XP (NASDAQ:XP) Price Target Raised to $38.00

XP (NASDAQ:XP) had its target price hoisted by JPMorgan Chase & Co. from $26.00 to $38.00 in a report published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other brokerages have also issued reports on XP. Itau BBA Securities upgraded XP from a “market perform” rating to an “outperform” rating and set a $22.00 price target for the company in a report on Monday, August 31st. Weiss Ratings raised XP from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, September 2nd. Finally, Citigroup upped their target price on XP from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Tuesday, September 29th. Five analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $28.80.

XP Trading Up 2.3%

Shares of XP opened at $30.21 on Tuesday. The firm has a market capitalization of $16.24 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 0.79 and a beta of 1.01. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.80 and a quick ratio of 4.80. XP has a 1-year low of $14.80 and a 1-year high of $30.88. The company has a 50-day moving average of $19.38 and a 200 day moving average of $18.19.

XP (NASDAQ:XP) last issued its earnings results on Monday, August 17th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.03. The business had revenue of $943.55 million for the quarter, compared to the consensus estimate of $935.15 million. XP had a net margin of 27.20% and a return on equity of 22.19%. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.46 EPS. On average, research analysts expect that XP will post 2.09 EPS for the current year.

Insider Transactions at XP

In other XP news, Director Bruno Constantino Alexandre dos Santos sold 123,257 shares of XP stock in a transaction dated Wednesday, September 16th. The stock was sold at an average price of $19.58, for a total value of $2,413,372.06. Following the transaction, the director owned 1,500,000 shares in the company, valued at $29,370,000. The trade was a 7.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Institutional Trading of XP

Several hedge funds have recently modified their holdings of XP. Bank of America Corp DE increased its stake in shares of XP by 33.4% in the first quarter. Bank of America Corp DE now owns 5,147,245 shares of the company’s stock worth $98,004,000 after acquiring an additional 1,289,393 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of XP by 10.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 11,799,175 shares of the company’s stock worth $193,152,000 after purchasing an additional 1,160,977 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in XP by 146.1% during the first quarter. Assenagon Asset Management S.A. now owns 1,930,445 shares of the company’s stock valued at $36,756,000 after purchasing an additional 1,146,057 shares during the period. Hsbc Holdings PLC lifted its position in XP by 876.6% during the first quarter. Hsbc Holdings PLC now owns 1,062,720 shares of the company’s stock valued at $20,179,000 after purchasing an additional 953,902 shares during the period. Finally, ARGA Investment Management LP boosted its holdings in XP by 4.0% in the first quarter. ARGA Investment Management LP now owns 20,699,135 shares of the company’s stock valued at $394,112,000 after purchasing an additional 799,048 shares during the last quarter. 59.15% of the stock is owned by hedge funds and other institutional investors.

About XP

XP Inc is a Brazil-based financial services platform that provides investment, banking and related financial products to individuals, businesses and institutional clients. Through its digital platforms and network of financial professionals, the company offers access to investments such as stocks, bonds, mutual funds, exchange-traded funds, real estate funds, retirement products and insurance.

The company operates a portfolio of brands that includes XP, Rico and Clear, serving customers with different investment needs and levels of experience.