Jefferies Cuts IronNet Target Price By 29%

January 7, 2022 9:09 AM | 1 min read |

Jefferies analyst Joseph Gallo lowered the price target on IronNet Inc IRNT to $4.25 from $6 and kept a Hold rating.
The price target implies an upside of 11.3% to January 5, 2022, closing price of $3.82.
Software underperformed the S&P 500 by 15% in 2021 as overall valuations contracted 10%, noted the analyst.
Gallo thinks multiples in the space will continue to compress in 2022 as 80% of software names will likely decelerate with "digital digestion" coming out of the pandemic.
Price Action: IRNT shares traded higher by 5.45% at $3.87 in the premarket session on the last check Friday.