Hudson Pacific Properties (NYSE:HPP) Given New $4.50 Price Target at Piper Sandler

Hudson Pacific Properties (NYSE:HPP) had its price target dropped by stock analysts at Piper Sandler from $5.00 to $4.50 in a report released on Friday,Benzinga reports. The firm currently has a “neutral” rating on the real estate investment trust’s stock. Piper Sandler’s price objective suggests a potential upside of 22.28% from the stock’s previous close.

Several other brokerages also recently weighed in on HPP. Wells Fargo & Company lowered their target price on Hudson Pacific Properties from $5.00 to $4.50 and set an “equal weight” rating on the stock in a research note on Wednesday, September 11th. The Goldman Sachs Group lowered their price objective on shares of Hudson Pacific Properties from $6.50 to $4.70 and set a “neutral” rating on the stock in a research report on Wednesday, August 14th. Wolfe Research downgraded shares of Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 14th. Scotiabank lowered their target price on shares of Hudson Pacific Properties from $7.00 to $6.00 and set a “sector perform” rating on the stock in a report on Monday, August 26th. Finally, Bank of America dropped their price target on shares of Hudson Pacific Properties from $4.50 to $4.00 and set an “underperform” rating on the stock in a research note on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.17.

Hudson Pacific Properties Price Performance

Shares of HPP opened at $3.68 on Friday. The company has a market capitalization of $519.73 million, a price-to-earnings ratio of -1.76 and a beta of 1.31. Hudson Pacific Properties has a fifty-two week low of $3.66 and a fifty-two week high of $9.85. The firm has a 50-day simple moving average of $4.60 and a 200-day simple moving average of $4.94. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.47 and a current ratio of 1.26.

Insiders Place Their Bets

In other Hudson Pacific Properties news, COO Andy Wattula sold 9,356 shares of Hudson Pacific Properties stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $5.28, for a total transaction of $49,399.68. Following the completion of the transaction, the chief operating officer now owns 61,068 shares in the company, valued at approximately $322,439.04. The trade was a 13.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jonathan M. Glaser sold 9,287 shares of Hudson Pacific Properties stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $5.20, for a total value of $48,292.40. Following the transaction, the director now owns 3,713 shares of the company’s stock, valued at $19,307.60. This represents a 71.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.95% of the stock is owned by company insiders.

Institutional Trading of Hudson Pacific Properties

A number of large investors have recently made changes to their positions in the stock. State Board of Administration of Florida Retirement System lifted its holdings in Hudson Pacific Properties by 225.5% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 168,807 shares of the real estate investment trust’s stock valued at $1,123,000 after purchasing an additional 116,945 shares in the last quarter. Millennium Management LLC raised its position in shares of Hudson Pacific Properties by 282.7% in the second quarter. Millennium Management LLC now owns 1,786,692 shares of the real estate investment trust’s stock valued at $8,594,000 after buying an additional 1,319,869 shares during the last quarter. Wolverine Asset Management LLC lifted its stake in shares of Hudson Pacific Properties by 42.3% during the third quarter. Wolverine Asset Management LLC now owns 576,373 shares of the real estate investment trust’s stock valued at $2,755,000 after buying an additional 171,424 shares during the period. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in Hudson Pacific Properties during the third quarter worth approximately $1,332,000. Finally, Scion Asset Management LLC purchased a new stake in Hudson Pacific Properties in the 2nd quarter worth approximately $5,505,000. Institutional investors and hedge funds own 97.58% of the company’s stock.

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.