Wells Fargo & Company Has Lowered Expectations for Pershing Square (NYSE:PS) Stock Price

Pershing Square (NYSE:PS) had its price objective cut by investment analysts at Wells Fargo & Company from $37.00 to $34.00 in a research note issued on Monday, MarketBeat reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential downside of 5.13% from the stock’s current price.

A number of other research analysts have also recently commented on PS. Bank of America started coverage on Pershing Square in a research note on Tuesday, May 26th. They issued a “neutral” rating and a $42.00 target price on the stock. Oppenheimer started coverage on Pershing Square in a research note on Tuesday, May 26th. They set a “market perform” rating for the company. Wall Street Zen cut Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, June 7th. Jefferies Financial Group began coverage on Pershing Square in a research report on Monday, May 25th. They set a “hold” rating and a $40.00 price objective on the stock. Finally, Loop Capital began coverage on Pershing Square in a report on Tuesday, May 26th. They set a “buy” rating and a $49.00 price objective on the stock. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $40.75.

Pershing Square Stock Performance

Pershing Square stock opened at $35.84 on Monday. The firm’s fifty day moving average is $35.34. The stock has a market cap of $14.34 billion, a PE ratio of -40.21 and a beta of 2.27. Pershing Square has a fifty-two week low of $22.01 and a fifty-two week high of $54.94.

Insider Activity

In other news, CEO William A. Ackman acquired 800,000 shares of the stock in a transaction dated Thursday, April 30th. The stock was purchased at an average cost of $23.77 per share, with a total value of $19,016,000.00. Following the completion of the purchase, the chief executive officer owned 1,500,000 shares in the company, valued at approximately $35,655,000. The trade was a 114.29% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 21.79% of the company’s stock.

Pershing Square Company Profile

Pershing Square (NYSE: PS) is a publicly traded investment holding company managed by Pershing Square Capital Management, L.P., the investment firm founded and led by William “Bill” Ackman. The vehicle provides outside investors with exposure to the firm’s concentrated, actively managed investment program and is designed to deliver long‑term capital appreciation through a portfolio of equity and related positions.

The company’s principal activities center on investing in publicly traded companies, typically through concentrated long equity positions and selectively using derivatives or other instruments for hedging or to implement investment views.