Hudson Pacific Properties (NYSE:HPP) Sets New 12-Month Low Following Analyst Downgrade

Shares of Hudson Pacific Properties, Inc. (NYSE:HPP) reached a new 52-week low during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $5.00 to $4.50. Piper Sandler currently has a neutral rating on the stock. Hudson Pacific Properties traded as low as $3.55 and last traded at $3.59, with a volume of 61964 shares trading hands. The stock had previously closed at $3.68.

Several other research firms have also issued reports on HPP. Wolfe Research lowered Hudson Pacific Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, August 14th. BMO Capital Markets downgraded shares of Hudson Pacific Properties from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $8.00 to $6.00 in a research report on Thursday, August 8th. Scotiabank lowered their price target 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. Jefferies Financial Group lowered Hudson Pacific Properties from a “buy” rating to a “hold” rating and reduced their target price for the stock from $5.50 to $5.00 in a report on Tuesday, November 12th. Finally, Wells Fargo & Company lowered their price objective on shares of 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. 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.17.

Insider Buying and Selling

In other news, COO Andy Wattula sold 9,356 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $5.28, for a total value of $49,399.68. Following the completion of the sale, the chief operating officer now owns 61,068 shares of the company’s stock, valued at approximately $322,439.04. This represents a 13.29 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jonathan M. Glaser sold 9,287 shares of the business’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $5.20, for a total transaction of $48,292.40. Following the transaction, the director now owns 3,713 shares in the company, valued at approximately $19,307.60. The trade was 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 corporate insiders.

Institutional Investors Weigh In On Hudson Pacific Properties

Several hedge funds have recently bought and sold shares of HPP. Blue Trust Inc. lifted its position in shares of Hudson Pacific Properties by 549.1% in the third quarter. Blue Trust Inc. now owns 5,926 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 5,013 shares during the last quarter. Venturi Wealth Management LLC acquired a new position in shares of Hudson Pacific Properties in the third quarter valued at $44,000. Stifel Financial Corp bought a new position in shares of Hudson Pacific Properties in the third quarter valued at about $48,000. Key Client Fiduciary Advisors LLC acquired a new stake in shares of Hudson Pacific Properties during the 2nd quarter worth about $53,000. Finally, MQS Management LLC bought a new stake in shares of Hudson Pacific Properties during the 3rd quarter worth about $58,000. 97.58% of the stock is currently owned by institutional investors and hedge funds.

Hudson Pacific Properties Stock Down 8.3 %

The firm has a market cap of $476.65 million, a P/E ratio of -1.61 and a beta of 1.31. The company has a debt-to-equity ratio of 1.47, a quick ratio of 1.47 and a current ratio of 1.26. The firm’s fifty day moving average is $4.57 and its 200 day moving average is $4.92.

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.