Anaplan Shares Plunge As Analysts Slash Price Targets Post Q3 Beat

Analysts lowered price targets on Anaplan Inc PLAN despite Q3 beat and upbeat outlook. Goldman Sachs analyst Kash Rangan lowered the PT to $58 from $67 (11.4% upside) and kept a Neutral. 

• Rangan sees continued billings volatility but believes Anaplan remains well-positioned to capitalize on a recovery in demand. 
• However, with incremental competition in the market longer-term, he prefers to own Workday Inc WDAY for exposure to increasing digitization within the office of the CFO.
• Morgan Stanley analyst Stan Zlotsky lowered the PT to $73 from $80 (40.2% upside) and kept an Overweight. 
• Mizuho analyst Siti Panigrahi lowered the PT to $70 from $90 and kept a Buy.
• Wells Fargo analyst Michael Turrin lowered PT to $75 from $85 (44.1% upside) and kept an Overweight. 
• KeyBanc analyst Josh Beck lowered PT to $60 from $80 (15.3% upside) and kept an Overweight.
• Wolfe Research analyst Alex Zukin lowered PT to $55 from $77 (5.6% upside) and kept an Outperform.
• Truist analyst Terry Tillman lowered the PT to $70 from $80 (34.5% upside) and kept a Buy.
• Canaccord analyst Joseph Vafi lowered the PT to $70 from $80 and kept a Buy.
• Jefferies analyst Brent Thill lowered PT to $70 from $85 and kept a Buy.
• Piper Sandler analyst Brent Bracelin downgraded to Neutral from Overweight with a PT of $48, down from $77 (7.8% downside).
• Barclays analyst Raimo Lenschow lowered the PT to $68 from $84 (30.6% upside) and kept an Equal Weight.
• Price Action: PLAN shares traded lower by 19.8% at $41.78 on the last check Wednesday.