Hudson Pacific Properties (NYSE:HPP) PT Lowered to $7.00 at The Goldman Sachs Group

Hudson Pacific Properties (NYSE:HPP) had its price objective decreased by stock analysts at The Goldman Sachs Group from $9.00 to $7.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 35.66% from the stock’s current price.

Several other equities research analysts also recently issued reports on HPP. 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 report on Friday, May 3rd. Wedbush cut shares of 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 note on Tuesday, February 20th. Wolfe Research upgraded shares of Hudson Pacific Properties from a “peer perform” rating to an “outperform” rating and set a $8.40 price target on the stock in a research note on Monday, March 18th. Finally, Morgan Stanley lowered their price target on shares of Hudson Pacific Properties from $7.00 to $6.00 and set an “equal weight” rating on the stock in a report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Hudson Pacific Properties has an average rating of “Hold” and an average price target of $8.49.

Hudson Pacific Properties Price Performance

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

Hudson Pacific Properties (NYSE:HPP) last released its quarterly earnings data on Monday, February 12th. The real estate investment trust reported $0.15 earnings per share for the quarter, hitting the consensus estimate 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 net margin of 23.48% and a negative return on equity of 6.91%. Hudson Pacific Properties’s revenue for the quarter was down 17.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.49 EPS. On average, research analysts forecast that Hudson Pacific Properties will post 1.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Barry A. Sholem acquired 40,000 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was purchased at an average cost of $6.69 per share, with a total value of $267,600.00. Following the acquisition, the director now directly owns 70,176 shares of the company’s stock, valued at $469,477.44. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CIO Drew Gordon sold 10,000 shares of the company’s stock in a transaction that occurred on 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 sale, the executive now owns 116,694 shares of the company’s stock, valued at approximately $829,694.34. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Barry A. Sholem purchased 40,000 shares of Hudson Pacific Properties stock in a transaction that occurred on Wednesday, February 21st. The shares were purchased at an average price of $6.69 per share, for a total transaction of $267,600.00. Following the transaction, the director now directly owns 70,176 shares in the company, valued at approximately $469,477.44. The disclosure for this purchase can be found here. 2.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Hudson Pacific Properties

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in shares of Hudson Pacific Properties by 1.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,476,997 shares of the real estate investment trust’s stock worth $9,822,000 after buying an additional 26,993 shares during the last quarter. Strs Ohio raised its stake in Hudson Pacific Properties by 195.9% during the third quarter. Strs Ohio now owns 447,600 shares of the real estate investment trust’s stock worth $2,976,000 after acquiring an additional 296,327 shares in the last quarter. Sage Rhino Capital LLC acquired a new stake in shares of Hudson Pacific Properties in the 3rd quarter valued at approximately $67,000. Jennison Associates LLC bought a new stake in shares of Hudson Pacific Properties during the 3rd quarter valued at approximately $820,000. Finally, Optas LLC acquired a new position in Hudson Pacific Properties during the 3rd quarter worth approximately $67,000. 97.58% of the stock is currently owned by 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.