NYSE:MODN) last released its earnings results on Monday, August 8th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.04. Model N had a negative net margin of 29.19% and a negative return on equity of 37.01%. The company had revenue of $27.90 million for the quarter, compared to the consensus estimate of $27.34 million. During the same period in the prior year, the company posted ($0.08) EPS. The company’s revenue was up 18.2% compared to the same quarter last year. Analysts forecast that Model N Inc. will post ($0.66) earnings per share for the current year.
MODN has been the subject of several recent analyst reports. Zacks Investment Research lowered shares of Model N from a “hold” rating to a “sell” rating in a report on Tuesday, September 20th. JMP Securities lowered shares of Model N from an “outperform” rating to a “market perform” rating in a report on Tuesday, August 9th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $16.00 price objective (down from $18.00) on shares of Model N in a report on Tuesday, August 9th.
In other Model N news, SVP Eric Carrasquilla sold 4,031 shares of the company’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $10.61, for a total transaction of $42,768.91. Following the transaction, the senior vice president now directly owns 59,691 shares in the company, valued at approximately $633,321.51. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 20.90% of the company’s stock.
Model N Company Profile
Model N, Inc is a provider of revenue management cloud solutions for life science and technology companies. The Company’s solutions enable its customers to manage revenue compliance risk. The Company’s solutions include Revenue Enterprise Cloud, Revenue Intelligence Cloud and Revvy. The Company provides solutions that span the organizational and operational boundaries of functions, such as sales, marketing and finance, and serve as a system of record for revenue management processes, including pricing, contracts, rebates, incentives and regulatory compliance.
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