JPMorgan Chase & Co. Issues Pessimistic Forecast for HP (NYSE:HPQ) Stock Price

HP (NYSE:HPQ) had its price objective cut by JPMorgan Chase & Co. from $40.00 to $29.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the computer maker’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 22.01% from the stock’s previous close.

Other equities analysts have also issued reports about the stock. Sanford C. Bernstein boosted their price target on shares of HP from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Friday, January 3rd. Wells Fargo & Company raised their price target on HP from $30.00 to $35.00 and gave the company an “underweight” rating in a report on Thursday, February 20th. Barclays increased their target price on HP from $35.00 to $36.00 and gave the stock an “equal weight” rating in a report on Friday, February 28th. StockNews.com downgraded shares of HP from a “buy” rating to a “hold” rating in a research report on Tuesday, April 8th. Finally, Loop Capital dropped their target price on shares of HP from $35.00 to $30.00 and set a “hold” rating for the company in a research note on Tuesday, March 4th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, HP currently has an average rating of “Hold” and a consensus target price of $34.00.

HP Price Performance

Shares of HPQ stock opened at $23.77 on Thursday. The stock has a market cap of $22.41 billion, a P/E ratio of 8.46, a price-to-earnings-growth ratio of 2.96 and a beta of 1.09. The stock has a fifty day moving average price of $28.56 and a 200 day moving average price of $32.74. HP has a one year low of $21.21 and a one year high of $39.80.

HP (NYSE:HPQ) last issued its earnings results on Thursday, February 27th. The computer maker reported $0.74 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.74. The business had revenue of $13.50 billion during the quarter, compared to analysts’ expectations of $13.35 billion. HP had a negative return on equity of 253.39% and a net margin of 5.18%. Equities research analysts anticipate that HP will post 3.56 EPS for the current year.

Insider Activity at HP

In other news, insider Stephanie Liebman sold 15,646 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $29.00, for a total transaction of $453,734.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Anneliese Olson sold 21,545 shares of the stock in a transaction dated Thursday, March 27th. The shares were sold at an average price of $28.49, for a total transaction of $613,817.05. Following the transaction, the insider now owns 169 shares of the company’s stock, valued at approximately $4,814.81. The trade was a 99.22 % decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

Institutional Trading of HP

Several hedge funds have recently added to or reduced their stakes in HPQ. Synergy Asset Management LLC bought a new stake in shares of HP in the 4th quarter worth approximately $26,000. Stonebridge Financial Group LLC purchased a new position in shares of HP during the 4th quarter valued at $31,000. Marshall & Sterling Wealth Advisors Inc. bought a new position in shares of HP during the 4th quarter worth $36,000. OFI Invest Asset Management bought a new stake in HP in the 4th quarter valued at about $37,000. Finally, Financial Freedom LLC lifted its holdings in HP by 141.4% during the first quarter. Financial Freedom LLC now owns 1,499 shares of the computer maker’s stock valued at $42,000 after purchasing an additional 878 shares during the last quarter. Institutional investors own 77.53% of the company’s stock.

About HP

HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.