Porch Group (NASDAQ:PRCH) Price Target Raised to $21.00

Porch Group (NASDAQ:PRCH) had its price objective boosted by Benchmark from $17.00 to $21.00 in a report released on Wednesday morning, MarketBeat Ratings reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also issued reports on PRCH. Oppenheimer increased their target price on shares of Porch Group from $14.00 to $17.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 6th. B. Riley initiated coverage on Porch Group in a research report on Tuesday, July 1st. They set a “buy” rating and a $15.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $20.00 price target on shares of Porch Group in a report on Tuesday, September 2nd. The Goldman Sachs Group assumed coverage on shares of Porch Group in a research report on Tuesday, September 2nd. They set a “buy” rating and a $21.00 price objective for the company. Finally, Zacks Research lowered shares of Porch Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Porch Group presently has an average rating of “Moderate Buy” and a consensus target price of $15.67.

Porch Group Price Performance

NASDAQ:PRCH opened at $17.44 on Wednesday. The company has a 50 day moving average price of $14.95 and a 200-day moving average price of $10.53. Porch Group has a 1-year low of $1.26 and a 1-year high of $19.22. The firm has a market cap of $2.14 billion, a price-to-earnings ratio of 34.20 and a beta of 2.84.

Porch Group (NASDAQ:PRCH) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.16. The firm had revenue of $119.30 million for the quarter, compared to the consensus estimate of $98.06 million. Porch Group had a net margin of 12.82% and a negative return on equity of 41.71%. Porch Group has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Porch Group will post -0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Porch Group news, Director Regi Vengalil sold 40,000 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $18.20, for a total value of $728,000.00. Following the transaction, the director directly owned 165,903 shares of the company’s stock, valued at $3,019,434.60. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Matthew Neagle sold 55,000 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $18.69, for a total value of $1,027,950.00. Following the completion of the sale, the chief operating officer directly owned 999,784 shares of the company’s stock, valued at approximately $18,685,962.96. This represents a 5.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 120,000 shares of company stock valued at $2,136,200 in the last 90 days. 23.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Porch Group

Several hedge funds and other institutional investors have recently bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its holdings in Porch Group by 3.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 29,657 shares of the company’s stock valued at $350,000 after purchasing an additional 1,090 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Porch Group by 9.4% during the 2nd quarter. Prudential Financial Inc. now owns 14,220 shares of the company’s stock worth $168,000 after buying an additional 1,220 shares during the last quarter. CWM LLC raised its position in shares of Porch Group by 20.1% during the 2nd quarter. CWM LLC now owns 10,485 shares of the company’s stock valued at $124,000 after buying an additional 1,753 shares during the period. Police & Firemen s Retirement System of New Jersey lifted its holdings in Porch Group by 12.0% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 17,915 shares of the company’s stock valued at $211,000 after acquiring an additional 1,916 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Porch Group by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 48,275 shares of the company’s stock worth $352,000 after acquiring an additional 2,002 shares during the period. 48.48% of the stock is currently owned by institutional investors and hedge funds.

About Porch Group

Porch Group, Inc, together with its subsidiaries, operates a vertical software and insurance platform in the United States. The company operates in two segments, Vertical Software and Insurance. The Vertical Software segment provides software and services to inspection, mortgage, and title companies on a subscription and transactional basis, as well as move and post-move services.