Stock markets experienced a bit of turmoil during the last few days. News about rising coronavirus infections shook investors, causing a massive sell-off. However, the markets rebounded quickly, and stocks are trading in the green once again.
The Tech sector remains strong despite the uncertainties. There are some companies which experts advise buying despite rising virus cases. Anaplan is one of them. This firm develops cloud-based SaaS platforms to help its customers improve planning and decision-making in real-time, from supply chains to finance.
Anaplan has over 1,400 customers worldwide. The coronavirus pandemic might have made its products and offerings even more desirable. The San Francisco-based firm surpassed its first-quarter earnings estimate at the end of May. Its total quarterly revenue rose by 37%, and subscription sales grew by 44%.
CEO Frank Calderoni stated that, while their first-quarter results reflect the impact of COVID-19, the company believes the need for a digitally connected planning platform will become stronger. It is clear that traditional planning no longer works. They are confident in demand for their Connected Planning solution as companies look to drive digital change in order to adapt to the rapid pace of change.
Anaplan shares have skyrocketed by 60% since mid-March, and they gained another 1.6% on Wednesday. However, Anaplan stock has to gain an additional 23% before it hits its 52-week highs.
Currently, the company’s shares are trading at a 45% discount compared to their 12-month highs. Therefore, it’s a good time to grab this stock until the price escalates again.
According to analysts’ forecasts, Anaplan’s fiscal 2021 revenue may jump up by 25%, with FY22 expected to come in another 26.3% higher. The stock’s adjusted full-year loss may come in flat from the year-ago period, before being cut almost in half in FY22 at -$0.26 a share. Anaplan has also crushed experts’ bottom-line estimates an average of 32% in the trailing four periods.
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