Evercore ISI Boosts Prologis (NYSE:PLD) Price Target to $118.00

Prologis (NYSE:PLD) had its price objective lifted by investment analysts at Evercore ISI from $116.00 to $118.00 in a report issued on Monday,MarketScreener reports. Evercore ISI’s target price indicates a potential downside of 8.48% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. UBS Group set a $138.00 price objective on shares of Prologis in a research note on Thursday, December 4th. Scotiabank upped their target price on Prologis from $127.00 to $133.00 and gave the stock a “sector perform” rating in a report on Monday, November 10th. Wells Fargo & Company lifted their price target on Prologis from $120.00 to $139.00 and gave the company an “overweight” rating in a report on Monday, October 27th. Weiss Ratings reissued a “buy (b-)” rating on shares of Prologis in a research report on Monday. Finally, Bank of America upgraded Prologis from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $118.00 to $130.00 in a research note on Tuesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $127.00.

Prologis Stock Performance

Shares of Prologis stock opened at $128.94 on Monday. The company has a current ratio of 0.64, a quick ratio of 0.64 and a debt-to-equity ratio of 0.62. The stock’s fifty day moving average price is $126.36 and its 200-day moving average price is $115.79. The firm has a market cap of $119.77 billion, a P/E ratio of 37.59, a P/E/G ratio of 3.92 and a beta of 1.40. Prologis has a 12 month low of $85.35 and a 12 month high of $131.70.

Prologis (NYSE:PLD) last released its quarterly earnings data on Tuesday, October 28th. The real estate investment trust reported $0.82 earnings per share for the quarter. The company had revenue of $2.21 billion during the quarter. Prologis had a net margin of 36.71% and a return on equity of 5.55%. On average, equities research analysts expect that Prologis will post 5.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Cristina Gabriela Bita sold 621 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $127.60, for a total transaction of $79,239.60. Following the sale, the director owned 8,208 shares in the company, valued at approximately $1,047,340.80. The trade was a 7.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 1,621 shares of company stock valued at $198,655 over the last three months. 0.57% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Prologis

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Prologis during the 2nd quarter valued at approximately $1,288,936,000. Franklin Resources Inc. grew its holdings in shares of Prologis by 216.0% during the second quarter. Franklin Resources Inc. now owns 10,050,843 shares of the real estate investment trust’s stock valued at $1,056,545,000 after buying an additional 6,870,479 shares during the last quarter. State Street Corp increased its position in shares of Prologis by 1.9% in the 2nd quarter. State Street Corp now owns 58,640,842 shares of the real estate investment trust’s stock valued at $6,164,325,000 after acquiring an additional 1,088,544 shares during the period. Amundi raised its stake in Prologis by 22.0% in the 3rd quarter. Amundi now owns 5,651,563 shares of the real estate investment trust’s stock worth $661,968,000 after acquiring an additional 1,020,819 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in Prologis by 30.3% during the 3rd quarter. Federated Hermes Inc. now owns 4,256,236 shares of the real estate investment trust’s stock worth $487,424,000 after acquiring an additional 988,986 shares during the period. 93.50% of the stock is owned by hedge funds and other institutional investors.

About Prologis

Prologis, Inc is a real estate investment trust (REIT) specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers and manufacturers. Its portfolio primarily consists of warehouse and distribution centers designed to optimize goods movement and storage near key transportation hubs.

With a global presence, Prologis serves customers across the Americas, Europe and Asia Pacific.