Scotiabank Raises Prologis (NYSE:PLD) Price Target to $142.00

Prologis (NYSE:PLD) had its price objective raised by Scotiabank from $135.00 to $142.00 in a research note published on Monday morning, Benzinga reports. The brokerage currently has a sector outperform rating on the real estate investment trust’s stock.

Other equities research analysts also recently issued reports about the company. Royal Bank of Canada downgraded Prologis from an outperform rating to a sector perform rating and upped their target price for the stock from $124.00 to $127.00 in a research report on Monday, August 5th. The Goldman Sachs Group increased their price objective on Prologis from $140.00 to $156.00 and gave the company a buy rating in a research report on Thursday, July 25th. Bank of America reiterated a neutral rating and set a $128.00 price objective on shares of Prologis in a research report on Monday, August 12th. Truist Financial increased their price objective on Prologis from $125.00 to $137.00 and gave the company a buy rating in a research report on Monday, August 5th. Finally, Morgan Stanley increased their price objective on Prologis from $132.00 to $133.00 and gave the company an overweight rating in a research report on Wednesday, August 14th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $133.12.

Prologis Stock Performance

Shares of PLD stock opened at $125.33 on Monday. The firm has a market capitalization of $116.04 billion, a price-to-earnings ratio of 36.65, a price-to-earnings-growth ratio of 3.02 and a beta of 1.06. The company has a debt-to-equity ratio of 0.52, a current ratio of 0.36 and a quick ratio of 0.29. Prologis has a 12-month low of $96.64 and a 12-month high of $137.52. The business has a 50 day simple moving average of $120.31 and a 200 day simple moving average of $119.17.

Prologis (NYSE:PLD) last released its earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). The firm had revenue of $2.01 billion during the quarter, compared to analyst estimates of $1.86 billion. Prologis had a return on equity of 4.88% and a net margin of 36.37%. The business’s revenue for the quarter was down 18.1% on a year-over-year basis. During the same quarter last year, the company earned $1.83 earnings per share. On average, equities research analysts anticipate that Prologis will post 5.43 EPS for the current year.

Insider Buying and Selling at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $129.07, for a total transaction of $671,164.00. Following the sale, the executive now directly owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Prologis

Hedge funds have recently modified their holdings of the stock. Optimum Investment Advisors acquired a new position in Prologis during the first quarter worth $26,000. American Capital Advisory LLC acquired a new position in Prologis during the second quarter worth $26,000. True Wealth Design LLC acquired a new position in Prologis during the fourth quarter worth $27,000. Semmax Financial Advisors Inc. acquired a new position in Prologis during the second quarter worth $27,000. Finally, Central Valley Advisors LLC acquired a new position in Prologis during the second quarter worth $29,000. 93.50% of the stock is owned by institutional investors and hedge funds.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At March 31, 2024, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.