Prologis (NYSE:PLD) Price Target Cut to $124.00 by Analysts at Royal Bank of Canada

Prologis (NYSE:PLD) had its price objective cut by equities research analysts at Royal Bank of Canada from $145.00 to $124.00 in a research report issued on Monday, Benzinga reports. The firm currently has an “outperform” rating on the real estate investment trust’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 18.88% from the company’s current price.

Several other equities research analysts have also issued reports on the stock. Evercore ISI reduced their target price on shares of Prologis from $136.00 to $123.00 and set an “in-line” rating for the company in a report on Thursday, April 18th. Morgan Stanley lifted their target price on shares of Prologis from $128.00 to $141.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. StockNews.com cut Prologis from a “hold” rating to a “sell” rating in a report on Wednesday, April 24th. Mizuho reaffirmed a “neutral” rating and issued a $130.00 price objective on shares of Prologis in a research note on Tuesday, April 2nd. Finally, The Goldman Sachs Group decreased their target price on Prologis from $163.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $131.12.

Prologis Stock Performance

NYSE:PLD traded down $1.58 during mid-day trading on Monday, hitting $104.31. 2,339,361 shares of the company traded hands, compared to its average volume of 3,536,985. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.51. The stock’s fifty day moving average price is $122.11 and its 200-day moving average price is $121.84. The firm has a market cap of $96.57 billion, a price-to-earnings ratio of 30.53, a price-to-earnings-growth ratio of 2.20 and a beta of 1.05. Prologis has a one year low of $96.64 and a one year high of $137.52.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Columbia Trust Co 01012016 grew its holdings in Prologis by 16.0% during the 4th quarter. Columbia Trust Co 01012016 now owns 5,240 shares of the real estate investment trust’s stock valued at $698,000 after purchasing an additional 723 shares during the last quarter. Cyndeo Wealth Partners LLC raised its holdings in shares of Prologis by 39.4% in the fourth quarter. Cyndeo Wealth Partners LLC now owns 42,005 shares of the real estate investment trust’s stock worth $5,599,000 after buying an additional 11,882 shares during the period. DNB Asset Management AS lifted its stake in shares of Prologis by 17.1% during the 4th quarter. DNB Asset Management AS now owns 287,505 shares of the real estate investment trust’s stock worth $38,324,000 after acquiring an additional 42,073 shares during the last quarter. Grassi Investment Management boosted its holdings in Prologis by 31.8% during the 4th quarter. Grassi Investment Management now owns 252,146 shares of the real estate investment trust’s stock valued at $33,611,000 after acquiring an additional 60,900 shares during the period. Finally, Desjardins Global Asset Management Inc. grew its position in Prologis by 255.0% in the 4th quarter. Desjardins Global Asset Management Inc. now owns 16,124 shares of the real estate investment trust’s stock valued at $2,149,000 after acquiring an additional 11,582 shares during the last quarter. 93.50% of the stock is owned by hedge funds and other institutional investors.

Prologis Company Profile

Prologis, Inc is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. At December 31, 2023, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.2 billion square feet (115 million square meters) in 19 countries.