Anaplan Inc. (PLAN) PT Raised to $70 at Needham on Increasing Visibility and Business Normalization

Needham & Company analyst Scott Berg raised the price target on Anaplan Inc. (NYSE: PLAN) to $70.00 (from $55.00) after Revenue and the non-GAAP Operating Margin of $106.5mm/(9.0%) beat estimates of $103.6mm/(15.5%). Total revenue increased 26.0% Y/Y and subscription revenue grew 32.0% representing 91.1% of total revenue. Calculated billings of $109mm were above guidance of $99mm at the mid-point and reflects a healthy mix of upsells versus new customers. Management reiterated FY21 guidance with greater insight into the demand environment.

The analyst reiterated a Buy rating, stating "Following some sales execution challenges beginning in Q4/20, management has retooled the sales organization with regional leaders and 2Q is the first quarter of demonstrated success under the new model. While we continue to believe a central sales leader would improve execution, we believe 2Q results highlight an improved GTM mechanism".

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