Investors Buy Shares of The Priceline Group Inc. (PCLN) on Weakness
Investors purchased shares of The Priceline Group Inc. (NASDAQ:PCLN) on weakness during trading hours on Tuesday. $126.89 million flowed into the stock on the tick-up and $102.61 million flowed out of the stock on the tick-down, for a money net flow of $24.28 million into the stock. Of all stocks tracked, The Priceline Group had the 12th highest net in-flow for the day. The Priceline Group traded down ($1.52) for the day and closed at $1,422.47
A number of equities analysts recently weighed in on PCLN shares. Vetr upgraded shares of The Priceline Group from a “buy” rating to a “strong-buy” rating and set a $1,357.64 price objective for the company in a report on Tuesday, June 28th. Piper Jaffray Cos. restated an “overweight” rating and issued a $1,625.00 price objective (up from $1,500.00) on shares of The Priceline Group in a report on Monday, August 1st. Jefferies Group restated a “buy” rating and issued a $1,660.00 price objective on shares of The Priceline Group in a report on Monday, July 25th. Barclays PLC upgraded shares of The Priceline Group from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $1,300.00 to $1,500.00 in a report on Wednesday, June 22nd. They noted that the move was a valuation call. Finally, Evercore ISI initiated coverage on shares of The Priceline Group in a report on Monday, July 25th. They issued a “hold” rating and a $1,350.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $1,517.95.
The stock’s 50 day moving average is $1,363.08 and its 200 day moving average is $1,303.27. The firm has a market cap of $70.31 billion and a PE ratio of 27.05.
The Priceline Group (NASDAQ:PCLN) last issued its earnings results on Thursday, August 4th. The company reported $13.93 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $12.69 by $1.24. During the same period last year, the business earned $12.45 EPS. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.58 billion. The company’s revenue for the quarter was up 12.1% on a year-over-year basis. On average, equities analysts anticipate that The Priceline Group Inc. will post $68.78 earnings per share for the current fiscal year.
In related news, CEO Jeffery H. Boyd sold 3,000 shares of the firm’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $1,266.92, for a total transaction of $3,800,760.00. Following the sale, the chief executive officer now owns 98,039 shares in the company, valued at $124,207,569.88. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Gillian Tans sold 131 shares of the firm’s stock in a transaction on Friday, July 15th. The shares were sold at an average price of $1,327.89, for a total transaction of $173,953.59. Following the sale, the chief executive officer now owns 6,049 shares in the company, valued at approximately $8,032,406.61. The disclosure for this sale can be found here.
A number of hedge funds have recently added to or reduced their stakes in PCLN. Schwab Charles Investment Management Inc. raised its stake in The Priceline Group by 3.0% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 128,162 shares of the company’s stock valued at $163,401,000 after buying an additional 3,680 shares in the last quarter. Stephens Inc. AR raised its stake in The Priceline Group by 32.8% in the fourth quarter. Stephens Inc. AR now owns 1,533 shares of the company’s stock valued at $1,954,000 after buying an additional 379 shares in the last quarter. State of Tennessee Treasury Department raised its stake in The Priceline Group by 16.4% in the fourth quarter. State of Tennessee Treasury Department now owns 37,009 shares of the company’s stock valued at $47,184,000 after buying an additional 5,209 shares in the last quarter. Finally, Airain ltd bought a new stake in shares of The Priceline Group during the fourth quarter valued at about $4,354,000.
The Priceline Group Inc is a provider of travel and restaurant reservation and related services. The Company, through its online travel companies (OTCs), connects consumers wishing to make travel reservations with providers of travel services across the world. It offers consumers an array of accommodation reservations (including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties) through its Booking.com, priceline.com and agoda.com brands.
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