Scotiabank Raises Prologis (NYSE:PLD) Price Target to $142.00

Prologis (NYSE:PLD) had its target price hoisted by Scotiabank from $135.00 to $142.00 in a research note published on Monday morning, Benzinga reports. They currently have a sector outperform rating on the real estate investment trust’s stock.

Other analysts also recently issued research reports about the stock. BMO Capital Markets reissued a market perform rating and issued a $115.00 price objective on shares of Prologis in a report on Monday, July 15th. Robert W. Baird cut their price target on shares of Prologis from $137.00 to $117.00 and set a neutral rating for the company in a report on Wednesday, May 1st. StockNews.com raised shares of Prologis from a sell rating to a hold rating in a report on Thursday, July 18th. Evercore ISI cut their price target on shares of Prologis from $123.00 to $122.00 and set an in-line rating for the company in a report on Tuesday, August 20th. Finally, Bank of America reaffirmed a neutral rating and set a $128.00 price target on shares of Prologis in a report on Monday, August 12th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $133.12.

Prologis Stock Performance

NYSE PLD opened at $125.33 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.36 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $116.04 billion, a P/E ratio of 36.65, a P/E/G ratio of 3.02 and a beta of 1.06. Prologis has a 12-month low of $96.64 and a 12-month high of $137.52. The firm has a 50-day moving average price of $120.31 and a two-hundred day moving average price of $119.17.

Prologis (NYSE:PLD) last posted 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). The business had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $1.86 billion. Prologis had a net margin of 36.37% and a return on equity of 4.88%. The business’s revenue for the quarter was down 18.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.83 EPS. Analysts anticipate that Prologis will post 5.43 earnings per share for the current year.

Insider Buying and Selling at Prologis

In other Prologis news, CIO Joseph Ghazal sold 5,200 shares of the company’s stock in a transaction that occurred 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 transaction, the executive now directly owns 13,187 shares in the company, valued at approximately $1,702,046.09. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Prologis

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. New Century Financial Group LLC acquired a new position in Prologis in the 2nd quarter valued at approximately $472,000. Cetera Investment Advisers increased its position in shares of Prologis by 6.9% during the second quarter. Cetera Investment Advisers now owns 170,278 shares of the real estate investment trust’s stock worth $19,124,000 after buying an additional 10,967 shares during the period. Pathway Financial Advisers LLC increased its position in shares of Prologis by 65.3% during the second quarter. Pathway Financial Advisers LLC now owns 615 shares of the real estate investment trust’s stock worth $69,000 after buying an additional 243 shares during the period. EP Wealth Advisors LLC increased its position in shares of Prologis by 4.7% during the second quarter. EP Wealth Advisors LLC now owns 12,926 shares of the real estate investment trust’s stock worth $1,452,000 after buying an additional 582 shares during the period. Finally, Ecofi Investissements SA acquired a new stake in shares of Prologis during the second quarter worth $596,000. 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.