Prologis (NYSE: PLD) has seen an increase in its target stock price, according to analysts at Evercore ISI. In a report released on October 20, 2023, the firm raised its price target from $116.00 to $118.00. This adjustment suggests a potential downside of 8.48% from Prologis’s previous closing price.
Several other financial institutions have also adjusted their ratings for Prologis recently. BMO Capital Markets upgraded the company from an “underperform” rating to a “market perform” rating, setting a price objective of $119.00. Mizuho notably raised its price target from $118.00 to $138.00 and issued an “outperform” rating on December 4, 2023. Additionally, Truist Financial reaffirmed a “buy” rating with a target price increase from $120.00 to $131.00 on October 20, 2023, while Wells Fargo & Company set a new target of $139.00 on October 27, 2023, maintaining an “overweight” rating.
Currently, two analysts have rated Prologis with a “Strong Buy” designation, while eleven have assigned a “Buy” rating and six have given the stock a “Hold” rating. According to MarketBeat.com, the company holds a consensus rating of “Moderate Buy” with an average target price of $127.00.
Quarterly Performance and Insider Activity
Prologis recently reported its quarterly earnings on October 28, 2023, revealing an earnings per share (EPS) of $0.82 and total revenue of $2.21 billion. The real estate investment trust (REIT) achieved a return on equity of 5.55% and a net margin of 36.71%. Analysts project that Prologis will achieve an EPS of $5.73 for the current fiscal year.
In other developments, Director Cristina Gabriela Bita sold 621 shares of Prologis stock on December 1, 2023. The shares were sold at an average price of $127.60, totaling approximately $79,239.60. Following this transaction, Bita holds 8,208 shares valued at around $1,047,340.80. This sale represents a 7.03% reduction in her position. The transaction has been disclosed in a filing with the Securities and Exchange Commission.
Over the past ninety days, insiders have sold a total of 1,621 shares worth $198,655, with company insiders currently owning 0.57% of the stock.
Institutional Ownership and Market Position
Prologis has seen a variety of changes in institutional ownership recently. Whittier Trust Co. of Nevada Inc. increased its holdings by 0.5%, now owning 16,583 shares worth approximately $1,941,000. Similarly, Foster Dykema Cabot & Partners LLC raised its stake by 1.0%, holding 8,232 shares valued at about $943,000 after acquiring additional shares.
Cornerstone Advisory LLC also increased its stake in Prologis by 2.4%, now owning 3,535 shares valued at $405,000. Cadence Bank boosted its holdings by 2.1%, with 4,209 shares worth approximately $482,000. Clear Investment Research LLC experienced a significant increase of 34.5%, now owning 343 shares valued at $39,000.
Overall, institutional investors and hedge funds currently own 93.50% of Prologis’s stock, reflecting strong confidence in the company’s market position.
Prologis, Inc. is a leading real estate investment trust specializing in logistics and distribution facilities. The company focuses on acquiring, developing, and managing high-quality industrial real estate assets that support supply chain infrastructure for third-party logistics providers, e-commerce businesses, retailers, and manufacturers. Its portfolio is primarily composed of warehouse and distribution centers strategically located near key transportation hubs, serving a global customer base across the Americas, Europe, and Asia Pacific.
