Benzinga | Nov 24, 2021 02:17PM EST

Anaplan Shares Plunge As Analysts Slash Price Targets Post Q3 Beat

Analysts lowered price targets on Anaplan Inc (NYSE: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 (NASDAQ: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.