Prologis (NYSE:PLD) Given New $124.00 Price Target at Evercore ISI

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

Several other research firms have also weighed in on PLD. Barclays boosted their target price on Prologis from $123.00 to $142.00 and gave the stock an overweight rating in a report on Tuesday, July 30th. Bank of America restated a neutral rating and issued a $128.00 price objective on shares of Prologis in a research note on Monday, August 12th. Truist Financial raised their target price 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. BMO Capital Markets reissued a market perform rating and set a $115.00 target price on shares of Prologis in a research report on Monday, July 15th. Finally, Wells Fargo & Company raised their price target on Prologis from $142.00 to $146.00 and gave the company an overweight rating in a research report on Wednesday. Seven investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $133.12.

Prologis Price Performance

NYSE PLD opened at $127.82 on Wednesday. The company has a 50 day moving average price of $121.00 and a two-hundred day moving average price of $119.18. Prologis has a 12-month low of $96.64 and a 12-month high of $137.52. The stock has a market capitalization of $118.34 billion, a PE ratio of 37.37, a price-to-earnings-growth 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 (NYSE:PLD) last issued its quarterly earnings data 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 return on equity of 4.88% and a net margin of 36.37%. The business had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the company posted $1.83 earnings per share. The company’s revenue for the quarter was down 18.1% on a year-over-year basis. As a group, equities analysts predict that Prologis will post 5.43 earnings per share for the current fiscal year.

Insider Buying and Selling

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 value of $671,164.00. Following 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 Securities & Exchange Commission, which is available at this link. 0.50% of the stock is owned by company insiders.

Institutional Trading of Prologis

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB raised its holdings in shares of Prologis by 380.0% in the 1st quarter. Nordea Investment Management AB now owns 333,022 shares of the real estate investment trust’s stock worth $43,046,000 after buying an additional 263,649 shares in the last quarter. Janney Capital Management LLC raised its stake in Prologis by 18.8% during the fourth quarter. Janney Capital Management LLC now owns 23,872 shares of the real estate investment trust’s stock worth $3,182,000 after acquiring an additional 3,773 shares in the last quarter. Swedbank AB lifted its holdings in shares of Prologis by 9.2% during the second quarter. Swedbank AB now owns 5,002,274 shares of the real estate investment trust’s stock valued at $561,805,000 after acquiring an additional 420,687 shares during the period. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Prologis by 36.1% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 162,990 shares of the real estate investment trust’s stock valued at $18,305,000 after purchasing an additional 43,235 shares in the last quarter. Finally, Atalanta Sosnoff Capital LLC bought a new stake in shares of Prologis in the 4th quarter worth about $18,551,000. Institutional investors own 93.50% of the company’s stock.

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.