LPL Financial (NASDAQ:LPLA) Coverage Initiated by Analysts at Wells Fargo & Company

Stock analysts at Wells Fargo & Company initiated coverage on shares of LPL Financial (NASDAQ:LPLA) in a research note issued on Friday, MarketBeat reports. The brokerage set an “overweight” rating and a $362.00 price target on the financial services provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 14.40% from the stock’s previous close.

Several other equities analysts have also weighed in on the stock. Barclays lifted their target price on shares of LPL Financial from $394.00 to $401.00 and gave the company an “overweight” rating in a report on Friday, July 31st. BMO Capital Markets lifted their price objective on shares of LPL Financial from $300.00 to $390.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Keefe, Bruyette & Woods increased their target price on shares of LPL Financial from $365.00 to $390.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. JPMorgan Chase & Co. raised their target price on LPL Financial from $408.00 to $428.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of LPL Financial in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $403.79.

LPL Financial Price Performance

Shares of LPLA opened at $316.44 on Friday. The business’s 50-day moving average is $347.04 and its two-hundred day moving average is $317.70. The company has a market capitalization of $24.92 billion, a P/E ratio of 25.23, a P/E/G ratio of 0.52 and a beta of 0.53. LPL Financial has a fifty-two week low of $260.15 and a fifty-two week high of $400.16. The company has a debt-to-equity ratio of 1.30, a quick ratio of 2.39 and a current ratio of 2.39.

LPL Financial (NASDAQ:LPLA) last issued its earnings results on Thursday, July 30th. The financial services provider reported $5.84 EPS for the quarter, topping analysts’ consensus estimates of $5.39 by $0.45. The firm had revenue of $5.19 billion for the quarter, compared to the consensus estimate of $5.04 billion. LPL Financial had a return on equity of 32.20% and a net margin of 5.13%.The company’s revenue was up 35.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.51 earnings per share. Research analysts predict that LPL Financial will post 24.28 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Aneri Jambusaria sold 308 shares of the business’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $357.36, for a total transaction of $110,066.88. Following the transaction, the director owned 6,107 shares of the company’s stock, valued at approximately $2,182,397.52. The trade was a 4.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Greg Gates sold 4,119 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $355.38, for a total transaction of $1,463,810.22. Following the sale, the director owned 23,602 shares of the company’s stock, valued at approximately $8,387,678.76. The trade was a 14.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 5,867 shares of company stock worth $2,079,664 in the last quarter. 0.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Physician Wealth Advisors Inc. grew its holdings in shares of LPL Financial by 580.0% during the 1st quarter. Physician Wealth Advisors Inc. now owns 136 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 116 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of LPL Financial in the 4th quarter worth approximately $50,000. Reflection Asset Management acquired a new position in LPL Financial during the fourth quarter worth $50,000. Versant Capital Management Inc boosted its holdings in LPL Financial by 79.0% during the 2nd quarter. Versant Capital Management Inc now owns 188 shares of the financial services provider’s stock valued at $53,000 after acquiring an additional 83 shares during the period. Finally, Abound Financial LLC grew its holdings in shares of LPL Financial by 9,550.0% in the first quarter. Abound Financial LLC now owns 193 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 191 shares in the last quarter. 95.66% of the stock is currently owned by hedge funds and other institutional investors.

About LPL Financial

LPL Financial Holdings Inc is a financial services company that provides brokerage and investment advisory services through a network of independent financial advisors. Operating primarily in the United States, the company supports advisors who serve individuals, families, businesses and retirement plan participants.

LPL Financial’s platform offers access to investment products and services, including equities, bonds, mutual funds, exchange-traded funds, insurance products, annuities and alternative investments.