Morgan Stanley Reaffirms “Overweight” Rating for The Priceline Group Inc. (PCLN)
Morgan Stanley restated their overweight rating on shares of The Priceline Group Inc. (NASDAQ:PCLN) in a research note published on Monday, Marketbeat reports. They currently have a $2,100.00 price target on the business services provider’s stock, up from their prior price target of $2,050.00.
Other equities analysts have also recently issued research reports about the company. Needham & Company LLC reissued a buy rating on shares of The Priceline Group in a research report on Wednesday, June 21st. Stifel Nicolaus reissued a buy rating and set a $2,100.00 price objective on shares of The Priceline Group in a research report on Thursday, August 10th. Jefferies Group LLC reissued a buy rating and set a $2,250.00 price objective on shares of The Priceline Group in a research report on Friday, August 4th. Credit Suisse Group set a $2,150.00 price objective on The Priceline Group and gave the stock a buy rating in a research report on Tuesday, August 1st. Finally, Raymond James Financial, Inc. reissued a buy rating on shares of The Priceline Group in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company’s stock. The Priceline Group currently has an average rating of Buy and a consensus target price of $1,952.67.
Shares of The Priceline Group (NASDAQ:PCLN) opened at 1888.70 on Monday. The stock has a market capitalization of $92.66 billion, a P/E ratio of 40.11 and a beta of 1.47. The Priceline Group has a 12-month low of $1,422.19 and a 12-month high of $2,067.99. The firm’s 50-day moving average price is $1,838.26 and its 200 day moving average price is $1,857.96.
The Priceline Group (NASDAQ:PCLN) last posted its quarterly earnings data on Tuesday, August 8th. The business services provider reported $15.14 earnings per share for the quarter, topping the consensus estimate of $14.25 by $0.89. The Priceline Group had a return on equity of 33.10% and a net margin of 20.51%. The business had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $2.99 billion. During the same quarter in the previous year, the firm earned $13.93 EPS. The firm’s revenue was up 18.3% compared to the same quarter last year. Analysts predict that The Priceline Group will post $74.71 EPS for the current fiscal year.
In other The Priceline Group news, CEO Gillian Tans sold 122 shares of the stock in a transaction on Friday, July 14th. The stock was sold at an average price of $1,949.47, for a total value of $237,835.34. Following the transaction, the chief executive officer now directly owns 5,922 shares in the company, valued at approximately $11,544,761.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jan L. Docter sold 2,500 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $1,875.90, for a total value of $4,689,750.00. Following the completion of the transaction, the director now owns 320 shares in the company, valued at $600,288. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,867 shares of company stock worth $5,384,080. 0.24% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Harvest Fund Management Co. Ltd bought a new position in The Priceline Group in the 2nd quarter valued at $101,000. Shine Investment Advisory Services Inc. bought a new position in The Priceline Group in the 2nd quarter valued at $105,000. Capital Advisors Ltd. LLC bought a new position in The Priceline Group in the 2nd quarter valued at $112,000. Assetmark Inc. boosted its position in The Priceline Group by 12.5% in the 1st quarter. Assetmark Inc. now owns 63 shares of the business services provider’s stock valued at $112,000 after buying an additional 7 shares during the last quarter. Finally, Proficio Capital Partners LLC boosted its position in The Priceline Group by 29.6% in the 1st quarter. Proficio Capital Partners LLC now owns 70 shares of the business services provider’s stock valued at $129,000 after buying an additional 16 shares during the last quarter. Hedge funds and other institutional investors own 94.45% of the company’s stock.
The Priceline Group Company Profile
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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