Porch Group (NASDAQ:PRCH) Price Target Raised to $8.00

Porch Group (NASDAQ:PRCH) had its target price boosted by Craig Hallum from $4.00 to $8.00 in a research note published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also commented on PRCH. Benchmark reaffirmed a “buy” rating and issued a $7.00 price target on shares of Porch Group in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods cut their price objective on Porch Group from $3.75 to $1.50 and set a “market perform” rating on the stock in a research report on Thursday, August 8th. Oppenheimer lowered their target price on Porch Group from $4.50 to $3.50 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Stephens upped their price target on Porch Group from $4.00 to $5.00 and gave the stock an “overweight” rating in a research note on Monday, November 11th. Finally, Cantor Fitzgerald upgraded shares of Porch Group to a “strong-buy” rating in a report on Tuesday, August 13th. One research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $4.75.

Porch Group Price Performance

Shares of NASDAQ:PRCH opened at $5.51 on Friday. The stock’s 50-day moving average is $2.53 and its 200 day moving average is $1.96. The company has a market cap of $658.67 million, a PE ratio of -7.87 and a beta of 2.14. Porch Group has a 1 year low of $1.05 and a 1 year high of $5.70.

Insiders Place Their Bets

In related news, CFO Shawn Tabak sold 15,000 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $2.00, for a total value of $30,000.00. Following the transaction, the chief financial officer now directly owns 278,298 shares of the company’s stock, valued at approximately $556,596. This trade represents a 5.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 23.46% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PRCH. Franklin Resources Inc. purchased a new position in Porch Group during the third quarter valued at approximately $238,000. Barclays PLC lifted its position in shares of Porch Group by 415.5% in the third quarter. Barclays PLC now owns 134,919 shares of the company’s stock valued at $207,000 after acquiring an additional 108,748 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Porch Group by 8.9% in the third quarter. Geode Capital Management LLC now owns 1,987,881 shares of the company’s stock worth $3,052,000 after acquiring an additional 163,133 shares during the period. Zacks Investment Management purchased a new stake in shares of Porch Group during the third quarter worth about $32,000. Finally, State Street Corp raised its stake in Porch Group by 7.4% during the 3rd quarter. State Street Corp now owns 1,667,493 shares of the company’s stock valued at $2,560,000 after purchasing an additional 115,176 shares during the period. Institutional investors own 48.48% of the company’s stock.

About Porch Group

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.