Thrive Wealth Management LLC Boosts Holdings in Model N, Inc. (NYSE:MODN)

Thrive Wealth Management LLC grew its holdings in shares of Model N, Inc. (NYSE:MODN) by 63.6% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,495 shares of the software maker’s stock after acquiring an additional 16,515 shares during the quarter. Model N accounts for approximately 0.4% of Thrive Wealth Management LLC’s holdings, making the stock its 28th biggest holding. Thrive Wealth Management LLC owned approximately 0.11% of Model N worth $1,503,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in MODN. Nordea Investment Management AB increased its stake in shares of Model N by 6.2% in the second quarter. Nordea Investment Management AB now owns 252,822 shares of the software maker’s stock worth $9,076,000 after buying an additional 14,688 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Model N by 38.2% in the first quarter. Ameriprise Financial Inc. now owns 277,041 shares of the software maker’s stock worth $9,273,000 after buying an additional 76,609 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Model N by 10.5% in the first quarter. JPMorgan Chase & Co. now owns 61,422 shares of the software maker’s stock worth $2,056,000 after buying an additional 5,853 shares during the period. Castleark Management LLC increased its stake in shares of Model N by 33.9% in the first quarter. Castleark Management LLC now owns 170,397 shares of the software maker’s stock worth $5,703,000 after buying an additional 43,094 shares during the period. Finally, Silvercrest Asset Management Group LLC boosted its holdings in Model N by 44.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 206,702 shares of the software maker’s stock valued at $6,918,000 after acquiring an additional 63,976 shares in the last quarter.

Wall Street Analysts Forecast Growth

MODN has been the topic of several recent analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $44.00 price target on shares of Model N in a report on Tuesday, September 5th. Truist Financial dropped their target price on shares of Model N from $52.00 to $40.00 in a report on Wednesday, August 9th. TheStreet cut shares of Model N from a “c” rating to a “d+” rating in a report on Wednesday, May 24th. StockNews.com upgraded shares of Model N from a “hold” rating to a “buy” rating in a report on Monday, September 4th. Finally, The Goldman Sachs Group assumed coverage on shares of Model N in a research note on Thursday, July 6th. They issued a “buy” rating and a $45.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Model N has an average rating of “Moderate Buy” and an average price target of $39.30.

Model N Price Performance

MODN stock traded down $0.11 during midday trading on Monday, hitting $25.66. The company’s stock had a trading volume of 41,264 shares, compared to its average volume of 311,080. Model N, Inc. has a 12 month low of $25.40 and a 12 month high of $43.18. The company has a quick ratio of 4.13, a current ratio of 4.13 and a debt-to-equity ratio of 2.70. The firm has a market capitalization of $986.32 million, a price-to-earnings ratio of -22.61 and a beta of 0.74. The company has a 50 day moving average of $30.15 and a two-hundred day moving average of $31.63.

Model N (NYSE:MODN) last posted its earnings results on Tuesday, August 8th. The software maker reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.16. The firm had revenue of $63.74 million during the quarter, compared to the consensus estimate of $61.97 million. Model N had a negative return on equity of 1.58% and a negative net margin of 17.51%. On average, analysts expect that Model N, Inc. will post 0.08 EPS for the current year.

Insider Activity at Model N

In related news, insider Rehmann Rayani sold 2,718 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $27.97, for a total transaction of $76,022.46. Following the sale, the insider now owns 54,804 shares in the company, valued at approximately $1,532,867.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Model N news, insider Rehmann Rayani sold 2,718 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $27.97, for a total value of $76,022.46. Following the sale, the insider now owns 54,804 shares in the company, valued at $1,532,867.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jason Blessing sold 9,609 shares of the stock in a transaction on Wednesday, August 16th. The stock was sold at an average price of $27.97, for a total value of $268,763.73. Following the completion of the sale, the chief executive officer now owns 674,190 shares in the company, valued at approximately $18,857,094.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,329 shares of company stock worth $770,111. Company insiders own 2.30% of the company’s stock.

About Model N

Model N, Inc provides cloud revenue management solutions for life sciences and high-tech companies. The company offers Global Pricing Management, which minimizes price erosion of products; Global Tender Management that enhances revenue by enabling segmentation and targeting, optimal bid pricing, and post-award tracking; Provider Management, which minimizes rebate overpayments; Payer Management that minimizes revenue leakage and noncompliance of complex contracts; Government Pricing, which optimizes revenue, and reduces the risk of fines and other penalties; and Medicaid that enhances compliance with regulatory requirements and payments of rebate claims on a timely basis and at correct rates for government Medicaid programs, as well as Validata, State Pricing Transparency Management, Advanced Membership Management, and Intelligence Cloud.