Palestra Capital Management LLC Buys New Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Palestra Capital Management LLC acquired a new position in shares of LPL Financial Holdings Inc. (NASDAQ:LPLA) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 328,286 shares of the financial services provider’s stock, valued at approximately $107,189,000. LPL Financial accounts for about 2.9% of Palestra Capital Management LLC’s portfolio, making the stock its 18th largest position. Palestra Capital Management LLC owned 0.44% of LPL Financial as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LPLA. Graney & King LLC bought a new position in shares of LPL Financial in the fourth quarter valued at $30,000. Jones Financial Companies Lllp increased its holdings in shares of LPL Financial by 45.3% during the 4th quarter. Jones Financial Companies Lllp now owns 138 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 43 shares during the last quarter. Atala Financial Inc bought a new position in shares of LPL Financial in the 4th quarter valued at approximately $59,000. Compass Financial Services Inc bought a new stake in LPL Financial during the fourth quarter worth approximately $65,000. Finally, Quarry LP raised its position in shares of LPL Financial by 275.0% in the fourth quarter. Quarry LP now owns 210 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 154 shares during the period. Hedge funds and other institutional investors own 95.66% of the company’s stock.

Insider Activity at LPL Financial

In other news, CFO Matthew J. Audette sold 28,777 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $365.14, for a total value of $10,507,633.78. Following the transaction, the chief financial officer now owns 13,663 shares of the company’s stock, valued at approximately $4,988,907.82. This represents a 67.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marc Eliot Cohen sold 1,100 shares of the stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $365.85, for a total value of $402,435.00. Following the transaction, the director now owns 4,075 shares in the company, valued at approximately $1,490,838.75. This trade represents a 21.26 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,465 shares of company stock worth $12,562,070. Insiders own 1.30% of the company’s stock.

LPL Financial Stock Performance

Shares of NASDAQ LPLA opened at $319.79 on Thursday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 1.60. The company has a market capitalization of $25.37 billion, a P/E ratio of 22.78, a P/E/G ratio of 0.94 and a beta of 0.64. LPL Financial Holdings Inc. has a 12 month low of $187.19 and a 12 month high of $384.04. The stock has a 50 day moving average of $323.96 and a 200-day moving average of $324.98.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings data on Thursday, January 30th. The financial services provider reported $4.25 EPS for the quarter, beating the consensus estimate of $4.01 by $0.24. LPL Financial had a net margin of 8.55% and a return on equity of 49.41%. As a group, equities research analysts predict that LPL Financial Holdings Inc. will post 19.35 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on LPLA. JPMorgan Chase & Co. boosted their target price on shares of LPL Financial from $397.00 to $405.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. Wells Fargo & Company reduced their price target on shares of LPL Financial from $405.00 to $342.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. Citigroup dropped their price objective on shares of LPL Financial from $415.00 to $400.00 and set a “buy” rating on the stock in a report on Wednesday, April 2nd. JMP Securities cut their price target on LPL Financial from $435.00 to $420.00 and set a “market outperform” rating on the stock in a report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods increased their price objective on LPL Financial from $390.00 to $405.00 and gave the stock an “outperform” rating in a report on Friday, January 31st. One analyst has rated the stock with a sell rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $369.83.

LPL Financial Company Profile

LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.