Prologis (NYSE:PLD) Price Target Raised to $124.00

Prologis (NYSE:PLD) had its price objective raised by Evercore ISI from $122.00 to $124.00 in a report published on Wednesday morning, Benzinga reports. Evercore ISI currently has an in-line rating on the real estate investment trust’s stock.

Several other research firms also recently weighed in on PLD. Royal Bank of Canada downgraded Prologis from an outperform rating to a sector perform rating and boosted their price target for the company from $124.00 to $127.00 in a research note on Monday, August 5th. The Goldman Sachs Group increased their price target on shares of Prologis from $140.00 to $156.00 and gave the stock a buy rating in a report on Thursday, July 25th. Truist Financial lifted their price objective on shares of Prologis from $125.00 to $137.00 and gave the company a buy rating in a research note on Monday, August 5th. StockNews.com upgraded Prologis from a sell rating to a hold rating in a research note on Thursday, July 18th. Finally, Barclays boosted their price objective on Prologis from $123.00 to $142.00 and gave the company an overweight rating in a report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $133.12.

Prologis Stock Performance

Shares of Prologis stock opened at $127.73 on Wednesday. The company has a 50 day moving average price of $120.63 and a 200 day moving average price of $119.21. The firm has a market capitalization of $118.26 billion, a P/E ratio of 37.35, a PEG ratio of 3.02 and a beta of 1.06. The company has a quick ratio of 0.29, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. Prologis has a 52 week low of $96.64 and a 52 week high of $137.52.

Prologis (NYSE:PLD) last issued its quarterly earnings results on Wednesday, July 17th. The real estate investment trust reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.41). Prologis had a net margin of 36.37% and a return on equity of 4.88%. The company had revenue of $2.01 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the previous year, the company posted $1.83 EPS. The company’s revenue for the quarter was down 18.1% compared to the same quarter last year. Sell-side analysts expect that Prologis will post 5.43 EPS for the current year.

Insider Activity

In related 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 value of $671,164.00. Following the completion of the sale, the executive now owns 13,187 shares of the company’s stock, valued at approximately $1,702,046.09. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.50% of the company’s stock.

Institutional Investors Weigh In On Prologis

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Prologis by 1.2% in the first quarter. Vanguard Group Inc. now owns 120,945,384 shares of the real estate investment trust’s stock valued at $15,749,508,000 after acquiring an additional 1,460,229 shares in the last quarter. Valeo Financial Advisors LLC boosted its stake in Prologis by 182,067.2% during the 1st quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock worth $6,364,799,000 after purchasing an additional 48,850,448 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Prologis by 2.5% during the second quarter. Dimensional Fund Advisors LP now owns 13,209,926 shares of the real estate investment trust’s stock worth $1,483,594,000 after buying an additional 317,815 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Prologis by 3.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,532,773 shares of the real estate investment trust’s stock valued at $1,670,621,000 after buying an additional 365,904 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its stake in shares of Prologis by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 12,325,559 shares of the real estate investment trust’s stock worth $1,642,997,000 after buying an additional 123,902 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

Prologis Company Profile

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.