Cetera Investment Advisers Raises Holdings in QXO, Inc. (NASDAQ:QXO)

Cetera Investment Advisers lifted its stake in QXO, Inc. (NASDAQ:QXO) by 11.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,951 shares of the company’s stock after acquiring an additional 4,349 shares during the period. Cetera Investment Advisers’ holdings in QXO were worth $568,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Alliancebernstein L.P. acquired a new position in QXO during the 4th quarter valued at about $264,000. Wells Fargo & Company MN increased its holdings in shares of QXO by 277.5% in the fourth quarter. Wells Fargo & Company MN now owns 29,159 shares of the company’s stock valued at $464,000 after purchasing an additional 21,435 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of QXO by 26.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 138,756 shares of the company’s stock worth $2,206,000 after buying an additional 29,311 shares during the last quarter. Invesco Ltd. purchased a new stake in shares of QXO in the fourth quarter worth about $164,000. Finally, Legal & General Group Plc purchased a new stake in shares of QXO in the fourth quarter worth about $4,764,000. 58.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on QXO shares. Stephens initiated coverage on QXO in a research report on Wednesday. They set an “overweight” rating and a $29.00 price target on the stock. William Blair started coverage on QXO in a report on Wednesday, June 18th. They issued an “outperform” rating for the company. Baird R W raised QXO to a “strong-buy” rating in a report on Thursday, June 12th. Robert W. Baird began coverage on QXO in a research note on Thursday, June 12th. They set an “outperform” rating and a $32.00 target price for the company. Finally, Wolfe Research began coverage on QXO in a research note on Friday, June 6th. They set an “outperform” rating and a $44.00 target price for the company. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $32.25.

QXO Stock Performance

QXO opened at $20.51 on Friday. The business’s 50-day simple moving average is $21.12 and its 200-day simple moving average is $16.48. QXO, Inc. has a one year low of $11.16 and a one year high of $24.69. The stock has a market capitalization of $11.90 billion, a P/E ratio of -2.25, a price-to-earnings-growth ratio of 4.09 and a beta of 2.34.

QXO Profile

QXO, Inc operates as a business application, technology, and consulting company in North America. The company provides solutions for accounting and business management, financial reporting, enterprise resource planning, human capital management, warehouse management systems, customer relationship management, and business intelligence.