Stock Alert: Will Anaplan Shares Continue Strong Growth?

(RTTNews) - Anaplan, Inc. (PLAN) shares have surged over 100% in 2019. The cloud software company, which debuted on the Nasdaq in October 2018, closed Tuesday's trading at $52.86, up over 200% from its IPO price of $17.

Anaplan provides a cloud-based connected planning platform. Its platform unites traditionally distinct or disconnected database structures, including relational, columnar, and online analytical processing with in-memory data storage and calculation. Its platform is used in various lines of business, such as finance, sales, supply chain, marketing, human resources, and operations. The company delivers its application over the Internet as a subscription service using a software-as-a-service model.

The company has also trounced Internet Software Market's average, which has climbed only 16% this year.

In November, Anaplan impressed Wall Street with its third-quarter earnings report. The company's earnings, revenues and margins easily trumped analysts' expectations. The company also significantly lifted its full year guidance.

Third-quarter loss narrowed to $34.7 million or $0.26 per share from $51.23 million or $1.11 per share last year. Revenues grew 44% year-over-year to $89.4 million, while subscription revenue rose 47% to $79.7 million.

The San Francisco, California-based company was also recently named to Deloitte's 2019 Technology Fast 500 list.

Moving ahead, Wall Street analysts expect Anaplan to continue with its strong growth. Investors interested in Computer and Technology stocks should pay close attention to the stock.