XP (NASDAQ:XP) Stock Gets Price Target Cut from The Goldman Sachs Group

XP (NASDAQ:XP) had its price target decreased by The Goldman Sachs Group from $36.00 to $31.00 in a research report sent to investors on Thursday,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on XP. Itau BBA Securities raised shares of XP from a “market perform” rating to an “outperform” rating and set a $22.00 target price on the stock in a research note on Monday, August 31st. JPMorgan Chase & Co. raised their price target on shares of XP from $26.00 to $38.00 and gave the company an “overweight” rating in a research report on Tuesday, October 6th. Morgan Stanley set a $23.00 price target on shares of XP in a research note on Thursday, October 29th. UBS Group cut their price objective on XP from $37.00 to $23.00 and set a “buy” rating on the stock in a research report on Thursday, November 5th. Finally, Weiss Ratings raised XP from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, September 2nd. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $24.86.

XP Stock Performance

NASDAQ XP opened at $15.49 on Thursday. The company has a market cap of $8.32 billion, a P/E ratio of 8.11, a P/E/G ratio of 0.35 and a beta of 1.18. The company has a debt-to-equity ratio of 0.07, a current ratio of 4.80 and a quick ratio of 4.80. The stock has a 50-day moving average of $21.76 and a two-hundred day moving average of $19.02. XP has a 1-year low of $13.78 and a 1-year high of $32.73.

XP (NASDAQ:XP) last issued its quarterly earnings results on Monday, August 17th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.03. XP had a net margin of 27.20% and a return on equity of 22.19%. The business had revenue of $943.55 million for the quarter, compared to analysts’ expectations of $935.15 million. During the same quarter in the prior year, the company earned $2.46 earnings per share. The business’s quarterly revenue was up 8.3% on a year-over-year basis. As a group, analysts anticipate that XP will post 2.08 EPS for the current year.

Insider Buying and Selling at XP

In other news, Director Bruno Constantino Alexandre dos Santos sold 123,257 shares of the firm’s stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $19.58, for a total value of $2,413,372.06. Following the sale, the director directly owned 1,500,000 shares in the company, valued at approximately $29,370,000. This trade represents a 7.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Hedge Funds Weigh In On XP

A number of institutional investors and hedge funds have recently modified their holdings of XP. Empowered Funds LLC acquired a new stake in XP in the third quarter valued at $572,000. Steward Partners Investment Advisory LLC lifted its holdings in XP by 31,633.3% during the 3rd quarter. Steward Partners Investment Advisory LLC now owns 2,856 shares of the company’s stock worth $60,000 after buying an additional 2,847 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of XP by 0.5% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 287,652 shares of the company’s stock worth $6,039,000 after acquiring an additional 1,431 shares in the last quarter. Polymer Capital Management US LLC acquired a new position in shares of XP during the 3rd quarter worth about $419,000. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of XP by 189.2% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 458,600 shares of the company’s stock worth $9,628,000 after acquiring an additional 300,000 shares in the last quarter. Institutional investors and hedge funds own 59.15% of the company’s stock.

About XP

XP Inc. is a Brazil-based financial services company that operates a digital investment platform. It offers individuals and businesses access to investment products and services, including brokerage, investment advice and wealth management. The company has expanded beyond investing into banking, credit, insurance and asset management. Its businesses include the XP, Rico and Clear platforms, which serve customers with different investment needs and preferences. Founded in 2001 as an investment advisory business, XP has grown into a broad financial services provider focused primarily on the Brazilian market.