Wells Fargo & Company Upgrades Neptune Insurance (NYSE:NP) to “Strong-Buy”

Neptune Insurance (NYSE:NP) was upgraded by equities research analysts at Wells Fargo & Company to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

NP has been the topic of a number of other reports. Mizuho upped their target price on shares of Neptune Insurance from $24.00 to $26.00 and gave the company a “neutral” rating in a report on Monday, April 13th. Evercore reaffirmed an “outperform” rating on shares of Neptune Insurance in a research report on Friday, May 8th. Keefe, Bruyette & Woods upped their price objective on shares of Neptune Insurance from $28.00 to $32.00 and gave the company an “outperform” rating in a report on Thursday, April 23rd. Bank of America increased their price objective on shares of Neptune Insurance from $23.00 to $26.00 and gave the company a “neutral” rating in a research report on Tuesday, April 14th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Neptune Insurance in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $28.25.

Neptune Insurance Trading Up 8.0%

Shares of NP opened at $34.02 on Tuesday. The company’s fifty day simple moving average is $27.69 and its 200 day simple moving average is $25.67. Neptune Insurance has a 1-year low of $14.78 and a 1-year high of $34.15. The company has a market cap of $4.71 billion and a price-to-earnings ratio of 126.01.

Neptune Insurance (NYSE:NP) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $0.09 EPS for the quarter, meeting analysts’ consensus estimates of $0.09. The firm had revenue of $37.80 million during the quarter, compared to analyst estimates of $36.96 million. The company’s quarterly revenue was up 28.8% compared to the same quarter last year. As a group, research analysts forecast that Neptune Insurance will post 0.4 earnings per share for the current year.

Insider Activity at Neptune Insurance

In related news, major shareholder Vii L.P. Ftv sold 787,806 shares of Neptune Insurance stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $26.40, for a total transaction of $20,798,078.40. Following the completion of the sale, the insider directly owned 16,310,781 shares of the company’s stock, valued at approximately $430,604,618.40. This trade represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Hold 101 Lp Bsiv sold 688,403 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $26.40, for a total value of $18,173,839.20. Following the completion of the sale, the insider owned 14,252,718 shares of the company’s stock, valued at $376,271,755.20. This trade represents a 4.61% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 11,317,604 shares of company stock valued at $298,784,746. 74.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Neptune Insurance

Institutional investors and hedge funds have recently modified their holdings of the business. Maltese Capital Management LLC bought a new position in Neptune Insurance during the third quarter worth about $3,200,000. Comerica Bank bought a new stake in Neptune Insurance in the 4th quarter valued at about $1,507,000. Capital World Investors bought a new stake in Neptune Insurance in the 4th quarter valued at about $32,091,000. Vanguard Group Inc. acquired a new position in shares of Neptune Insurance during the 4th quarter worth approximately $47,063,000. Finally, Bregal Sagemount IV General Partner Jersey Ltd bought a new position in shares of Neptune Insurance during the fourth quarter worth approximately $569,509,000.

Neptune Insurance Company Profile

Our mission is to create a smarter, more resilient insurance platform powered by AI, data science, and technology, enabling insurers to deploy capacity with confidence and delivering instant access to coverage for policyholders and agents. Neptune is a leading, high-growth, highly profitable, data-driven managing general agent that is revolutionizing the way homeowners and businesses protect against the growing risks of flooding. We offer a range of easy-to-purchase residential and commercial insurance products — including primary flood insurance, excess flood insurance, and parametric earthquake insurance — distributed through a nationwide network of agencies.