Hudson Pacific Properties (NYSE:HPP) Reaches New 1-Year Low Following Analyst Downgrade

Hudson Pacific Properties, Inc. (NYSE:HPP) shares hit a new 52-week low on Monday after Piper Sandler lowered their price target on the stock from $5.00 to $4.50. Piper Sandler currently has a neutral rating on the stock. Hudson Pacific Properties traded as low as $3.55 and last traded at $3.59, with a volume of 61964 shares trading hands. The stock had previously closed at $3.68.

HPP has been the topic of several other reports. The Goldman Sachs Group decreased their target price on shares of Hudson Pacific Properties from $6.50 to $4.70 and set a “neutral” rating on the stock in a research report on Wednesday, August 14th. Wells Fargo & Company dropped their price objective on Hudson Pacific Properties from $5.00 to $4.50 and set an “equal weight” rating for the company in a report on Wednesday, September 11th. Wolfe Research downgraded Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 14th. BMO Capital Markets downgraded Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $8.00 to $6.00 in a report on Thursday, August 8th. Finally, Jefferies Financial Group downgraded shares of Hudson Pacific Properties from a “buy” rating to a “hold” rating and dropped their target price for the stock from $5.50 to $5.00 in a research report on Tuesday, November 12th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $6.17.

Insider Transactions at Hudson Pacific Properties

In related news, COO Andy Wattula sold 9,356 shares of Hudson Pacific Properties stock in a transaction on Friday, September 20th. The shares were sold at an average price of $5.28, for a total value of $49,399.68. Following the completion of the sale, the chief operating officer now owns 61,068 shares in the company, valued at approximately $322,439.04. The trade was a 13.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan M. Glaser sold 9,287 shares of the company’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $5.20, for a total transaction of $48,292.40. Following the completion of the sale, the director now directly owns 3,713 shares in the company, valued at $19,307.60. This represents a 71.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.95% of the company’s stock.

Institutional Investors Weigh In On Hudson Pacific Properties

A number of institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in Hudson Pacific Properties by 4.7% in the third quarter. Geode Capital Management LLC now owns 3,426,417 shares of the real estate investment trust’s stock worth $16,381,000 after purchasing an additional 154,101 shares in the last quarter. Barclays PLC grew its position in shares of Hudson Pacific Properties by 120.9% in the 3rd quarter. Barclays PLC now owns 244,222 shares of the real estate investment trust’s stock worth $1,168,000 after acquiring an additional 133,673 shares in the last quarter. Public Employees Retirement System of Ohio increased its holdings in shares of Hudson Pacific Properties by 11.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 212,406 shares of the real estate investment trust’s stock valued at $1,015,000 after acquiring an additional 22,167 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in shares of Hudson Pacific Properties by 13.7% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 185,000 shares of the real estate investment trust’s stock valued at $884,000 after acquiring an additional 22,300 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new position in Hudson Pacific Properties during the third quarter worth $592,000. Institutional investors and hedge funds own 97.58% of the company’s stock.

Hudson Pacific Properties Price Performance

The company has a quick ratio of 1.47, a current ratio of 1.26 and a debt-to-equity ratio of 1.47. The company has a 50 day moving average of $4.60 and a 200-day moving average of $4.94. The stock has a market capitalization of $505.60 million, a P/E ratio of -1.76 and a beta of 1.31.

About Hudson Pacific Properties

Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific's unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space.