Wells Fargo & Company Issues Pessimistic Forecast for Pershing Square (NYSE:PS) Stock Price

Pershing Square (NYSE:PS) had its price objective cut by stock analysts at Wells Fargo & Company from $37.00 to $34.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential downside of 0.96% from the stock’s current price.

Several other research analysts have also recently commented on the stock. Citigroup decreased their target price on shares of Pershing Square from $50.00 to $45.00 and set a “buy” rating for the company in a report on Monday, July 13th. Loop Capital initiated coverage on shares of Pershing Square in a research note on Tuesday, May 26th. They issued a “buy” rating and a $49.00 price objective for the company. Jefferies Financial Group began coverage on shares of Pershing Square in a research note on Monday, May 25th. They set a “hold” rating and a $40.00 target price on the stock. Bank of America started coverage on Pershing Square in a report on Tuesday, May 26th. They issued a “neutral” rating and a $42.00 target price for the company. Finally, Wall Street Zen downgraded Pershing Square from a “hold” rating to a “sell” rating in a report on Sunday, June 7th. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $40.75.

Pershing Square Price Performance

NYSE:PS opened at $34.33 on Monday. The company has a fifty day moving average of $36.01. The firm has a market cap of $13.73 billion, a price-to-earnings ratio of -40.21 and a beta of 2.27. Pershing Square has a 1-year low of $22.01 and a 1-year high of $54.94.

Insiders Place Their Bets

In other news, CEO William A. Ackman bought 800,000 shares of the company’s stock in a transaction on Thursday, April 30th. The shares were bought at an average cost of $23.77 per share, with a total value of $19,016,000.00. Following the transaction, the chief executive officer directly owned 1,500,000 shares in the company, valued at approximately $35,655,000. This trade represents a 114.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 21.79% of the stock is currently owned by insiders.

Pershing Square Company Profile

Pershing Square (NYSE: PS) is a publicly traded investment holding company managed by Pershing Square Capital Management, L.P., the investment firm founded and led by William “Bill” Ackman. The vehicle provides outside investors with exposure to the firm’s concentrated, actively managed investment program and is designed to deliver long‑term capital appreciation through a portfolio of equity and related positions.

The company’s principal activities center on investing in publicly traded companies, typically through concentrated long equity positions and selectively using derivatives or other instruments for hedging or to implement investment views.