RiverPark Advisors LLC Reduces Stake in The Priceline Group Inc. (PCLN)
RiverPark Advisors LLC lowered its position in The Priceline Group Inc. (NASDAQ:PCLN) by 37.3% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,488 shares of the business services provider’s stock after selling 15,760 shares during the period. The Priceline Group comprises about 5.6% of RiverPark Advisors LLC’s investment portfolio, making the stock its 3rd largest position. RiverPark Advisors LLC owned about 0.05% of The Priceline Group worth $49,546,000 as of its most recent filing with the SEC.
Other institutional investors have also made changes to their positions in the company. Scott & Selber Inc. purchased a new position in The Priceline Group during the first quarter worth $1,899,000. Greystone Investment Management LLC raised its position in The Priceline Group by 1.3% in the first quarter. Greystone Investment Management LLC now owns 3,210 shares of the business services provider’s stock worth $5,714,000 after buying an additional 40 shares in the last quarter. Sumitomo Life Insurance Co. raised its position in The Priceline Group by 28.8% in the first quarter. Sumitomo Life Insurance Co. now owns 2,478 shares of the business services provider’s stock worth $4,411,000 after buying an additional 554 shares in the last quarter. Dubuque Bank & Trust Co. raised its position in The Priceline Group by 51.8% in the first quarter. Dubuque Bank & Trust Co. now owns 85 shares of the business services provider’s stock worth $151,000 after buying an additional 29 shares in the last quarter. Finally, Mycio Wealth Partners LLC purchased a new position in The Priceline Group during the first quarter worth $288,000. Institutional investors own 95.22% of the company’s stock.
Shares of The Priceline Group Inc. (NASDAQ PCLN) opened at 1793.48 on Friday. The Priceline Group Inc. has a one year low of $1,402.67 and a one year high of $2,067.99. The firm’s 50 day moving average is $1,936.36 and its 200-day moving average is $1,827.19. The firm has a market capitalization of $87.99 billion, a PE ratio of 38.09 and a beta of 1.42.
The Priceline Group (NASDAQ:PCLN) last released its earnings results on Tuesday, August 8th. The business services provider reported $15.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $14.25 by $0.89. The company had revenue of $3.02 billion for the quarter, compared to analyst estimates of $2.99 billion. The Priceline Group had a return on equity of 33.10% and a net margin of 20.51%. The Priceline Group’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period in the prior year, the firm posted $13.93 EPS. On average, equities research analysts predict that The Priceline Group Inc. will post $74.77 earnings per share for the current fiscal year.
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A number of equities analysts have recently weighed in on the stock. Credit Suisse Group reissued an “outperform” rating and issued a $2,070.00 price objective (down previously from $2,150.00) on shares of The Priceline Group in a research report on Wednesday, August 9th. Needham & Company LLC reissued a “buy” rating on shares of The Priceline Group in a research report on Wednesday, June 21st. MKM Partners reissued a “buy” rating and issued a $2,050.00 price objective (up previously from $2,030.00) on shares of The Priceline Group in a research report on Wednesday, May 17th. UBS AG reissued an “overweight” rating on shares of The Priceline Group in a research report on Thursday. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $2,100.00 price target on shares of The Priceline Group in a research report on Thursday, August 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $1,924.32.
In other news, CEO Gillian Tans sold 123 shares of the stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $1,880.38, for a total transaction of $231,286.74. Following the sale, the chief executive officer now directly owns 5,799 shares of the company’s stock, valued at approximately $10,904,323.62. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Jan L. Docter sold 2,500 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $1,875.90, for a total value of $4,689,750.00. Following the sale, the director now directly owns 320 shares in the company, valued at $600,288. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,367 shares of company stock worth $8,166,685. 0.42% of the stock is currently owned by insiders.
About The Priceline Group
The Priceline Group Inc is a provider of travel and restaurant online reservation and related services. The Company, through its online travel companies (OTCs), connects consumers wishing to make travel reservations with providers of travel services across the world. It offers consumers an array of accommodation reservations (including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties) through its Booking.com, priceline.com and agoda.com brands.
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