Barclays Trims HP (NYSE:HPQ) Target Price to $32.00

HP (NYSE:HPQ) had its price objective cut by equities research analysts at Barclays from $33.00 to $32.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the computer maker’s stock. Barclays‘s price target would suggest a potential downside of 4.99% from the stock’s current price.

A number of other analysts have also weighed in on HPQ. JPMorgan Chase & Co. upped their target price on HP from $38.00 to $42.00 and gave the stock an “overweight” rating in a report on Friday, August 23rd. Citigroup upped their target price on HP from $35.00 to $37.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Wells Fargo & Company increased their price objective on HP from $25.00 to $30.00 and gave the company an “underweight” rating in a report on Thursday, May 30th. Morgan Stanley decreased their price objective on HP from $37.00 to $36.00 and set an “equal weight” rating for the company in a report on Thursday. Finally, TD Cowen increased their price objective on HP from $30.00 to $32.00 and gave the company a “hold” rating in a report on Thursday, May 30th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $35.09.

HP Stock Performance

Shares of NYSE HPQ opened at $33.68 on Thursday. The stock has a 50 day moving average price of $35.53 and a 200 day moving average price of $32.34. The firm has a market capitalization of $32.96 billion, a price-to-earnings ratio of 11.38, a PEG ratio of 2.24 and a beta of 1.09. HP has a 52-week low of $25.22 and a 52-week high of $39.52.

HP (NYSE:HPQ) last posted its earnings results on Wednesday, August 28th. The computer maker reported $0.83 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.03). The company had revenue of $13.52 billion for the quarter, compared to analysts’ expectations of $13.37 billion. HP had a negative return on equity of 230.39% and a net margin of 5.60%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.86 EPS. Analysts forecast that HP will post 3.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Alex Cho sold 173,137 shares of the firm’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $36.11, for a total transaction of $6,251,977.07. Following the sale, the insider now directly owns 64,676 shares in the company, valued at approximately $2,335,450.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is owned by insiders.

Institutional Investors Weigh In On HP

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in HP by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after buying an additional 3,062,441 shares in the last quarter. Primecap Management Co. CA lifted its stake in HP by 6.2% in the 2nd quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after purchasing an additional 1,319,731 shares in the last quarter. LSV Asset Management lifted its stake in HP by 3.3% in the 1st quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock worth $383,028,000 after purchasing an additional 403,355 shares in the last quarter. Legal & General Group Plc lifted its stake in HP by 11.3% in the 2nd quarter. Legal & General Group Plc now owns 10,710,450 shares of the computer maker’s stock worth $375,079,000 after purchasing an additional 1,089,848 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in HP by 0.4% in the 4th quarter. Northern Trust Corp now owns 10,172,444 shares of the computer maker’s stock worth $306,089,000 after purchasing an additional 40,884 shares in the last quarter. 77.53% of the stock is currently owned by institutional investors and hedge funds.

About HP

HP Inc provides products, technologies, software, solutions, and services to individual consumers, small- and medium-sized businesses, and large enterprises, including customers in the government, health, and education sectors worldwide. It operates through Personal Systems and Printing segments. The Personal Systems segment offers commercial personal computers (PCs), consumer PCs, workstations, thin clients, commercial tablets and mobility devices, retail point-of-sale systems, displays and other related accessories, software, support, and services for the commercial and consumer markets.