Hudson Pacific Properties (NYSE:HPP) Price Target Cut to $7.00

Hudson Pacific Properties (NYSE:HPP) had its price objective dropped by stock analysts at The Goldman Sachs Group from $9.00 to $7.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s target price points to a potential upside of 35.66% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Wolfe Research raised shares of Hudson Pacific Properties from a “peer perform” rating to an “outperform” rating and set a $8.40 price objective for the company in a research note on Monday, March 18th. Piper Sandler reaffirmed an “overweight” rating and set a $7.00 price target (down previously from $9.00) on shares of Hudson Pacific Properties in a research note on Friday, May 3rd. Morgan Stanley lowered their price objective on shares of Hudson Pacific Properties from $7.00 to $6.00 and set an “equal weight” rating for the company in a research note on Thursday, March 28th. Finally, Wedbush lowered Hudson Pacific Properties from an “outperform” rating to a “neutral” rating and cut their target price for the stock from $11.00 to $7.50 in a research report on Tuesday, February 20th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.49.

Hudson Pacific Properties Stock Performance

Shares of HPP opened at $5.16 on Tuesday. Hudson Pacific Properties has a 1 year low of $4.05 and a 1 year high of $9.85. The company’s 50 day simple moving average is $6.17 and its 200 day simple moving average is $6.86. The company has a market capitalization of $728.31 million, a price-to-earnings ratio of -3.23, a PEG ratio of 0.46 and a beta of 1.31. The company has a debt-to-equity ratio of 1.38, a quick ratio of 1.79 and a current ratio of 1.85.

Hudson Pacific Properties (NYSE:HPP) last issued its quarterly earnings results on Monday, February 12th. The real estate investment trust reported $0.15 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.15. The company had revenue of $223.42 million for the quarter, compared to analyst estimates of $223.93 million. Hudson Pacific Properties had a negative return on equity of 6.91% and a negative net margin of 23.48%. The business’s revenue for the quarter was down 17.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.49 EPS. On average, sell-side analysts predict that Hudson Pacific Properties will post 1.05 EPS for the current year.

Insider Activity at Hudson Pacific Properties

In other Hudson Pacific Properties news, CIO Drew Gordon sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $7.11, for a total value of $71,100.00. Following the completion of the transaction, the executive now owns 116,694 shares in the company, valued at approximately $829,694.34. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Barry A. Sholem purchased 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were purchased at an average price of $6.69 per share, with a total value of $267,600.00. Following the purchase, the director now directly owns 70,176 shares of the company’s stock, valued at approximately $469,477.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CIO Drew Gordon sold 10,000 shares of the company’s stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $7.11, for a total transaction of $71,100.00. Following the completion of the transaction, the executive now directly owns 116,694 shares of the company’s stock, valued at $829,694.34. The disclosure for this sale can be found here. Company insiders own 2.95% of the company’s stock.

Institutional Trading of Hudson Pacific Properties

Hedge funds and other institutional investors have recently modified their holdings of the business. Financial Gravity Asset Management Inc. grew its stake in Hudson Pacific Properties by 103,925.0% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 4,161 shares of the real estate investment trust’s stock valued at $28,000 after purchasing an additional 4,157 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Hudson Pacific Properties in the third quarter worth $58,000. Optas LLC bought a new stake in shares of Hudson Pacific Properties in the third quarter worth $67,000. Sage Rhino Capital LLC acquired a new stake in Hudson Pacific Properties in the third quarter valued at $67,000. Finally, Paces Ferry Wealth Advisors LLC bought a new position in Hudson Pacific Properties during the 3rd quarter valued at $71,000. 97.58% of the stock is owned by hedge funds and other institutional investors.

About Hudson Pacific Properties

Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific's unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space.