Model N Inc (MODN) Shares Bought by Bank of America Corp DE
Bank of America Corp DE grew its holdings in shares of Model N Inc (NYSE:MODN) by 862.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,897 shares of the software maker’s stock after acquiring an additional 57,260 shares during the quarter. Bank of America Corp DE owned about 0.20% of Model N worth $1,188,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Engineers Gate Manager LP grew its stake in Model N by 31.1% in the second quarter. Engineers Gate Manager LP now owns 22,223 shares of the software maker’s stock worth $413,000 after purchasing an additional 5,276 shares during the period. Rhumbline Advisers grew its stake in Model N by 20.6% in the second quarter. Rhumbline Advisers now owns 24,854 shares of the software maker’s stock worth $462,000 after purchasing an additional 4,238 shares during the period. Monarch Partners Asset Management LLC purchased a new stake in Model N in the second quarter worth $580,000. Dynamic Technology Lab Private Ltd grew its stake in Model N by 125.4% in the second quarter. Dynamic Technology Lab Private Ltd now owns 33,988 shares of the software maker’s stock worth $632,000 after purchasing an additional 18,910 shares during the period. Finally, Rice Hall James & Associates LLC bought a new stake in Model N in the second quarter worth $679,000. Hedge funds and other institutional investors own 70.40% of the company’s stock.
Shares of NYSE:MODN traded down $0.44 during midday trading on Friday, reaching $14.17. 174,060 shares of the company’s stock traded hands, compared to its average volume of 245,092. The company has a market cap of $459.45 million, a P/E ratio of -19.41 and a beta of 0.79. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.23 and a quick ratio of 1.23. Model N Inc has a one year low of $12.60 and a one year high of $20.33.
Several research firms have commented on MODN. JMP Securities reissued a “buy” rating and issued a $25.00 target price on shares of Model N in a report on Sunday, September 2nd. CIBC began coverage on Model N in a report on Friday, October 19th. They issued an “outperform” rating on the stock. Zacks Investment Research downgraded Model N from a “buy” rating to a “hold” rating in a report on Tuesday, October 9th. Needham & Company LLC downgraded Model N from a “buy” rating to a “hold” rating in a report on Wednesday, November 7th. Finally, ValuEngine raised Model N from a “hold” rating to a “buy” rating in a report on Thursday, October 11th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $22.29.
ILLEGAL ACTIVITY NOTICE: This news story was posted by Marea Informative and is the sole property of of Marea Informative. If you are reading this news story on another publication, it was illegally copied and reposted in violation of U.S. and international copyright and trademark law. The legal version of this news story can be read at https://www.mareainformativa.com/news/2018/12/08/bank-of-america-corp-de-buys-57260-shares-of-model-n-inc-modn-updated-updated-updated.html.
Model N Profile
Model N, Inc provides revenue management cloud solutions for the life sciences, technology, and manufacturing companies. The company's cloud-based revenue management solutions include Revenue Cloud for Pharma, Revenue Cloud for Med Tech, Revenue Cloud for High Tech, and Revenue Cloud. It develops software applications, such as managed care and government pricing for life science companies; and channel incentives for technology companies.
Recommended Story: NASDAQ
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.