Should You Buy Anaplan After Its Post-Earnings Selloff?
Shares of cloud-based enterprise planning software provider Anaplan (NYSE: PLAN) fell following its earnings report on Tuesday, May 26. Shares continued to fall the following day as high-flying software and technology stocks sold off for lower-priced value stocks in other sectors of the economy that will benefit more from an economic reopening.
On the earnings release, Anaplan reported a slowdown in billings and pulled its guidance for the rest of the year. Still, with the stock now down nearly 30% from its February all-time highs, Anaplan is now underperforming many other cloud-based software stocks that have mostly bounced back -- and then some -- from the coronavirus crash in March. That may have opened up a rare opportunity in this high-growth sector of the digital economy.
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