The Priceline Group Inc. (PCLN) Downgraded by Zacks Investment Research
The Priceline Group Inc. (NASDAQ:PCLN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Priceline.com is one of the leading online travel companies in the world. The company reported strong second quarter results. Both agency and merchant businesses showed strong momentum. The secular growth trend in the online travel booking market, Priceline’s strong position in international markets, growth opportunities in the domestic market, good execution, prudent marketing strategy and strong financial position are positives. At the same time, weaker ADRs, macro headwinds, increasing advertising spend and occupancy tax-related litigation remain overhangs.”
Other equities research analysts also recently issued reports about the company. Tigress Financial restated a “buy” rating on shares of The Priceline Group in a research report on Thursday, June 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $1,600.00 target price on shares of The Priceline Group in a research note on Tuesday, June 28th. Jefferies Group reaffirmed a “buy” rating and set a $1,660.00 target price on shares of The Priceline Group in a research note on Monday, June 27th. Deutsche Bank AG reaffirmed a “hold” rating on shares of The Priceline Group in a research note on Sunday, July 10th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of The Priceline Group in a research note on Friday, August 5th. Six research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The Priceline Group currently has a consensus rating of “Buy” and an average target price of $1,538.19.
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Shares of The Priceline Group (NASDAQ:PCLN) traded down 0.71% on Wednesday, reaching $1479.82. The company’s stock had a trading volume of 414,723 shares. The firm has a 50-day moving average price of $1,445.54 and a 200 day moving average price of $1,348.86. The firm has a market capitalization of $73.14 billion, a PE ratio of 28.15 and a beta of 1.62. The Priceline Group has a one year low of $954.02 and a one year high of $1,501.79.
The Priceline Group (NASDAQ:PCLN) last issued its quarterly earnings data on Thursday, August 4th. The company reported $13.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $12.69 by $1.24. The Priceline Group had a return on equity of 32.93% and a net margin of 27.08%. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.58 billion. During the same period in the prior year, the business posted $12.45 earnings per share. The company’s quarterly revenue was up 12.1% compared to the same quarter last year. On average, analysts anticipate that The Priceline Group will post $68.57 earnings per share for the current fiscal year.
In other The Priceline Group news, insider Glenn D. Fogel sold 1,000 shares of The Priceline Group stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $1,434.75, for a total transaction of $1,434,750.00. Following the completion of the transaction, the insider now owns 25,131 shares in the company, valued at approximately $36,056,702.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Jeffery H. Boyd sold 3,000 shares of The Priceline Group stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $1,353.90, for a total value of $4,061,700.00. Following the transaction, the chief executive officer now owns 94,488 shares of the company’s stock, valued at approximately $127,927,303.20. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors raised its position in The Priceline Group by 38.0% in the second quarter. Capital World Investors now owns 1,235,836 shares of the company’s stock worth $1,542,830,000 after buying an additional 340,386 shares during the last quarter. Lone Pine Capital LLC boosted its stake in The Priceline Group by 41.6% in the second quarter. Lone Pine Capital LLC now owns 1,120,758 shares of the company’s stock worth $1,399,165,000 after buying an additional 329,121 shares during the period. Orbis Allan Gray Ltd acquired a new stake in The Priceline Group during the first quarter worth approximately $251,864,000. Jennison Associates LLC boosted its stake in The Priceline Group by 21.2% in the second quarter. Jennison Associates LLC now owns 858,165 shares of the company’s stock worth $1,071,342,000 after buying an additional 150,154 shares during the period. Finally, BlackRock Investment Management LLC boosted its stake in The Priceline Group by 73.6% in the second quarter. BlackRock Investment Management LLC now owns 216,593 shares of the company’s stock worth $270,397,000 after buying an additional 91,819 shares during the period. Institutional investors and hedge funds own 93.99% of the company’s stock.
The Priceline Group Company Profile
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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