LPL Financial (NASDAQ:LPLA) Given New $400.00 Price Target at Citigroup

LPL Financial (NASDAQ:LPLA) had its target price decreased by equities researchers at Citigroup from $415.00 to $400.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Citigroup’s price objective would indicate a potential upside of 18.34% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of LPL Financial from $397.00 to $405.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Barclays upped their target price on shares of LPL Financial from $389.00 to $414.00 and gave the stock an “overweight” rating in a research note on Friday, January 31st. Keefe, Bruyette & Woods lifted their price target on shares of LPL Financial from $390.00 to $405.00 and gave the company an “outperform” rating in a research note on Friday, January 31st. Morgan Stanley increased their price objective on LPL Financial from $379.00 to $413.00 and gave the stock an “overweight” rating in a research note on Thursday, February 6th. Finally, Wells Fargo & Company raised their price objective on LPL Financial from $390.00 to $405.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Two research analysts have rated the stock with a sell rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $380.42.

LPL Financial Trading Up 0.9 %

Shares of LPLA stock traded up $3.18 during trading hours on Wednesday, reaching $338.00. 742,080 shares of the stock were exchanged, compared to its average volume of 775,609. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. LPL Financial has a 12-month low of $187.19 and a 12-month high of $384.04. The firm has a market capitalization of $25.21 billion, a price-to-earnings ratio of 24.07, a price-to-earnings-growth ratio of 0.94 and a beta of 0.82. The company’s 50-day moving average price is $351.17 and its 200-day moving average price is $314.29.

LPL Financial (NASDAQ:LPLA) last issued its quarterly earnings results on Thursday, January 30th. The financial services provider reported $4.25 earnings per share for the quarter, topping the consensus estimate of $4.01 by $0.24. LPL Financial had a return on equity of 49.41% and a net margin of 8.55%. As a group, equities analysts anticipate that LPL Financial will post 19.35 earnings per share for the current year.

Insider Buying and Selling at LPL Financial

In other LPL Financial news, CFO Matthew J. Audette sold 28,777 shares of LPL Financial stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $365.14, for a total transaction of $10,507,633.78. Following the completion of the sale, the chief financial officer now directly owns 13,663 shares in the company, valued at approximately $4,988,907.82. The trade was a 67.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Marc Eliot Cohen sold 1,100 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $365.85, for a total transaction of $402,435.00. Following the completion of the sale, the director now owns 4,075 shares in the company, valued at $1,490,838.75. The trade was a 21.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,465 shares of company stock worth $12,562,070. 1.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On LPL Financial

Several institutional investors and hedge funds have recently modified their holdings of the stock. Rockefeller Capital Management L.P. acquired a new position in LPL Financial in the third quarter valued at approximately $2,633,000. HighTower Advisors LLC boosted its holdings in LPL Financial by 7.8% during the third quarter. HighTower Advisors LLC now owns 12,783 shares of the financial services provider’s stock worth $2,971,000 after buying an additional 923 shares in the last quarter. Investment Management Corp of Ontario grew its position in LPL Financial by 48.2% during the third quarter. Investment Management Corp of Ontario now owns 2,461 shares of the financial services provider’s stock valued at $573,000 after buying an additional 800 shares during the period. Integrated Wealth Concepts LLC raised its position in shares of LPL Financial by 1.1% in the third quarter. Integrated Wealth Concepts LLC now owns 4,107 shares of the financial services provider’s stock worth $956,000 after acquiring an additional 44 shares during the period. Finally, IHT Wealth Management LLC boosted its stake in shares of LPL Financial by 14.1% during the 3rd quarter. IHT Wealth Management LLC now owns 3,411 shares of the financial services provider’s stock worth $792,000 after acquiring an additional 422 shares in the last quarter. Institutional investors and hedge funds own 95.66% of the company’s stock.

About LPL Financial

LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.