Vanguard Group Inc. Grows Stock Position in Porch Group, Inc. (NASDAQ:PRCH)

Vanguard Group Inc. raised its stake in Porch Group, Inc. (NASDAQ:PRCH) by 24.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,511,591 shares of the company’s stock after acquiring an additional 1,100,224 shares during the quarter. Vanguard Group Inc. owned approximately 4.61% of Porch Group worth $27,117,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nisa Investment Advisors LLC raised its holdings in Porch Group by 5,776.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,640 shares of the company’s stock valued at $33,000 after buying an additional 6,527 shares during the period. Jones Financial Companies Lllp bought a new stake in Porch Group in the fourth quarter valued at about $35,000. Rik Saylor Financial Inc. acquired a new stake in shares of Porch Group during the 4th quarter valued at approximately $49,000. Raymond James Financial Inc. bought a new position in shares of Porch Group in the 4th quarter worth about $50,000. Finally, GAMMA Investing LLC acquired a new position in Porch Group in the fourth quarter valued at approximately $50,000. 48.48% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, COO Matthew Neagle sold 27,328 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $6.99, for a total value of $191,022.72. Following the completion of the transaction, the chief operating officer now owns 1,356,729 shares of the company’s stock, valued at approximately $9,483,535.71. This represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Shawn Tabak sold 108,226 shares of the business’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $6.05, for a total transaction of $654,767.30. Following the sale, the chief financial officer now directly owns 179,613 shares in the company, valued at $1,086,658.65. The trade was a 37.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 195,554 shares of company stock worth $1,220,190 in the last quarter. 23.46% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on PRCH. Keefe, Bruyette & Woods upped their price target on shares of Porch Group from $3.50 to $6.00 and gave the stock a “market perform” rating in a research note on Monday, March 3rd. Loop Capital raised shares of Porch Group from a “hold” rating to a “buy” rating and set a $6.00 target price on the stock in a research report on Wednesday, February 26th. Oppenheimer raised their price objective on Porch Group from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 26th. Stephens upped their target price on Porch Group from $8.00 to $10.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Finally, Benchmark lifted their price objective on shares of Porch Group from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, February 26th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $7.32.

Porch Group Price Performance

PRCH stock opened at $5.32 on Tuesday. Porch Group, Inc. has a one year low of $1.05 and a one year high of $8.49. The stock has a market cap of $638.74 million, a price-to-earnings ratio of -7.60 and a beta of 2.15. The company has a fifty day moving average price of $5.89 and a two-hundred day moving average price of $4.41.

Porch Group Profile

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.