Booking (NASDAQ:BKNG) Stock Gets Price Target Reduction from Wedbush

Booking (NASDAQ:BKNG) had its price target reduced by Wedbush from $247.00 to $210.00 in a report published on Wednesday,Benzinga reports. They currently have an outperform rating on the business services provider’s stock.

BKNG has been the subject of a number of other reports. Rosenblatt Securities lowered their target price on Booking from $245.00 to $210.00 and set a “buy” rating for the company in a research report on Wednesday. Piper Sandler reissued a “neutral” rating and issued a $215.00 target price (up from $195.00) on shares of Booking in a report on Wednesday, August 5th. Citigroup restated an “outperform” rating on shares of Booking in a research report on Wednesday. Robert W. Baird set a $230.00 price target on shares of Booking in a research note on Wednesday, August 5th. Finally, Melius Research set a $225.00 price objective on shares of Booking in a research report on Tuesday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-seven have assigned a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $222.35.

Booking Stock Performance

Shares of BKNG traded down $8.06 during midday trading on Wednesday, hitting $160.66. 7,907,758 shares of the company traded hands, compared to its average volume of 6,818,136. The firm has a 50 day moving average of $166.49 and a 200-day moving average of $176.13. Booking has a 52 week low of $146.28 and a 52 week high of $220.81. The stock has a market cap of $120.72 billion, a price-to-earnings ratio of 17.33, a PEG ratio of 0.96 and a beta of 1.17.

Booking (NASDAQ:BKNG) last issued its earnings results on Tuesday, November 3rd. The business services provider reported $4.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.49 by $0.17. The firm had revenue of $9.79 billion for the quarter, compared to analysts’ expectations of $9.55 billion. Booking had a negative return on equity of 102.96% and a net margin of 25.53%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $99.50 earnings per share. Sell-side analysts predict that Booking will post 10.48 earnings per share for the current fiscal year.

Insider Transactions at Booking

In related news, Director Vanessa Wittman sold 375 shares of the stock in a transaction on Monday, August 17th. The stock was sold at an average price of $211.00, for a total transaction of $79,125.00. Following the sale, the director owned 16,133 shares in the company, valued at approximately $3,404,063. This represents a 2.27% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Mylod, Jr. sold 1,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the sale, the director owned 14,000 shares of the company’s stock, valued at approximately $2,800,000. This represents a 6.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 77,425 shares of company stock worth $16,004,164. 0.17% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Booking during the 2nd quarter worth about $11,646,302,000. State Street Corp raised its position in Booking by 2,674.6% in the 2nd quarter. State Street Corp now owns 39,420,711 shares of the business services provider’s stock worth $7,026,348,000 after purchasing an additional 37,999,915 shares during the period. Bank of Nova Scotia raised its position in Booking by 1,497.3% in the 1st quarter. Bank of Nova Scotia now owns 870,520 shares of the business services provider’s stock worth $3,665,168,000 after purchasing an additional 816,022 shares during the period. Deutsche Bank AG purchased a new stake in Booking in the 2nd quarter worth about $1,691,186,000. Finally, Bank of New York Mellon Corp purchased a new stake in Booking in the 2nd quarter worth about $1,370,455,000. Institutional investors own 92.42% of the company’s stock.

Trending Headlines about Booking

Here are the key news stories impacting Booking this week:

• Positive Sentiment: Booking’s AI initiatives are drawing favorable attention. A Seeking Alpha article upgraded its rating, arguing AI could help drive revenue, while CEO Glenn Fogel described AI as a “big positive” for the company. Booking Holdings: AI Proves To Be A Revenue Multiplier (Rating Upgrade) AI is starting to help Booking’s business. Its stock should benefit
• Positive Sentiment: TD Cowen reiterated its Buy rating. Separately, Booking-backed Lola launched a service to help members get access to sought-after restaurant reservations and event tickets, with more cities planned. TD Cowen Reaffirms Their Buy Rating on Booking Holdings Lola Launches Lola VIP Drops
• Neutral Sentiment: Recent third-quarter results beat Booking’s own guidance on room nights, gross bookings and adjusted revenue, supporting the earlier share rally. These results provide a positive business backdrop, but may be outweighed today by competitive and analyst concerns. Booking Stock Jumps As Q3 Results Spotlight Margin Strength
• Negative Sentiment: Airbnb reported its fastest revenue growth in more than three years and raised its outlook, lifting its shares while Booking and Expedia fell. The news may renew concerns about competition and relative growth prospects in online travel. Airbnb Jumps on Growth and Raised Outlook; Booking and Expedia Fall
• Negative Sentiment: Several analyst actions point to a more cautious view: JPMorgan lowered its expectations, and Barclays and UBS cut their price targets. A downgrade also accompanied coverage of Booking shares, adding to near-term pressure. JPMorgan Lowers Expectations for Booking Barclays Lowers Booking Price Target UBS Cuts Booking Price Target

About Booking

Booking Holdings Inc is an online travel company that connects travelers with accommodations and other travel services. Through its digital platforms, customers can search for and book hotels, vacation rentals, flights, rental cars, attractions and other travel experiences.

The company operates a portfolio of consumer brands, including Booking.com, Priceline, Agoda, KAYAK, Rentalcars.com and OpenTable. Its services span accommodation reservations, travel search and comparison, car rentals, and restaurant reservations.

Booking Holdings traces its history to Priceline, which was founded in 1997.