Berenberg Bank Forecasts Strong Price Appreciation for Rightmove (LON:RMV) Stock

Key Points

• Berenberg Bank raised its price target on Rightmove to GBX 665 from GBX 575 and maintained a Buy rating, implying 17.2% upside from the prior close.
• Analyst views are mixed: the consensus rating is Hold, with an average price target of GBX 566.57; three analysts rate the stock Buy, three Hold and one Sell.
• Rightmove has approved a share buyback plan, and insider Rosemary Leith recently purchased 2,300 shares at GBX 542 each.

Rightmove (LON:RMV - Get Free Report) had its price objective lifted by equities research analysts at Berenberg Bank from GBX 575 to GBX 665 in a report issued on Monday, Digital Look reports. The firm presently has a "buy" rating on the stock. Berenberg Bank's price target points to a potential upside of 17.20% from the stock's previous close.

Several other brokerages have also recently issued reports on RMV. Citigroup raised their price objective on Rightmove from GBX 455 to GBX 486 and gave the stock a "neutral" rating in a research note on Wednesday, August 5th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a GBX 665 target price on shares of Rightmove in a research note on Monday, August 3rd. Jefferies Financial Group reissued a "hold" rating and set a GBX 465 target price on shares of Rightmove in a report on Tuesday, September 8th. Finally, JPMorgan Chase & Co. raised their price target on shares of Rightmove from GBX 404 to GBX 429 and gave the stock an "underweight" rating in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of GBX 566.57.

Rightmove Price Performance

Shares of LON RMV opened at GBX 567.40 on Monday. Rightmove has a twelve month low of GBX 391.40 and a twelve month high of GBX 577. The company has a current ratio of 1.53, a quick ratio of 2.55 and a debt-to-equity ratio of 7.35. The company has a market capitalization of £4.08 billion, a price-to-earnings ratio of 19.84, a price-to-earnings-growth ratio of 2.58 and a beta of 0.99. The business has a 50 day simple moving average of GBX 498.37 and a 200-day simple moving average of GBX 460.48.

Rightmove declared that its Board of Directors has approved a share buyback plan on Friday, July 31st that authorizes the company to repurchase shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Activity at Rightmove

In related news, insider Rosemary Leith purchased 2,300 shares of the company's stock in a transaction dated Wednesday, October 21st. The shares were acquired at an average cost of GBX 542 per share, for a total transaction of £12,466. Company insiders own 0.43% of the company's stock.

About Rightmove

Rightmove plc, together with its subsidiaries, operates online digital property advertising and information portals in the United Kingdom and internationally. The company operates through Agency, New Homes, and Other segments. The Agency segment provides property resale and letting advertising services on its platforms. The segment also offers tenant references and rent guarantee insurance services to landlords. The New Homes segment provides property advertising services to new home developers and housing associations on its platforms.

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