Piper Sandler Companies (NYSE:PIPR) Stock Rating Upgraded by The Goldman Sachs Group

Piper Sandler Companies (NYSE:PIPR) was upgraded by The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a report issued on Monday,Benzinga reports. The firm presently has a $386.00 price target on the financial services provider’s stock, up from their previous price target of $368.00. The Goldman Sachs Group’s price objective would suggest a potential upside of 18.29% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Wall Street Zen raised shares of Piper Sandler Companies from a “hold” rating to a “buy” rating in a research note on Sunday, October 12th. Zacks Research raised Piper Sandler Companies from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 3rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Piper Sandler Companies in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $362.50.

Piper Sandler Companies Stock Performance

PIPR opened at $326.33 on Monday. The stock’s 50 day moving average price is $339.89 and its 200-day moving average price is $304.34. Piper Sandler Companies has a one year low of $202.91 and a one year high of $374.77. The stock has a market cap of $5.77 billion, a price-to-earnings ratio of 27.54 and a beta of 1.50.

Piper Sandler Companies (NYSE:PIPR) last released its earnings results on Friday, October 31st. The financial services provider reported $3.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.96 by $0.86. The business had revenue of $455.31 million for the quarter, compared to analyst estimates of $408.40 million. Piper Sandler Companies had a return on equity of 18.67% and a net margin of 13.18%.The business’s revenue was up 33.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.57 earnings per share. As a group, analysts predict that Piper Sandler Companies will post 14.14 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Piper Sandler Companies news, President Debbra L. Schoneman sold 2,500 shares of Piper Sandler Companies stock in a transaction on Wednesday, November 5th. The shares were sold at an average price of $330.33, for a total value of $825,825.00. Following the transaction, the president directly owned 2,896 shares of the company’s stock, valued at approximately $956,635.68. The trade was a 46.33% 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 the SEC website. 2.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in Piper Sandler Companies by 6.5% in the third quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 4,301 shares of the financial services provider’s stock worth $1,492,000 after acquiring an additional 264 shares in the last quarter. Fiera Capital Corp purchased a new position in shares of Piper Sandler Companies in the 3rd quarter valued at approximately $28,338,000. Vanguard Group Inc. boosted its stake in Piper Sandler Companies by 1.0% in the 3rd quarter. Vanguard Group Inc. now owns 2,110,186 shares of the financial services provider’s stock worth $732,213,000 after purchasing an additional 21,551 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Piper Sandler Companies by 44.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 4,943 shares of the financial services provider’s stock worth $1,715,000 after purchasing an additional 1,517 shares during the last quarter. Finally, TimesSquare Capital Management LLC purchased a new stake in Piper Sandler Companies during the 3rd quarter worth approximately $28,752,000. 72.79% of the stock is owned by institutional investors and hedge funds.

About Piper Sandler Companies

Piper Sandler Companies operates as an investment bank and institutional securities firm that serves corporations, private equity groups, public entities, non-profit entities, and institutional investors in the United States and internationally. It offers investment banking services and institutional sales, trading, and research services for various equity and fixed income products; advisory services, such as mergers and acquisitions, equity and debt private placements, and debt and restructuring advisory; raises capital through equity and debt financings; underwrites municipal issuances; and municipal financial advisory and loan placement services, as well as various over-the-counter derivative products.