Granite Investment Partners LLC Purchases Shares of 111,325 Model N Inc (NYSE:MODN)

Granite Investment Partners LLC purchased a new position in shares of Model N Inc (NYSE:MODN) during the first quarter, Holdings Channel reports. The firm purchased 111,325 shares of the software maker’s stock, valued at approximately $1,953,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Trigran Investments Inc. boosted its holdings in shares of Model N by 207.7% during the fourth quarter. Trigran Investments Inc. now owns 1,976,779 shares of the software maker’s stock worth $26,153,000 after acquiring an additional 1,334,408 shares during the period. Portolan Capital Management LLC boosted its holdings in shares of Model N by 138.8% during the fourth quarter. Portolan Capital Management LLC now owns 487,266 shares of the software maker’s stock worth $6,447,000 after acquiring an additional 283,196 shares during the period. Assenagon Asset Management S.A. boosted its holdings in shares of Model N by 35.8% during the first quarter. Assenagon Asset Management S.A. now owns 546,006 shares of the software maker’s stock worth $9,577,000 after acquiring an additional 144,024 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Model N by 21.2% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 810,855 shares of the software maker’s stock worth $10,728,000 after acquiring an additional 142,075 shares during the period. Finally, D. E. Shaw & Co. Inc. boosted its holdings in shares of Model N by 34.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 541,450 shares of the software maker’s stock worth $7,163,000 after acquiring an additional 140,020 shares during the period. 75.17% of the stock is currently owned by hedge funds and other institutional investors.

Shares of MODN stock traded down $0.03 during trading on Wednesday, hitting $18.78. The company had a trading volume of 1,003 shares, compared to its average volume of 175,063. The company has a current ratio of 1.35, a quick ratio of 1.35 and a debt-to-equity ratio of 0.86. The stock has a market cap of $611.96 million, a P/E ratio of -25.60 and a beta of 0.55. Model N Inc has a one year low of $12.60 and a one year high of $20.33.

Model N (NYSE:MODN) last issued its quarterly earnings results on Tuesday, May 7th. The software maker reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.19) by $0.20. The business had revenue of $34.84 million during the quarter, compared to analysts’ expectations of $34.52 million. Model N had a negative return on equity of 56.80% and a negative net margin of 20.30%. The firm’s revenue for the quarter was down 11.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.02 earnings per share. Analysts forecast that Model N Inc will post -0.45 EPS for the current year.

MODN has been the subject of a number of research analyst reports. National Securities restated a “buy” rating and set a $23.00 price objective on shares of Model N in a report on Tuesday, February 19th. Chardan Capital restated a “buy” rating and set a $23.00 price objective on shares of Model N in a report on Monday, May 20th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Model N currently has a consensus rating of “Buy” and a consensus target price of $22.00.

In related news, CEO Jason Blessing sold 12,022 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $18.89, for a total value of $227,095.58. Following the completion of the sale, the chief executive officer now directly owns 362,184 shares in the company, valued at $6,841,655.76. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO David Barter sold 8,031 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $18.89, for a total value of $151,705.59. Following the completion of the sale, the chief financial officer now owns 179,033 shares of the company’s stock, valued at $3,381,933.37. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,833 shares of company stock valued at $467,895. 1.20% of the stock is currently owned by corporate insiders.

TRADEMARK VIOLATION NOTICE: This article was first published by Baseball Daily News and is owned by of Baseball Daily News. If you are reading this article on another website, it was stolen and reposted in violation of United States & international copyright legislation. The correct version of this article can be read at https://www.baseballdailydigest.com/news/2019/06/12/granite-investment-partners-llc-purchases-shares-of-111325-model-n-inc-nysemodn.html.

About Model N

Model N, Inc provides revenue management cloud solutions for the life sciences and technology companies. The company's cloud-based revenue management solutions include Revenue Cloud for Pharma, Revenue Cloud for Med Tech, and Revenue Cloud for Semiconductors and High Tech Manufacturing. It develops software applications, such as managed care and government pricing for life science companies; and channel incentives for technology companies.

Further Reading: Average Daily Trade Volume – ADTV

Want to see what other hedge funds are holding MODN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Model N Inc (NYSE:MODN).

Institutional Ownership by Quarter for Model N (NYSE:MODN)

Receive News & Ratings for Model N Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Model N and related companies with MarketBeat.com's FREE daily email newsletter.