Prologis (NYSE:PLD) Price Target Cut to $120.00

Prologis (NYSE:PLD) had its target price cut by Argus from $139.00 to $120.00 in a report released on Monday, Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Argus’ price objective points to a potential upside of 14.44% from the company’s current price.

PLD has been the subject of a number of other reports. Raymond James lifted their price target on Prologis from $130.00 to $145.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 24th. The Goldman Sachs Group cut their price target on Prologis from $163.00 to $140.00 and set a “buy” rating for the company in a report on Monday. UBS Group dropped their price objective on Prologis from $151.00 to $138.00 and set a “buy” rating for the company in a report on Thursday, April 18th. Royal Bank of Canada boosted their price objective on Prologis from $128.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Finally, Morgan Stanley boosted their price objective on Prologis from $128.00 to $141.00 and gave the stock an “overweight” rating in a report on Wednesday, January 24th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $135.41.

Prologis Stock Performance

Prologis stock opened at $104.86 on Monday. The stock has a 50-day simple moving average of $126.79 and a 200 day simple moving average of $122.16. The company has a quick ratio of 0.30, a current ratio of 0.08 and a debt-to-equity ratio of 0.51. Prologis has a 12-month low of $96.64 and a 12-month high of $137.52. The stock has a market capitalization of $97.00 billion, a price-to-earnings ratio of 30.66, a P/E/G ratio of 2.08 and a beta of 1.00.

Hedge Funds Weigh In On Prologis

Several institutional investors and hedge funds have recently modified their holdings of the business. Valeo Financial Advisors LLC grew its position in shares of Prologis by 182,067.2% in the 1st quarter. Valeo Financial Advisors LLC now owns 48,877,279 shares of the real estate investment trust’s stock valued at $6,364,799,000 after purchasing an additional 48,850,448 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Prologis by 6.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 16,519,324 shares of the real estate investment trust’s stock valued at $1,853,633,000 after purchasing an additional 1,034,211 shares during the period. FMR LLC grew its position in shares of Prologis by 1.2% in the 3rd quarter. FMR LLC now owns 16,224,729 shares of the real estate investment trust’s stock valued at $1,820,577,000 after purchasing an additional 197,693 shares during the period. Northern Trust Corp grew its position in shares of Prologis by 0.7% in the 3rd quarter. Northern Trust Corp now owns 12,721,262 shares of the real estate investment trust’s stock valued at $1,427,453,000 after purchasing an additional 92,036 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in Prologis by 3.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 12,532,773 shares of the real estate investment trust’s stock valued at $1,670,621,000 after acquiring an additional 365,904 shares in the last quarter. 93.50% of the stock is currently owned by institutional investors and hedge funds.

About Prologis

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.