Barclays cuts HP (NYSE:HPQ) price target to $32.00

HP (NYSE:HPQ – Get a Free Report) had its price objective reduced by equities research analysts at Barclays from $33.00 to $32.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the computer maker’s stock. Barclays’ target price 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. boosted 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 boosted 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 boosted 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. The company currently has a consensus rating of “Hold” and an average target price of $35.09, according to MarketBeat.com.

Check out our latest research report on HP

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 cap 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 – Get Your Free Report ) 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 company’s quarterly revenue was up 2.4% year over year. In the same quarter last 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 company’s stock in a transaction dated Friday, June 21st. The shares were 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 via this hyperlink. 0.41% of shares are owned by insiders.

Institutional Investors Weigh HP

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in HP by 2.6% in the first quarter. Vanguard Group Inc. now owns 120,778,246 shares of the computer maker’s stock valued at $3,649,919,000 after purchasing an additional 3,062,441 shares during the last quarter. Primecap Management Co. CA boosted its stake in HP by 6.2% in the second quarter. Primecap Management Co. CA now owns 22,451,096 shares of the computer maker’s stock worth $786,237,000 after buying an additional 1,319,731 shares during the last quarter. LSV Asset Management boosted its stake in HP by 3.3% in the first quarter. LSV Asset Management now owns 12,674,646 shares of the computer maker’s stock worth $383,028,000 after buying an additional 403,355 shares during the last quarter. Legal & General Group Plc grew its stake in HP by 11.3% in the second 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 boosted its stake in HP by 0.4% in the fourth 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 during the last quarter. 77.53% of the shares are currently held by institutional investors and hedge funds.

About HP

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

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